Russia's oil tax revenue in July climbed to a 15-month high.

Due to the dual factors of rising crude oil prices driven by the Iran conflict and the government's reduction of subsidies to domestic refining companies, Russia's oil tax revenue in July surged to a 15-month high. According to data released by the Russian Ministry of Finance on Wednesday, net fiscal revenues from oil production and sales increased by over 16% last month, reaching 828.3 billion rubles, the highest level since April 2025. Total revenue from the oil and gas sector in the Russian federal budget for July amounted to 934 billion rubles.