02/04/2026

Russia’s oil and gas revenues have crashed by 50 percent to the lowest level of the Putin era. The key mineral extraction tax has fallen nearly 60% compared to January 2025, export duties have decreased by 44%. The price of Russian Urals oil dropped to $39 per barrel in December, significantly lower than in the budget plan. Russia’s Lukoil has asked the Russian government for budget support after a sharp fall in prices for Russian crude, which is now selling at discounts of nearly 50% to global benchmarks.

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