Russia's oil tax revenue surged to a 15-month high in July, driven by a combination of higher global crude prices resulting from the Iran conflict and the government's decision to reduce subsidies for domestic refineries.
According to calculations based on data released by the Ministry of Finance on Wednesday, net fiscal income from oil production and sales increased by more than 16% month-over-month, reaching 828.3 billion rubles (equivalent to $10.2 billion). This marks the highest level recorded since April 2025.
The Russian federal budget's total revenue from the oil and gas sector in July stood at 934 billion rubles.
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