# 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

| Year | Oil and gas revenue, roubles | In euros | Share of federal revenue | All federal revenue, roubles |
| --- | --- | --- | --- | --- |
| 2019 | RUB 7,924bn | €109bn | 39.3% | RUB 20,189bn |
| 2020 | RUB 5,235bn | €64.6bn | 28.0% | RUB 18,719bn |
| 2021 | RUB 9,057bn | €105bn | 35.8% | RUB 25,286bn |
| 2022 | RUB 11,586bn | €162bn | 41.6% | RUB 27,824bn |
| 2023 | RUB 8,822bn | €94.4bn | 30.3% | RUB 29,124bn |
| 2024 | RUB 11,131bn | €111bn | 30.3% | RUB 36,709bn |
| 2025 | RUB 8,477bn | €89.8bn | 22.7% | RUB 37,284bn |
| 2026, January to September | RUB 5,471bn | €60.8bn | 18.5% | RUB 29,640bn |

## Month by month, to September 2026

| Month | Oil and gas revenue, roubles | In euros | Share of federal revenue | All federal revenue, roubles |
| --- | --- | --- | --- | --- |
| September 2026 | RUB 452bn | €4.6bn | 12.3% | RUB 3,687bn |
| August 2026 | RUB 424bn | €4.4bn | 11.1% | RUB 3,817bn |
| July 2026 | RUB 934bn | €10.5bn | 26.7% | RUB 3,493bn |
| June 2026 | RUB 684bn | €8bn | 17.7% | RUB 3,855bn |
| May 2026 | RUB 679bn | €8bn | 22.2% | RUB 3,060bn |
| April 2026 | RUB 856bn | €9.5bn | 25.1% | RUB 3,412bn |
| March 2026 | RUB 617bn | €6.6bn | 17.4% | RUB 3,545bn |
| February 2026 | RUB 432bn | €4.7bn | 18.0% | RUB 2,405bn |
| January 2026 | RUB 393bn | €4.3bn | 16.6% | RUB 2,364bn |
| December 2025 | RUB 448bn | €4.9bn | 10.3% | RUB 4,338bn |
| November 2025 | RUB 531bn | €5.7bn | 17.7% | RUB 3,006bn |
| October 2025 | RUB 889bn | €9.4bn | 29.8% | RUB 2,986bn |
| September 2025 | RUB 583bn | €6bn | 18.1% | RUB 3,214bn |
| August 2025 | RUB 505bn | €5.4bn | 14.8% | RUB 3,412bn |
| July 2025 | RUB 787bn | €8.5bn | 28.8% | RUB 2,733bn |
| June 2025 | RUB 495bn | €5.5bn | 17.3% | RUB 2,854bn |
| May 2025 | RUB 513bn | €5.7bn | 20.8% | RUB 2,461bn |
| April 2025 | RUB 1,086bn | €11.6bn | 33.7% | RUB 3,224bn |
| March 2025 | RUB 1,081bn | €11.7bn | 29.2% | RUB 3,708bn |
| February 2025 | RUB 771bn | €8bn | 28.8% | RUB 2,675bn |
| January 2025 | RUB 789bn | €7.6bn | 29.5% | RUB 2,672bn |
| December 2024 | RUB 790bn | €7.3bn | 19.6% | RUB 4,031bn |
| November 2024 | RUB 802bn | €7.5bn | 26.7% | RUB 2,999bn |
| October 2024 | RUB 1,212bn | €11.5bn | 35.7% | 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.

| Year | All fossil fuels | Oil 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.

| Year | National defence, spent | National defence, budget law | SIPRI military spending | SIPRI, share of GDP |
| --- | --- | --- | --- | --- |
| 2019 | RUB 2,997bn | – | RUB 4,217bn | 3.9% |
| 2020 | RUB 3,169bn | – | RUB 4,462bn | 4.1% |
| 2021 | RUB 3,574bn | – | RUB 4,855bn | 3.6% |
| 2022 | – | – | RUB 7,150bn | 4.6% |
| 2023 | – | RUB 6,409bn (approximate) | RUB 9,300bn | 5.3% |
| 2024 | – | RUB 10,780bn | RUB 13,828bn | 6.9% |
| 2025 | – | RUB 13,500bn | RUB 15,964bn | 7.5% |
| 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.

