War Balance

Russia's war budget: defence spending and oil and gas income since 2019

Russia's federal budget books taxes on oil and gas production and exports as oil and gas revenue. In 2025 it came to RUB 8,477bn (€89.8bn), 22.7% of federal revenue; from January to September 2026, RUB 5,471bn (€60.8bn), 18.5%. Figures from Russia's Ministry of Finance (data of 9 October 2026); euros at the Bank of Russia's monthly average rates. The budget law plans RUB 12,900bn for “national defence” in 2026.

What counts as oil and gas revenue

The mineral extraction tax on oil, gas and condensate, export duties on oil, oil products and gas, and the additional income tax on oil production, net of the “damper” payments to refiners. It measures tax, not export earnings: it includes tax on oil and gas sold in Russia and leaves out companies' profits, profit tax and dividends, which the ministry counts as other revenue. Months vary because the additional income tax is paid each quarter. Roubles are the official unit; euro values move with the exchange rate.

Year by year

YearOil and gas revenue, roublesIn eurosShare of federal revenueAll federal revenue, roubles
2019RUB 7,924bn€109bn39.3%RUB 20,189bn
2020RUB 5,235bn€64.6bn28.0%RUB 18,719bn
2021RUB 9,057bn€105bn35.8%RUB 25,286bn
2022RUB 11,586bn€162bn41.6%RUB 27,824bn
2023RUB 8,822bn€94.4bn30.3%RUB 29,124bn
2024RUB 11,131bn€111bn30.3%RUB 36,709bn
2025RUB 8,477bn€89.8bn22.7%RUB 37,284bn
2026, January to SeptemberRUB 5,471bn€60.8bn18.5%RUB 29,640bn

Month by month, to September 2026

MonthOil and gas revenue, roublesIn eurosShare of federal revenueAll federal revenue, roubles
September 2026RUB 452bn€4.6bn12.3%RUB 3,687bn
August 2026RUB 424bn€4.4bn11.1%RUB 3,817bn
July 2026RUB 934bn€10.5bn26.7%RUB 3,493bn
June 2026RUB 684bn€8bn17.7%RUB 3,855bn
May 2026RUB 679bn€8bn22.2%RUB 3,060bn
April 2026RUB 856bn€9.5bn25.1%RUB 3,412bn
March 2026RUB 617bn€6.6bn17.4%RUB 3,545bn
February 2026RUB 432bn€4.7bn18.0%RUB 2,405bn
January 2026RUB 393bn€4.3bn16.6%RUB 2,364bn
December 2025RUB 448bn€4.9bn10.3%RUB 4,338bn
November 2025RUB 531bn€5.7bn17.7%RUB 3,006bn
October 2025RUB 889bn€9.4bn29.8%RUB 2,986bn
September 2025RUB 583bn€6bn18.1%RUB 3,214bn
August 2025RUB 505bn€5.4bn14.8%RUB 3,412bn
July 2025RUB 787bn€8.5bn28.8%RUB 2,733bn
June 2025RUB 495bn€5.5bn17.3%RUB 2,854bn
May 2025RUB 513bn€5.7bn20.8%RUB 2,461bn
April 2025RUB 1,086bn€11.6bn33.7%RUB 3,224bn
March 2025RUB 1,081bn€11.7bn29.2%RUB 3,708bn
February 2025RUB 771bn€8bn28.8%RUB 2,675bn
January 2025RUB 789bn€7.6bn29.5%RUB 2,672bn
December 2024RUB 790bn€7.3bn19.6%RUB 4,031bn
November 2024RUB 802bn€7.5bn26.7%RUB 2,999bn
October 2024RUB 1,212bn€11.5bn35.7%RUB 3,394bn

Export earnings from fossil fuels: an estimate

A different measure: what Russia's exports of oil, gas and coal earned, as estimated by the Centre for Research on Energy and Clean Air (CREA) from tracked shipments and prices. It is the value of exports, not tax, and it is not added to the budget figures.

YearAll fossil fuelsOil and gas
2021€237bn€216bn
2022€376bn€340bn
2023€245bn€221bn
2024€236bn€219bn
2025€193bn€176bn
2026, January to September€160bn€145bn

Defence spending, for context

Budget money is pooled: no revenue is set aside for a given line of spending, so these figures are context, not a link between revenue and spending. Each figure says what it is: the budget's “national defence” section as spent (to 2021) or as planned in the budget law, and SIPRI's estimate of military spending, which uses a broader definition.

