The Russian budget may receive less in oil production taxes in January 2026 than it has in the past three years. According to Reuters calculations, oil companies will pay 380 billion rubles ($4.72 billion) in taxes to the Russian treasury by the end of the first month of next year, a 16% decrease from December and more than half the amount paid in January 2025.
Journalists note that the Russian budget will receive less money from oil companies in January primarily due to the fall in global oil prices.
“Other factors contributing to the sharp drop in revenue include the strengthening of the ruble against the US dollar in December and the decline in oil product prices,” Reuters adds.
The publication reports that oil majors will pay 14,266 rubles per ton of extracted crude in December, a 19% decrease from November and a 54% decrease from December 2024.
“The tax rate will return to levels not seen since December 2022 (approximately 14,600 rubles per ton), when EU countries officially imposed an embargo on Russian oil,” the journalists note.
Reuters explains that mineral extraction taxes are paid to the Russian budget on the 28th of each month, reflecting the previous month’s oil production volumes.
Oil and gas revenues account for up to a quarter of Russia’s budget and are a key source of funding for the Russian-Ukrainian war.
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