Iran-fuelled oil price rally not enough to balance Russia's budget
Published on March 3, 2026.
Russia's federal budget deficit has been increasing due to shortfalls in oil and gas revenue, which make up nearly a quarter of the total budget. While global crude prices reached over $83 per barrel on Tuesday, Russian oil is traded at a discount to the international Brent benchmark, contributing to the budget's woes. The price of Russia's Urals oil basket would need to increase by more than 50% to meet budgeted levels. The budget for 2026 assumes an oil price of 5,440 roubles per barrel or $59, and a rouble rate of 92.2 per U.S. dollar.
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