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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesRussia’s federal budget collected RUB 452.4 billion in oil-and-gas revenue in September 2026, down 22.3% from September 2025, according to Ministry of Finance data reported by Reuters and republished by The Moscow Times on 5 October. But receipts were up 6.7% from August. Those figures describe different comparisons: a year-over-year fall alongside a month-to-month rise.
What the 22% decline measures
The figure refers to oil-and-gas receipts collected by Russia’s federal budget—not the value of all Russian oil exports, oil-company sales or the volume of oil produced. The reported September total was RUB 452.4 billion, 22.3% below the same month a year earlier. The headline rounds that decline to 22%.
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The distinction matters because export earnings and government receipts are not interchangeable. The budget figure is a specific fiscal series; export earnings describe a broader flow of money from sales abroad.
September rose from August, despite the annual decline
On a month-to-month basis, September receipts increased by RUB 28.4 billion, or 6.7%, from August. August had been reported as the lowest monthly level since January. A rebound from that low does not reverse the comparison with September 2025.
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| Comparison or measure | Reported result |
|---|---|
| September 2026 versus September 2025 | RUB 452.4 billion in receipts; down 22.3% year over year |
| September 2026 versus August 2026 | Up 6.7%, or RUB 28.4 billion |
| January–September 2026 versus January–September 2025 | RUB 5.47 trillion; down 17.2% |
The figures are attributed to Ministry of Finance data in Reuters reporting carried by The Moscow Times on 5 October 2026.
Year-to-date receipts remained below 2025
For January through September 2026, federal oil-and-gas receipts totaled RUB 5.47 trillion, a 17.2% decline from the same nine months of 2025. That cumulative result puts the monthly August-to-September increase in perspective: September improved on the prior month, while the year-to-date total was still substantially lower than a year earlier.
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The 2026 revenue estimate was cut
The Finance Ministry reduced its 2026 oil-and-gas revenue estimate by RUB 1.3 trillion to RUB 7.58 trillion, Reuters/The Moscow Times reported. The January–September total equaled 72% of this revised estimate. That percentage is measured against the lowered forecast, not the earlier target.
A nine-month share of an annual estimate is a comparison with a forecast, not a guarantee of the final full-year result. The reported figures do not establish what the remaining months will bring.
Why the damper payment is not a deduction from gross receipts
In September, the budget paid oil companies RUB 305.5 billion under Russia’s fuel-damper mechanism, according to Ministry materials reported by Interfax on 5 October 2026. The calculation related to the preceding month. This payment is a budget outflow and is separate from the RUB 452.4 billion gross oil-and-gas receipt figure.
The damper is linked to domestic fuel supply. Interfax describes a mechanism under which the government pays oil companies when fuel-export economics are more favorable than the legislated indicative domestic price; when the relationship reverses, companies pay into the budget. The September payment therefore reflects an August calculation under that mechanism.
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Reuters/The Moscow Times also reported that damper compensation to refiners rose to RUB 305.5 billion from RUB 197.3 billion the prior month, while crude-oil excise payments eased to RUB 98.2 billion from RUB 106.8 billion. These are contextual fiscal flows, not a basis for silently subtracting the damper payment from the gross receipt total. A net figure would require a clearly defined calculation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What explains the decline—and what remains uncertain
The cited reports do not provide a complete breakdown of the 22.3% year-over-year fall into oil prices, export or domestic volumes, tax bases, exchange rates and payment timing. It would therefore be too strong to attribute the full decline to any one of those factors based on these figures alone.
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Secondary coverage says refinery compensation absorbed much of the revenue and reports a rise in mineral extraction tax. Separately, the Associated Press reported on 18 September 2026 that elevated global oil prices, linked in its coverage to the Iran war, had supported Russian oil-export earnings. That broader export context does not establish the cause of the September federal budget receipt decline.
What the figures say about Russia’s wider fiscal position
The Associated Press’s 18 September report described a rising budget deficit, additional taxes and fees, domestic borrowing at high cost and a decline in available reserve-fund resources. It also noted that elevated oil-export earnings provided short-term support, and did not characterize the situation as an imminent financial crisis. Those are broader fiscal observations, not a direct explanation of the September receipt statistic.
AP quoted Chris Weafer, chief executive of Macro-Advisory, describing the broader economy: “The economy is under strain — it’s stagnant to the effect that it’s stable but not growing.” That was his assessment of the economy in AP’s report, not a comment on the September oil-and-gas revenue figure.
How to read dollar conversions
Ruble figures are the clearest basis for comparing these budget receipts. UNITED24 Media reported an approximate conversion of $5.43 billion for September, but the exchange-rate basis for that conversion is not established here. Dollar equivalents can vary with the rate and date used, so they should not be mixed with the ruble series as if they were a directly reported budget measure.
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