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Russia's Oil Tax Revenue Surges Amid Global Price Spike

3/11/2026

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Summary

Story summary

On March 11, 2026, Reuters reported that Russian oil used for taxation exceeded budget targets for the first time since January 2025.
The rise was driven by rising global prices due to the Iran war.
Russia's military spending since its Ukraine conflict widened the budget deficit to 3.45 trillion roubles.
Urals crude now sells at a premium to Brent.
In February, state oil and gas revenues fell by 44% year-on-year.

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Story summary

On March 11, 2026, Reuters reported that Russian oil used for taxation exceeded budget targets for the first time since January 2025.
The rise was driven by rising global prices due to the Iran war.
Russia's military spending since its Ukraine conflict widened the budget deficit to 3.45 trillion roubles.
Urals crude now sells at a premium to Brent.
In February, state oil and gas revenues fell by 44% year-on-year.