Russia's oil and gas tax revenue rises 9.3% in October amid Iran war-driven price surge

Russia's revenue from taxes on oil and gas sales increased 9.3 per cent year on year to 971.2 billion roubles ($11.83 billion) in October, supported by higher crude prices following supply disruptions linked to the Iran war, according to finance ministry data released on Thursday.Despite the monthly increase, the country's oil and gas tax receipts remained lower for the first 10 months of 2026. Revenue between January and October fell 14 per cent from the corresponding period last year to 6.44 trillion roubles, Reuters reported.Oil and gas revenues account for around a fifth of Russia's total federal budget tax receipts and are a major source of funding for its military campaign in Ukraine.Russia's 2026 budget projects oil and gas revenue of 7.58 trillion roubles, below the initial estimate of 8.92 trillion roubles. Total federal budget revenue for the year is projected at 41.182 trillion roubles.Last year, oil and gas revenue in the federal budget fell 24 per cent to 8.48 trillion roubles, its lowest level since 2020, when the Covid-19 pandemic affected energy sales.You use AI every day. Now get your AI Quotient. Take the AIQ test.