Russia Sees Oil and Gas Revenue Shrinking for Next Three Years

The Russian government sees its oil and gas revenue falling for the next three years due to lower energy prices and a more lenient tax regime for Gazprom PJSC.

According to a draft three-year budget seen by Bloomberg News, this key source of funds for the Kremlin will slide by 14% from 2024 to 2027, with implications for the war in Ukraine and Moscow’s escalating military spending.

Russia’s oil and gas industry is set to contribute 10.94 trillion rubles ($118 billion) in taxes to state coffers next year, according to the draft projections prepared by the government. That would ...