Russian state oil and gas revenue may fall in November by around 35 percent from the corresponding month in 2024, to 520 billion roubles ($6.59 billion), due to lower oil prices and a stronger local currency.
oil and gas revenue has been the most important source of cash for the Kremlin, making up a quarter of total federal budget proceeds.
the revenue is also set to decline by 7.4 percent from October, excluding cyclical payments of the profit-based tax.
the decline in proceeds is painful for Russia, which has heavily boosted defence and security spending since launching its military campaign in Ukraine, which it calls a special military operation, in February 2022. For the first 11 months of the year, the revenue is seen falling by 22 percent to 8 trillion roubles, on track to reach the 2025 target.
the price of Russian oil for tax purposes declined from January to November to $57.3 per barrel, down from $68.3 in the 2024 period.