Russia is expected to double revenue from its largest oil tax to about $9 billion in April, as rising global oil prices boost government income, according to calculations published by Reuters.
The increase follows a sharp escalation in energy markets after U.S. and Israeli airstrikes on Iran in late February. The situation disrupted supply routes and pushed oil prices higher.
A key trigger was Iran’s effective closure of the Strait of Hormuz, a vital route that carries roughly one-fifth of global oil and liquefied natural gas. The disruption sent Brent crude prices above $100 per barrel, raising concerns about supply shortages.
Higher prices drive tax surge
Russia, the world’s second-largest oil exporter, relies heavily on energy income. The recent price surge has directly increased revenue from its mineral extraction tax, which is tied to oil production levels.
Reuters calculations show that the tax is expected to reach around 700 billion roubles ($9 billion) in April. This marks a sharp rise from 327 billion roubles in March and reflects the impact of higher oil prices on state income.
The increase also builds on changes to Russia’s tax system. A reform completed in early 2024 removed export duties on crude oil and shifted the focus toward production-based taxation. As a result, higher oil prices now translate more directly into government revenue.
Urals crude price strengthens fiscal outlook
Russia’s Urals crude, the benchmark used for taxation, rose to an average of $77 per barrel in March, according to the economy ministry data. This is the highest level since October 2023.
Russia’s main oil tax revenue is set to double to about $9 billion in April after the Iran war pushed global oil prices above $100.
Source: Reuters pic.twitter.com/bADJi1ZOiU
— Clash Report (@clashreport) April 9, 2026
The price jumped from $44.59 in February and exceeded the $59 level assumed in the country’s 2026 budget. The rise has strengthened Russia’s fiscal position in the short term.
Officials in the Kremlin said demand for Russian energy has increased amid the global crisis. Buyers from multiple regions are seeking a stable supply amid market uncertainty.
Risks remain despite short-term gains
Despite the surge in revenue, financial pressures continue. Russia recorded a budget deficit of 4.58 trillion roubles, or 1.9% of gross domestic product, in the first quarter of 2026, according to the finance ministry.
At the same time, Ukraine’s attacks on Russian energy infrastructure have affected output and could lead to production cuts. These risks may limit the overall financial benefit.
Economists have also warned that the outlook for 2026 remains uncertain. Much will depend on how long the crisis linked to Iran continues. A drop in tensions could ease prices, while prolonged instability may sustain high revenues but increase market volatility.
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