Russia to earn billions due to escalating tensions in the Middle East

Russia’s tax revenues from oil and gas in May will amount to about 650 billion rubles ($8.65 billion), exceeding the figure of 512.7 billion rubles in May 2025, Reuters reports.

Ukrainian drone strikes on Russia’s energy infrastructure have limited crude oil production, which is the third-largest in the world after the United States and Saudi Arabia.

Overall, Russia’s budget revenues from oil and gas for January–May 2026 may exceed 2.94 trillion rubles, which is less than the 3.16 trillion rubles recorded for the same period in 2025.

The decline is attributed to weaker revenues in the first three months of the year amid rising oil prices, as well as the strengthening of the ruble.

Photo: russiaspivottoasia.com.