YearNational defence, spentNational defence, budget lawSIPRI military spendingSIPRI, share of GDP
2019RUB 2,997bn–RUB 4,217bn3.9%
2020RUB 3,169bn–RUB 4,462bn4.1%
2021RUB 3,574bn–RUB 4,855bn3.6%
2022––RUB 7,150bn4.6%
2023–RUB 6,409bn (approximate)RUB 9,300bn5.3%
2024–RUB 10,780bnRUB 13,828bn6.9%
2025–RUB 13,500bnRUB 15,964bn7.5%
2026–RUB 12,900bn––

Russia's federal budget balance

Revenue, expenditure and the balance of Russia's federal budget as executed, from the Ministry of Finance (data of 9 October 2026); a deficit is negative. Euros are the months converted at the Bank of Russia's monthly average rates; % of GDP uses Rosstat's GDP.

YearRevenueExpenditureBalanceBalance, eurosBalance, % of GDP
2019RUB 20,189bnRUB 18,215bnRUB 1,974bn€26.5bn1.8%
2020RUB 18,719bnRUB 22,822bn−RUB 4,103bn−€48bn−3.8%
2021RUB 25,286bnRUB 24,762bnRUB 524bn€5.5bn0.39%
2022RUB 27,824bnRUB 31,119bn−RUB 3,295bn−€54.8bn−2.1%
2023RUB 29,124bnRUB 32,354bn−RUB 3,230bn−€40.4bn−1.8%
2024RUB 36,709bnRUB 40,181bn−RUB 3,472bn−€32.1bn−1.7%
2025RUB 37,284bnRUB 42,910bn−RUB 5,627bn−€59bn−2.6%
2026, January to SeptemberRUB 29,640bnRUB 34,825bn−RUB 5,186bn−€57.9bn−2.3%the months so far over the full year's estimated GDP

Execution data. The current year runs January to September; its share of GDP divides those months by the full year's GDP as the Ministry estimates it, so it is not an annual rate.

2026: the budget law, the plan and the estimate

Plans and estimates are not execution, and each row says what it is: the budget law sets the year's figures, the government may change spending during the year, and the Ministry's estimate is its own view of the full year.

VersionDateRevenueExpenditureDeficitDeficit, % of GDP
Budget law, as signed28 November 2025RUB 40,283bnRUB 44,070bnRUB 3,786bn1.6%
In-year spending plan (no amending law)13 July 2026RUB 40,283bnRUB 45,110bnRUB 4,828bn2.1%
Ministry of Finance estimate, with the draft budget for the next years30 September 2026RUB 41,238bnRUB 48,606bnRUB 7,345bn3.2%
Execution, January to SeptemberSeptember 2026RUB 29,640bnRUB 34,825bnRUB 5,186bn2.3%the months so far over the full year's estimated GDP

The estimate's deficit and its share of GDP are as the Ministry stated them, in news reports citing it; its revenue and expenditure are worked back from rounded figures.

The balance month by month, to September 2026

MonthRevenueExpenditureBalanceBalance, eurosBalance, year to date
September 2026RUB 3,687bnRUB 3,073bnRUB 614bn€6.3bn−RUB 5,186bn
August 2026RUB 3,817bnRUB 3,216bnRUB 602bn€6.2bn−RUB 5,800bn
July 2026RUB 3,493bnRUB 4,146bn−RUB 653bn−€7.3bn−RUB 6,402bn
June 2026RUB 3,855bnRUB 3,676bnRUB 178bn€2.1bn−RUB 5,749bn
May 2026RUB 3,060bnRUB 3,191bn−RUB 131bn−€1.5bn−RUB 5,927bn
April 2026RUB 3,412bnRUB 4,699bn−RUB 1,287bn−€14.3bn−RUB 5,796bn
March 2026RUB 3,545bnRUB 4,731bn−RUB 1,185bn−€12.7bn−RUB 4,510bn
February 2026RUB 2,405bnRUB 4,101bn−RUB 1,696bn−€18.6bn−RUB 3,324bn
January 2026RUB 2,364bnRUB 3,993bn−RUB 1,629bn−€17.9bn−RUB 1,629bn
December 2025RUB 4,338bnRUB 5,955bn−RUB 1,616bn−€17.6bn−RUB 5,627bn
November 2025RUB 3,006bnRUB 3,074bn−RUB 67.8bn−€0.73bn−RUB 4,010bn
October 2025RUB 2,986bnRUB 3,458bn−RUB 472bn−€5bn−RUB 3,942bn
September 2025RUB 3,214bnRUB 2,764bnRUB 450bn€4.6bn−RUB 3,471bn
August 2025RUB 3,412bnRUB 2,711bnRUB 701bn€7.5bn−RUB 3,920bn
July 2025RUB 2,733bnRUB 3,968bn−RUB 1,235bn−€13.4bn−RUB 4,622bn
June 2025RUB 2,854bnRUB 3,211bn−RUB 357bn−€3.9bn−RUB 3,387bn
May 2025RUB 2,461bnRUB 2,559bn−RUB 98.4bn−€1.1bn−RUB 3,029bn
April 2025RUB 3,224bnRUB 4,195bn−RUB 971bn−€10.4bn−RUB 2,931bn
March 2025RUB 3,708bnRUB 3,251bnRUB 456bn€4.9bn−RUB 1,960bn
February 2025RUB 2,675bnRUB 3,625bn−RUB 950bn−€9.8bn−RUB 2,416bn
January 2025RUB 2,672bnRUB 4,139bn−RUB 1,466bn−€14.1bn−RUB 1,466bn
December 2024RUB 4,031bnRUB 7,541bn−RUB 3,510bn−€32.6bn−RUB 3,472bn
November 2024RUB 2,999bnRUB 3,085bn−RUB 86.4bn−€0.81bnRUB 37.8bn
October 2024RUB 3,394bnRUB 3,848bn−RUB 454bn−€4.3bnRUB 124bn

