Russia’s oil and gas revenue seen up 60% y/y in July

Russia’s state oil and gas revenue, roughly a fifth of total budget income, is expected to increase 60% year-on-year in July versus the same month last year, Reuters calculations show. The jump is linked to higher global oil prices. A steep rise in profit-based taxes on oil production for the second quarter also boosts receipts. However, overall oil and gas tax revenue for January to July is still forecast to fall 11% from 2025, to 4.9 trillion roubles. The finance ministry publishes July estimates on August 5.