Russia cuts 2025 energy export income estimate by 15%, document shows

Russia has cut its forecast for 2025-2027 oil and gas export revenues, a key source of funding for the state budget, due to weaker oil prices, seeing the proceeds falling by 15% this year, according to an economy ministry document seen by Reuters.

Why it matters

The revision puts additional strain on the budget, already saddled with high defence spending on the war in Ukraine. Proceeds from all oil and gas sales account for about a third of Russia’s state budget revenues.