| Year | Revenue | Expenditure | Balance | Balance, euros | Balance, % of GDP |
| --- | --- | --- | --- | --- | --- |
| 2019 | RUB 20,189bn | RUB 18,215bn | RUB 1,974bn | €26.5bn | 1.8% |
| 2020 | RUB 18,719bn | RUB 22,822bn | −RUB 4,103bn | −€48bn | −3.8% |
| 2021 | RUB 25,286bn | RUB 24,762bn | RUB 524bn | €5.5bn | 0.39% |
| 2022 | RUB 27,824bn | RUB 31,119bn | −RUB 3,295bn | −€54.8bn | −2.1% |
| 2023 | RUB 29,124bn | RUB 32,354bn | −RUB 3,230bn | −€40.4bn | −1.8% |
| 2024 | RUB 36,709bn | RUB 40,181bn | −RUB 3,472bn | −€32.1bn | −1.7% |
| 2025 | RUB 37,284bn | RUB 42,910bn | −RUB 5,627bn | −€59bn | −2.6% |
| 2026, January to September | RUB 29,640bn | RUB 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.

| Version | Date | Revenue | Expenditure | Deficit | Deficit, % of GDP |
| --- | --- | --- | --- | --- | --- |
| Budget law, as signed | 28 November 2025 | RUB 40,283bn | RUB 44,070bn | RUB 3,786bn | 1.6% |
| In-year spending plan (no amending law) | 13 July 2026 | RUB 40,283bn | RUB 45,110bn | RUB 4,828bn | 2.1% |
| Ministry of Finance estimate, with the draft budget for the next years | 30 September 2026 | RUB 41,238bn | RUB 48,606bn | RUB 7,345bn | 3.2% |
| Execution, January to September | September 2026 | RUB 29,640bn | RUB 34,825bn | RUB 5,186bn | 2.3%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

