The key facts

  • Russia's oil and gas revenues in October — 971.2 billion rubles ($11.9 billion), up 114.7% from September
  • Brent held around $115 per barrel, TTF gas above €103 per MWh
  • For January–October, revenues fell 14.07% year on year — to $78.91 billion

Sharp month-on-month rise in oil and gas revenues

Russia's oil and gas budget revenues more than doubled in October compared with September, reaching 971.2 billion rubles ($11.9 billion), according to data from the Russian Finance Ministry cited by Anadolu. The increase was about 114.7%: in September revenues stood at roughly $5.54 billion, and in August at $5.2 billion.

Prices and supply disruptions

According to the report, the surge came against the backdrop of rising energy prices caused by disruptions to Middle Eastern supplies linked to the war with Iran. Brent held around $115 per barrel in October, while Dutch TTF futures, the European gas benchmark, traded above €103 ($115.7) per megawatt-hour at the end of the month. Additional pressure on markets came from shipment disruptions through the Strait of Hormuz, a key route for global oil and LNG trade.

Revenue structure and annual dynamics

The Finance Ministry estimated mineral extraction tax receipts in October at about $13.76 billion and the additional income tax at $4.39 billion; after payments to oil companies and other offsets, net oil and gas revenues amounted to roughly $11.9 billion. Despite the sharp monthly increase, revenues for January–October fell 14.07% year on year to approximately $78.91 billion. Payments to companies under the damper mechanism, which compensates for the difference between export and domestic prices of petroleum products to keep the domestic fuel market stable, rose from $3.74 billion in September to $5.08 billion in October.