By Reuters April 9, 2026, 5:31:13 PM IST (Published)
Russia’s mineral extraction tax on oil output is set to roughly double to about 700 billion roubles ($9 billion) in April from 327 billion roubles in March, Reuters calculations based on preliminary production data and oil prices showed. That figure is roughly 10% higher than April last year.
The rise reflects a windfall for Russia, the world’s second-largest oil exporter, after an energy shock tied to the US and Israeli strikes on Iran. Traders say the conflict triggered the most serious disruption to energy markets in recent memory.
Iran effectively closed the Strait of Hormuz after the late-February attacks, interrupting a route that handles around a fifth of global oil and LNG flows and sending Brent futures well above $100 a barrel.
Russia’s principal revenue from its oil and gas sector is production-based. Export duty on crude was removed at the start of 2024 as part of a long-running tax reform, leaving the mineral extraction tax as a key source of state receipts.
For 2026, the budget anticipates 7.9 trillion roubles from the mineral extraction tax.
Russian Urals crude, the benchmark used for taxation, averaged $77 a barrel in March—its highest since October 2023—according to economy ministry data. That was up 73% from February’s $44.59 and above the $59 per barrel assumed in this year’s state budget.
The Kremlin said demand for Russian energy has surged from various markets amid a serious global energy crisis that has unsettled oil and gas markets.
However, economists warn the windfall has limits and 2026 could be challenging. Russia ran a budget deficit of 4.58 trillion roubles, or 1.9% of GDP, in January–March 2026, the finance ministry reported.
Ukraine’s strikes on Russian energy infrastructure—aimed at undermining Moscow’s finances—have reduced earnings and threaten to force production cuts.
Ultimately, the scale of Russia’s gains will depend on how long the Iran crisis endures.
