Russia’s Oil Revenues Drop 17% Despite a 13-Year High for Urals Crude

Russian energy tax revenues from oil and natural gas production dropped by 17% to $64.43 billion during the first nine months of the year, despite global crude prices climbing to their highest levels in over a decade, according to data released by the Russian Ministry of Finance, as reported by Reuters on October 5.

These tax receipts account for roughly 20% of total federal budget revenue in Russia, where the budget deficit is currently projected to reach 3% of gross domestic product in 2026—nearly double the originally planned target.

By late September, prices for Russia's flagship Urals crude topped $92 per barrel, according to market data from London Stock Exchange Group. This figure is double the level seen prior to the war with Iran and well above the Western-imposed price cap of $44.10 per barrel.

Before the outbreak of that conflict on February 28, Baltic-bound Urals crude loaded at the port of Primorsk on Free on Board terms traded around $45 per barrel.

Driven by spot market surges amid Middle East supply disruptions, Urals reached a peak of $113.89 per barrel on April 8, marking its highest price point since 2013, Reuters reported.

Reduced shipments out of the Black Sea hub of Novorossiysk also helped sustain Urals prices last month.

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War in Ukraine

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Market traders report that the port continues to operate below full capacity due to heightened security risks following a series of Ukrainian attacks, alongside an ongoing shortage of available tankers. Beyond maritime logistical disruptions, Moscow has also escalated economic retaliation against Western enterprise.

On September 17, Russia placed the local operations of Swiss food giant Nestlé and French supermarket chain Auchan under temporary administration, connecting the decision directly to European military aid for Ukraine.

According to registry data reported by Bloomberg, Vladimir Putin issued a decree transferring stakes in both firms to AO L.E.V. Menedzhment, a Moscow-registered entity created in 2024 with a charter capital of approximately $177 and just a single employee.

In response to the takeover, Nestlé announced it was weighing its options and pledged to take all necessary measures to safeguard its legal rights and support its workforce, while Auchan Retail Russia requested official clarification on the order.

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