Russia's oil and gas budget revenue down 18% y/y in February

Russia's oil and gas revenue declined by 18.4% in February to 771.3 billion roubles ($8.62 billion) from the same month a year ago, finance ministry data showed on Wednesday.

The revenue was also down by 2.3% from January.

Oil and gas revenue has been the most important source of cash for the Kremlin, accounting for about a third to half of total federal budget proceeds over the past decade.

For January to February, the proceeds declined by 3.7% from the year-earlier period, to 1.56 trillion roubles.

For 2025 as a whole, the government budgeted for federal revenue of 10.94 trillion roubles from oil and gas sales, down from 11.13 trillion roubles in 2024

Russia's flagship oil blend, Urals, is budgeted at $69.7 for this year, while the rouble rate is seen at 96.5 per $1.

The price of Urals in roubles declined in February on average by around 15% below the level targeted in the federal budget for 2025 due to the firming of the currency and the weakening of the global price.

($1 = 89.5000 roubles)