Russia’s July mineral extraction tax proceeds set to decline 1percent

MOSCOW: Russia’s total mineral extraction tax proceeds on crude oil for July production are expected to be 580 billion roubles (USD7.17 billion), compared with 585 billion roubles in June and almost unchanged from August 2025 (579.6 billion), Reuters calculations showed.

MET payments for July production are due by August 28 as part of the unified tax payment. Measured per metric ton, Russia’s MET proceeds on crude oil are estimated at 26,735 roubles per ton in July, down 1.5percent from June due to lower oil prices, Reuters calculations showed.

But as the rouble eased 5.5percent against the US dollar in July, to an average of 77.8039, the total proceeds remain little changed from the previous month.

Russia’s July MET revenue on oil will fall short of the monthly target set by the government, Reuters calculations showed. In 2026, Russia forecast MET proceeds on crude at 7.9 trillion roubles, or roughly 673 billion roubles, for August.