Russia Posts June Budget Surplus as Iran War Oil Rally Lifts Revenue

Russia's Finance Ministry said on Thursday, July 9, 2026, that the federal budget posted a surplus of 279 billion rubles, about 3.7 billion dollars, for June 2026. According to Bloomberg, Russia's oil and gas revenue rose 38 percent year on year in the month, as the Urals crude benchmark averaged 86.52 dollars a barrel in June, up 66 percent from a year earlier, a jump largely driven by the Hormuz related risk premium from the Iran-US war. The Russian government paid out 210.6 billion rubles in refiner subsidies during the same month.