Russia Admits Decline in Oil, Gas Revenues

(MENAFN) Kremlin spokesman Dmitry Peskov acknowledged Thursday that Russia's income from energy exports has been slashed by half compared to 2025 — a striking admission that underscores the mounting toll of Western pressure on Moscow's war-strained finances.

Speaking at a press briefing in Moscow, Peskov insisted the shortfall was being cushioned by gains elsewhere and that the broader Russian economy was holding firm.

"Indeed, there is a drop in oil and gas revenues, partially offset by an increase in non-oil and gas revenues," he said.

The concession aligns with figures released by the Russian Finance Ministry on Feb. 6, which confirmed that federal budget revenues for January plunged 50.2% year-on-year. Finance Minister Anton Siluanov compounded the alarm by warning that energy's share of federal income could shrink to just 20% of the total budget by 2026.

The revenue collapse reflects an intensifying Western campaign to starve Russia of hydrocarbon income. Over the past year, allied nations have expanded sanctions targeting energy shipments, tightened the screws on tankers transporting Russian oil and gas, driven up insurance premiums and enforced sweeping port-entry bans.

Peskov did not dispute the existence of a budget deficit but sought to frame it as a manageable, short-lived challenge, insisting that "macroeconomic stability allows us to solve it by taking the necessary measures."

He further assured reporters that President Vladimir Putin "keeps his finger on the pulse" and is in regular communication with the government and the Central Bank over deficit financing strategies.

Despite the sobering data, Peskov projected confidence in Russia's economic resilience.

"In general, the stability of the Russian economy is absolutely guaranteed. It ensures the ability of the state to fulfill all social obligations and also to shape the agenda of economic development, despite certain difficulties that no one is immune from," he said.

Russia Weighs In on US-Led Board of Peace
Shifting to the diplomatic arena, Peskov revealed that the Russian Foreign Ministry is still formulating its official stance on the US-backed Board of Peace — a newly established international body drawing cautious reactions even from nations aligned with Moscow.

"The Foreign Ministry is still formulating a position," he said. "A number of states, including those that are friendly to us, have a very ambiguous position. They are all taken into account."

The Board of Peace was formally inaugurated on Jan. 22, when 19 nations signed its founding charter in Davos. The body was originally conceived to oversee governance of the Gaza Strip under the terms of the Israel-Hamas ceasefire framework — a structure sanctioned by the UN. Washington, however, has been aggressively pushing to expand the council's mandate, positioning it as a broader instrument for conflict prevention and resolution across multiple regions.

Russia's hesitation signals that even among its closest partners, the council's expanding ambitions are generating unease — adding a fresh layer of complexity to an already fractured global diplomatic landscape.

MENAFN26022026000045017169ID1110793508