Russia’s oil revenue hits six-month low as Ukraine strikes and falling prices squeeze the Kremlin’s budget

Russia pulled in $13.8 billion from oil exports in July 2026. That’s a $2 billion drop from June and the lowest monthly figure in half a year, driven by a combination of sagging global crude prices and Ukrainian drone strikes that keep knocking Russian refineries offline. The decline isn’t a one-month blip. June’s $15.8 billion was itself $5 billion lower than May, meaning Moscow has watched roughly $7 billion in monthly oil revenue evaporate over just two months. The budget math is getting ugly Russia’s combined oil and gas revenues for the first seven months of 2026 totaled RUB 4.59 trillion, a 16.8% decline compared to the same period last year. That shortfall has blown a considerable hole in the federal budget. The cumulative budget deficit through July reached RUB 6.45 trillion, equivalent to roughly 2.8% of GDP. For context, Russia’s entire budget deficit for all of 2025 was RUB 5.63 trillion. Seven months into 2026, the Kremlin has already exceeded that full-year figure with five months still to go. Refinery strikes are doing real damage Ukraine’s persistent campaign of drone and missile strikes against Russian refining infrastructure has moved from nuisance to strategic imp...