Russia's oil and gas revenue halved in January y/y to lowest since July 2020

MOSCOW, Feb 4 (Reuters) - Russian state oil and gas revenues halved in January compared to the same month of last year, hitting their lowest level since July 2020, according to finance ministry data.

The decline was due to lower crude prices and a stronger rouble. Oil and gas revenues are crucial for Russia's state budget, which ran a deficit of 5.6 trillion roubles or 2.6% of gross domestic product in 2025.

The January figure of 393.3 billion roubles ($5.10 billion) was down from 447.8 billion roubles in December.

Oil and gas revenue is the leading source of cash for the Kremlin, making up nearly a quarter of federal budget proceeds that have been drained by heavy defence and security spending since Russia began its military campaign in Ukraine in February 2022.

The budget is projected to collect 8.92 trillion roubles from oil and gas sales this year. Total budget revenues for 2026 are seen at 40.283 trillion roubles.

Last year, Russia's federal budget revenues from oil and gas dropped 24% to 8.48 trillion roubles, the lowest level since 2020.

($1 = 77.1000 roubles)