Russia’s oil and gas revenues fell by 16.8 percent in the first seven months of 2026.

According to the results of January-July 2026, total revenues to the Russian budget from energy sales decreased significantly, The Caspian Post reports.

According to the Finance Ministry's preliminary estimates, oil and gas revenues declined by 16.8 percent in January-July compared with the same period in 2025. During the first seven months of the year, revenues amounted to approximately 4.6 trillion rubles. The ministry attributed the decline to lower energy prices in previous periods.

The significant decrease in oil and gas revenues has affected the federal budget deficit. In January-July, expenditures from the state treasury exceeded revenues by approximately 6.5 trillion rubles. According to forecasts by analysts at the Center for Macroeconomic Analysis and Short-Term Forecasting (CMASF), the deficit could reach 7 trillion rubles by the end of the year.

The 2026 budget law sets the deficit at 3.8 trillion rubles. However, the Finance Ministry has repeatedly stressed that this forecast may be revised depending on actual developments.

According to Olga Belenkaya, head of the macroeconomic analysis department at FINAM, the regulations adopted in June indicate that the government does not intend to reduce spending. The changes allow the government to borrow and spend funds without making changes to legislation.