Russia Budgets for Lower Oil Prices for Longer

Russia is preparing for lower oil revenues resulting from depressed prices along with a more relaxed tax regime, Bloomberg has reported, citing a draft three-year budget. Per that document, oil revenues in Russia would decline by 14% over the next three years—provided international oil prices remain weak. For 2025, the document sees oil revenues of some $120 billion, or 10.94 trillion rubles, which would be a decline of 3.3% from this year. That modest decline would then extend into 2026 and 2027, by which year oil revenues would fall to…