Russia’s revenue from its main oil tax is set to double to $9 billion in April due to the oil and gas crisis following the U. S. and Israeli attack on Iran, as reported by Reuters. This event has caused a significant energy crisis, affecting global oil prices and supply routes. After the airstrikes at the end of February, Iran closed the Strait of Hormuz, a critical passage for global oil and LNG shipments, leading Brent oil prices to surge over $100 per barrel.
The mineral extraction tax on Russian oil is projected to increase from 327 billion roubles in March to about 700 billion roubles in April, reflecting a 10% rise compared to April of the previous year. For 2026, Russia has planned a budget of 7.9 trillion roubles from this tax. The average price for Russia’s Urals crude increased to $77 per barrel in March, significantly higher than the budget assumption of $59.
Despite the demand for Russian energy during the global crisis, there are concerns about long-term revenue stability. Russia experienced a budget deficit of 4.58 trillion roubles in the first quarter of 2026, and attacks on Russian energy sites by Ukraine are also impacting earnings and production. Ultimately, Russia’s financial boost will depend on the duration of the Iran crisis.
With information from Reuters
