Russia's oil and gas revenue seen up 60% y/y in July

MOSCOW, July 23 (Reuters) - Russia's state oil and gas revenue, which accounts for around a fifth of total budget income, is seen rising by 60% in July from the same month a year ago thanks to the increase in global oil prices, Reuters calculations showed on Thursday.

A steep rise from profit-based tax proceeds on oil production for the second quarter has also contributed to the overall year-on-year revenue rise. 

Russia, the world's third-largest oil producer and exporter after the United States and Saudi Arabia, relies heavily on oil and gas sales, which help finance its military campaign in Ukraine.

Oil and gas tax revenue for January to July is still likely to decline by 11% from the same period in 2025, to 4.9 billion roubles.

The finance ministry is due to publish its estimates for July on August 5.

Russia's 2026 budget forecasts oil and gas revenue of 8.92 trillion roubles ($113.7 billion). Total budget revenue this year is projected at 40.283 trillion roubles.

Last year, federal budget oil and gas revenue dropped 24% to 8.48 trillion roubles, the lowest since 2020.

($1 = 78.4455 roubles)

(Reporting by Reuters; Editing by Kirsten Donovan)