Russia's oil tax revenue climbed to a 15-month high in July due to the twin factors of the Iran conflict driving up crude oil prices and reducing government subsidies to domestic refiners. According to data released by the Russian Ministry of Finance on Wednesday, net fiscal revenue from oil production and sales increased by more than 16% last month, reaching 828.3 billion rubles, the highest level since April 2025. The Russian Federation's total oil and gas sector revenue for July amounted to 934 billion rubles.

Russia's oil tax revenue climbed to a 15-month high in July due to the twin factors of the Iran conflict driving up crude oil prices and reducing government subsidies to domestic refiners. According to data released by the Russian Ministry of Finance on Wednesday, net fiscal revenue from oil production and sales increased by more than 16% last month, reaching 828.3 billion rubles, the highest level since April 2025. The Russian Federation's total oil and gas sector revenue for July amounted to 934 billion rubles.