Russia’s Oil and Gas Revenues Rise 38.7% in a Month Amid Urals Price Increase

Russia’s federal budget oil and gas revenues in April totaled 855.6 billion rubles — 38.7% more than in March, when the figure stood at 617 billion rubles.

This was reported by Kommersant, citing a Russian Finance Ministry report.

The growth was driven by a rise in the average price of Russian Urals crude in March — to $77 per barrel. As a result, monthly revenues increased by 239 billion rubles.

In May, revenues could grow even more significantly: in April, the average price of Urals already reached $95 per barrel. The escalation of the conflict in the Middle East was cited as the reason for the rise in oil prices.

At the same time, for the first four months of 2026, Russia’s budget oil and gas revenues remain below last year’s levels — they fell 21.2% compared to the same period the previous year. However, as the publication notes, if current oil prices hold, the gap will narrow quickly.

Western media had previously reported that Russia, for the first time since last June, resumed purchases of foreign currency and gold for the National Wealth Fund — aided by rising oil prices and export revenues driven by the war in the Middle East.

In addition, the press reported that the value of Russian oil exports had reached its highest level since the start of the war in Ukraine.