Russia's oil and gas budget revenues have declined sharply, falling by approximately one-third year-on-year in June 2025 to 494.8 billion rubles ($6.3 billion), marking the lowest level since January 2023. This decline is attributed to weaker global crude prices and a stronger ruble, which have pressured the country's energy sector and federal finances. Oil industry income specifically dropped nearly 30% to between 415.6 billion rubles ($5.3 billion) and $5.4 billion in June, according to various reports including Bloomberg and Reuters. The first half of 2025 saw a 17% decrease in oil and gas revenues overall. The reduced revenues are straining Russia's war economy and contributing to a growing government deficit, which may reach 3.8 trillion rubles ($48.7 billion) by the end of the year. Looking ahead, Russia's oil and gas revenue is expected to fall further by 37% year-on-year in July 2025, to approximately 680 billion rubles ($8.66 billion), driven by continued lower oil prices and currency strength.