National Wealth Fund: liquid assets

Liquid assets are the fund's money on accounts at the Bank of Russia (yuan, gold and roubles; dollars, euros and pounds before they were run down). The rest of the fund is mostly invested at home (bank deposits, shares and bonds of Russian companies). Withdrawals: money taken out of the fund in the year before each date, as the Ministry's table gives them; it does not say what each was for.

As ofFund, totalLiquid assetsLiquid, eurosLiquid, % of GDPWithdrawals
1 January 2019RUB 4,036bnRUB 2,356bn€30.6bn2.3%–
1 January 2020RUB 7,773bnRUB 6,138bn€88.5bn5.6%RUB 4.7bn2019
1 January 2021RUB 13,546bnRUB 8,658bn€95.4bn8.0%RUB 294bn2020
1 January 2022RUB 13,565bnRUB 8,433bn€100bn6.3%RUB 14.1bn2021
1 January 2023RUB 10,435bnRUB 6,133bn€81.1bn3.9%RUB 2,975bn2022
1 January 2024RUB 11,965bnRUB 5,012bn€50.5bn2.9%RUB 3,461bn2023
1 January 2025RUB 11,880bnRUB 3,810bn€35.9bn1.9%RUB 1,300bn2024
1 January 2026RUB 13,415bnRUB 4,085bn€44.4bn1.9%RUB 0m2025
1 October 2026RUB 12,985bnRUB 3,800bn€40bn1.7%RUB 459bn2026, January to September

Euros at the Bank of Russia's rate on each date. % of GDP: Rosstat's GDP of the year the figure belongs to (the year before, for a date at the start of a year). Liquid assets as the Ministry defines them.

Sources of the balance and the fund (each with its date in the research file):

How this differs from the map's measure

The map measures, for each country, how much less or more Russia kept from trade with that country than in a world without the war. The figures on this page are the taxes Russia's state received, from all buyers together: they cannot be split by country and have no no-war baseline, so they are not added to the map's figures or set against them. What Russia kept from trade, by country →

Sources

Questions

How much does Russia earn from oil?

Russia's budget books oil and gas together. Federal oil and gas revenue in 2025: RUB 8,477bn (€89.8bn), 22.7% of federal revenue; from January to September 2026: RUB 5,471bn (€60.8bn). CREA estimates Russia's export earnings from oil and gas in 2025 at €176bn.

What is Russia's defence budget?

Russia's budget law, as adopted, plans RUB 12,900bn for “national defence” in 2026, after RUB 13,500bn in 2025. On a broader definition, SIPRI estimates Russia's military spending in 2025 at RUB 15,964bn, 7.5% of GDP. Budget money is pooled, so these figures are context: no revenue is set aside for defence.

What share of Russia's federal revenue comes from oil and gas?

22.7% in 2025 and 18.5% from January to September 2026. Year by year since 2019: 2019 39.3%, 2020 28.0%, 2021 35.8%, 2022 41.6%, 2023 30.3%, 2024 30.3%, 2025 22.7%.

What is Russia's budget deficit?

Russia's federal budget had a deficit of RUB 5,627bn (€59bn, 2.6% of GDP) in 2025, from the Ministry of Finance's execution data. From January to September 2026 the balance was a deficit of RUB 5,186bn (€57.9bn). The budget law for 2026 set a deficit of RUB 3,786bn (1.6% of GDP). The Ministry's estimate of 30 September 2026 is RUB 7,345bn (3.2% of GDP) for the full year.

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Cite as: War Balance, figures to August 2026, https://warbalance.org/russia-oil-gas-revenue/