MOSCOW, May 8 (Xinhua) -- Russia's oil and gas budget revenues fell by 38.3 percent year-on-year in the first four months of 2026, dropping to 2.298 trillion rubles (about 30.95 billion U.S. dollars), the Russian Ministry of Finance announced Friday on its website.

File photo: AP

The decline was primarily driven by lower oil prices in preceding periods, the ministry said. In contrast, non-oil and gas revenues grew by 10.2 percent to 9.423 trillion rubles (about 126.9 billion dollars) during the same period.

The ministry highlighted that the accumulation of additional oil and gas revenues during periods of favorable price conditions, combined with the use of the National Wealth Fund to cover shortfalls during less favorable periods, ensures the stability of the budget system against fluctuations in energy income.

According to the budget law for the 2026-2028 period, Russia is projected to receive 8.919 trillion rubles (about 120.1 billion dollars) in oil and gas revenues and 31.365 trillion rubles (about 422.4 billion dollars) in non-oil and gas revenues for the year 2026.