| Month | Revenue | Expenditure | Balance | Balance, euros | Balance, year to date |
| --- | --- | --- | --- | --- | --- |
| September 2026 | RUB 3,687bn | RUB 3,073bn | RUB 614bn | €6.3bn | −RUB 5,186bn |
| August 2026 | RUB 3,817bn | RUB 3,216bn | RUB 602bn | €6.2bn | −RUB 5,800bn |
| July 2026 | RUB 3,493bn | RUB 4,146bn | −RUB 653bn | −€7.3bn | −RUB 6,402bn |
| June 2026 | RUB 3,855bn | RUB 3,676bn | RUB 178bn | €2.1bn | −RUB 5,749bn |
| May 2026 | RUB 3,060bn | RUB 3,191bn | −RUB 131bn | −€1.5bn | −RUB 5,927bn |
| April 2026 | RUB 3,412bn | RUB 4,699bn | −RUB 1,287bn | −€14.3bn | −RUB 5,796bn |
| March 2026 | RUB 3,545bn | RUB 4,731bn | −RUB 1,185bn | −€12.7bn | −RUB 4,510bn |
| February 2026 | RUB 2,405bn | RUB 4,101bn | −RUB 1,696bn | −€18.6bn | −RUB 3,324bn |
| January 2026 | RUB 2,364bn | RUB 3,993bn | −RUB 1,629bn | −€17.9bn | −RUB 1,629bn |
| December 2025 | RUB 4,338bn | RUB 5,955bn | −RUB 1,616bn | −€17.6bn | −RUB 5,627bn |
| November 2025 | RUB 3,006bn | RUB 3,074bn | −RUB 67.8bn | −€0.73bn | −RUB 4,010bn |
| October 2025 | RUB 2,986bn | RUB 3,458bn | −RUB 472bn | −€5bn | −RUB 3,942bn |
| September 2025 | RUB 3,214bn | RUB 2,764bn | RUB 450bn | €4.6bn | −RUB 3,471bn |
| August 2025 | RUB 3,412bn | RUB 2,711bn | RUB 701bn | €7.5bn | −RUB 3,920bn |
| July 2025 | RUB 2,733bn | RUB 3,968bn | −RUB 1,235bn | −€13.4bn | −RUB 4,622bn |
| June 2025 | RUB 2,854bn | RUB 3,211bn | −RUB 357bn | −€3.9bn | −RUB 3,387bn |
| May 2025 | RUB 2,461bn | RUB 2,559bn | −RUB 98.4bn | −€1.1bn | −RUB 3,029bn |
| April 2025 | RUB 3,224bn | RUB 4,195bn | −RUB 971bn | −€10.4bn | −RUB 2,931bn |
| March 2025 | RUB 3,708bn | RUB 3,251bn | RUB 456bn | €4.9bn | −RUB 1,960bn |
| February 2025 | RUB 2,675bn | RUB 3,625bn | −RUB 950bn | −€9.8bn | −RUB 2,416bn |
| January 2025 | RUB 2,672bn | RUB 4,139bn | −RUB 1,466bn | −€14.1bn | −RUB 1,466bn |
| December 2024 | RUB 4,031bn | RUB 7,541bn | −RUB 3,510bn | −€32.6bn | −RUB 3,472bn |
| November 2024 | RUB 2,999bn | RUB 3,085bn | −RUB 86.4bn | −€0.81bn | RUB 37.8bn |
| October 2024 | RUB 3,394bn | RUB 3,848bn | −RUB 454bn | −€4.3bn | RUB 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 of | Fund, total | Liquid assets | Liquid, euros | Liquid, % of GDP | Withdrawals |
| --- | --- | --- | --- | --- | --- |
| 1 January 2019 | RUB 4,036bn | RUB 2,356bn | €30.6bn | 2.3% | – |
| 1 January 2020 | RUB 7,773bn | RUB 6,138bn | €88.5bn | 5.6% | RUB 4.7bn2019 |
| 1 January 2021 | RUB 13,546bn | RUB 8,658bn | €95.4bn | 8.0% | RUB 294bn2020 |
| 1 January 2022 | RUB 13,565bn | RUB 8,433bn | €100bn | 6.3% | RUB 14.1bn2021 |
| 1 January 2023 | RUB 10,435bn | RUB 6,133bn | €81.1bn | 3.9% | RUB 2,975bn2022 |
| 1 January 2024 | RUB 11,965bn | RUB 5,012bn | €50.5bn | 2.9% | RUB 3,461bn2023 |
| 1 January 2025 | RUB 11,880bn | RUB 3,810bn | €35.9bn | 1.9% | RUB 1,300bn2024 |
| 1 January 2026 | RUB 13,415bn | RUB 4,085bn | €44.4bn | 1.9% | RUB 0m2025 |
| 1 October 2026 | RUB 12,985bn | RUB 3,800bn | €40bn | 1.7% | 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):

- [Minfin, monthly federal budget execution (open data fedbud\_month)](https://minfin.gov.ru/opendata/7710168360-fedbud\_month/data-20261009T0100-structure-20210312T0100.csv)
- [Minfin, yearly federal budget execution (open data fedbud\_year)](https://minfin.gov.ru/OpenData/7710168360-fedbud\_year/data-20260505T0100-structure-20220211T0100.csv)
- [Minfin, NWF movements and management results (Dannye\_20261001.xlsx)](https://minfin.gov.ru/common/upload/library/2026/10/main/Dannye\_20261001.xlsx)
- [World Bank WDI, GDP current LCU (Rosstat)](https://api.worldbank.org/v2/country/RUS/indicator/NY.GDP.MKTP.CN?format=json&date=2018:2026)
- [Bank of Russia official EUR/RUB rates (round 58 extract, reused read-only)](https://www.cbr.ru/scripts/XML\_dynamic.asp?date\_req1=01/01/2019&date\_req2=27/10/2026&VAL\_NM\_RQ=R01239)
- [zakonrf.info, 28 November 2025](https://www.zakonrf.info/doc-39055062/st1/)
- [interfax.ru, 15 July 2026](https://www.interfax.ru/business/1103530) · (news report)
- [interfax.ru, 30 September 2026](https://www.interfax.ru/business/1119496) · (news report)
- [kommersant.ru, October 2026](https://www.kommersant.ru/doc/8991082) · (news report)
- [fontanka.ru, 23 September 2026](https://www.fontanka.ru/2026/09/23/76657572/) · (news report)
- [akm.ru, 3 April 2026](https://www.akm.ru/news/obem\_fnb\_na\_1\_aprelya\_sostavil\_13\_414\_trln\_rub/) · (news report)
- [ru.themoscowtimes.com](https://ru.themoscowtimes.com/2026/10/07/likvidnye-rezervy-rf-umenshilis-v-sentyabre-do-16-vvp-a208031) · (news report)

