Russian federal budget revenues from oil and gas in April 2025 decreased by almost 12% compared to last year, remaining at the level of March this year, according to information from the Russian Ministry of Finance.
According to the ministry’s estimates, oil and gas revenues last month amounted to 1.09 trillion rubles, compared to 1.23 trillion rubles in April 2024 and 1.08 trillion rubles in March this year.
According to the results of four months, oil and gas revenues were 10.3% less than for the same period last year, amounting to 3.73 trillion rubles against 4.16 trillion rubles in January-April 2024.
The decrease in tax revenues was caused by the fall in the ruble value of Russian oil in recent months as a result of a simultaneous decline in oil prices and the strengthening of the ruble. According to the Ministry of Economy, the average price of Urals in April fell to $54.76 per barrel from $58.99 in March. As a result, the ruble price of Russian oil fell to 4,562 rubles from 5,079 rubles, which is 32% lower than the target set in the 2025 budget law and almost 14% less than the new estimates of the Ministry of Finance for this year.
Last week, the Russian government approved amendments to the budget, reducing the projected revenues from the sale of energy resources by almost a quarter – by 2.6 trillion rubles – to 8.32 trillion rubles. As a result, Reuters reports, the budget deficit in 2025 will grow more than threefold, to 3.79 trillion rubles, which will amount to 1.7% of GDP.
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