Commodities
Russia’s Oil Revenues Halved in March Before Iran War Boost
The Panamanian-flagged Tiger Wings, carrying crude oil from Russia, moored off the Petron oil refinery in Limay, Bataan province, Philippines, on April 1, 2026.
Photographer: Ezra Acayan/Getty ImagesRussia’s oil tax revenue in March dropped by nearly half compared to a year earlier, highlighting the Kremlin’s financial strain just before the Middle East war delivered an unexpected boost to Moscow’s earnings.
Russian producers paid 494.9 billion rubles ($6.18 billion) in oil taxes last month, down 48% year on year, according to Bloomberg calculations based on Finance Ministry data released Friday. Combined oil and gas revenues in the federal budget fell nearly 43% from a year earlier to 617 billion rubles.