Russia oil, gas revenues seen declining through 2029

05/10/2026 04:48 AST

Russia's oil and gas revenues are projected to fall from 3.3 per cent of GDP in 2026 to 2.7 per cent in 2029, reflecting stabilising energy prices and a declining share of the oil and gas sector in the economy, according to budget, tax and customs policy guidelines reported by TASS.

"After reaching 5.5 per cent of GDP in 2024, oil and gas revenues have been steadily declining, taking into account exchange rate trends, global energy prices, as well as the structure of hydrocarbon production and export volumes, and are estimated at 3.3 per cent of GDP in 2026, followed by a further decline relative to GDP over the forecast horizon, to 2.7 per cent in 2029, amid stabilizing price conditions and a declining share of the oil and gas sector in the economy," the document said.

Meanwhile, non-oil and gas federal revenues are expected to increase through 2029, supported by a broader tax base, improved collection and changes to tax and other legislation.


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