In April, Russia will double its revenue from its largest oil tax – $9 billion – thanks to the oil and gas crisis triggered by the US and Israeli attacks on Iran.
The Reuters calculations are among the first concrete evidence of a windfall for Russia from the Iran war, which oil traders say has triggered the worst energy crisis in modern history.
Russia's primary oil and gas revenues depend on production volumes. The export duty on crude oil was reset to zero starting in 2024 as part of a so-called tax maneuver.
According to Reuters calculations based on preliminary production data and oil prices, the mineral extraction tax on oil in Russia will increase to approximately 700 billion rubles ($9 billion) in April from 327 billion rubles in March. Revenues increased by approximately 10% compared to April last year.
Overall, the Russian budget for 2026 projects 7.9 trillion rubles in mineral extraction tax revenue.
The average price of Russian Urals crude oil, used for tax purposes, jumped to $77 per barrel in March, the highest since October 2023, according to the Ministry of Economy.
This is 73% higher than in February ($44.59 per barrel) and higher than the $59 level budgeted for this year.