Russia's budget saw a 22.7% year-on-year decrease in oil and gas revenues for January-June 2026, totaling 3.66 trillion rubles ($48 billion). The Finance Ministry cited declining oil prices as the primary reason, while non-oil and gas revenues rose by 16.3%.
International news snippets reveal a complex geopolitical landscape: Trump signals continued US commitment to NATO and arms sales to allies, while the Kremlin accuses the US and Europe of direct participation in the war against Russia. Iran vows retaliation against the US, and tensions rise in the Strait of Hormuz amid US strikes. Meanwhile, Serbia faces pressure over sanctions, and a South Korean court sentences a former president.
Russia's budget revenues reached over 37 trillion rubles in 2025, with non-oil and gas revenues comprising more than three-quarters of the total, according to Prime Minister Mikhail Mishustin.
Energy analysts told TASS that the UAE’s reported decision to leave OPEC and OPEC+ from May 1, 2026 could increase pressure for higher output and, after Middle East conflict conditions ease, raise the risk of an oil price war.