## 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 →](https://warbalance.org/russia-war-income/)

## Sources

- [Minfin, monthly federal budget execution (open data fedbud\_month)](https://minfin.gov.ru/opendata/7710168360-fedbud\_month/data-20261009T0100-structure-20210312T0100.csv)
- [Minfin, yearly federal budget execution (open data fedbud\_year)](https://minfin.gov.ru/OpenData/7710168360-fedbud\_year/data-20260505T0100-structure-20220211T0100.csv)
- [Minfin, oil and gas revenue page (Svedeniya\_20261005.xlsx, additional oil and gas revenue)](https://minfin.gov.ru/ru/statistics/fedbud/oil)
- [Bank of Russia official EUR/RUB rates](https://www.cbr.ru/scripts/XML\_dynamic.asp?date\_req1=01/01/2019&date\_req2=27/10/2026&VAL\_NM\_RQ=R01239)
- [Bank of Russia official USD/RUB rates](https://www.cbr.ru/scripts/XML\_dynamic.asp?date\_req1=01/01/2019&date\_req2=27/10/2026&VAL\_NM\_RQ=R01235)
- [Bank of Russia, exports of energy goods (BOP)](https://cbr.ru/statistics/macro\_itm/external\_sector/etg/export\_energy/)
- [CREA Russia Fossil Tracker API, monthly by destination and fuel (repository copy)](https://api.russiafossiltracker.com/v0/counter?aggregate\_by=month%2Cdestination\_iso2%2Cdestination\_country%2Ccommodity\_group&commodity\_grouping=split\_gas\_oil&currency=EUR%2CUSD&date\_to=2026-10-22&date\_from=2021-01-01&format=csv)
- [CREA September 2026 monthly analysis](https://energyandcleanair.org/september-2026-monthly-analysis-of-russian-fossil-fuel-exports-and-sanctions/)
- [IEA Oil Market Report via TASS (tass\_2026-10-14\_iea\_september.txt)](https://tass.com/economy/2202067) · (news report)
- [IEA Oil Market Report via TASS (tass\_2026-09-11\_iea\_august.txt)](https://tass.com/economy/2186003) · (news report)
- [IEA Oil Market Report via TASS (tass\_2026-08-12\_iea\_july.txt)](https://tass.com/economy/2171847) · (news report)
- [SIPRI Military Expenditure Database (April 2026)](https://www.sipri.org/sites/default/files/SIPRI-Milex-data-1949-2025.xlsx)
- [Kommersant, budget 2024-2026 main figures](https://www.kommersant.ru/doc/6348808) · (news report)
- [Mediazona, budget 2025-2027 adopted](https://zona.media/news/2024/11/21/byudzet) · (news report)
- [T-Zh, budget 2026 adopted](https://t-j.ru/news/budget-2026-approved/) · (news report)
- [SIPRI fact sheet April 2026](https://www.sipri.org/sites/default/files/2026-04/2604\_milex\_2025.pdf)

## 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.

## Related

- [Russia's war income from trade](https://warbalance.org/russia-war-income/)
- [Who bought Russian oil and gas](https://warbalance.org/russian-oil-gas-buyers/)
- [Russian oil discount and price cap](https://warbalance.org/russian-oil-discount/)
- [Countries with sanctions on Russia](https://warbalance.org/countries-with-sanctions-on-russia/)
- [Downloads](https://warbalance.org/downloads/)
- [All topics](https://warbalance.org/topics/)

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