From January to October 2025, the Russian budget has lost over 2 trillion rubles from the sale of energy resources. Oil and gas revenues fell by 21.4% to 7.5 trillion rubles ($92.62 billion), according to preliminary data from the Russian Ministry of Finance.
The main reason for the shortfall is the collapse in oil prices. The agency warns of the risk of further declines in revenues if market conditions continue to worsen.
Total revenues to the federal budget over the ten months barely exceeded last year's level – 29.92 trillion rubles ($369 billion), with a growth of only 0.8%.
Russia is compensating for losses from oil through its domestic economy. Non-oil and gas revenues surged by 11.3% to 22.43 trillion rubles ($277 billion). VAT revenues increased by 6.2%, although the Ministry of Finance acknowledges this as a signal of slowing inflation and decreasing consumption in the country.
