Russian oil price in roubles has stayed below the 2025 budget target
The weakness is largely the result of a stronger rouble, which has risen around 45% since the start of the year on the basis of an easing in geopolitical tensions and the tight monetary policy of the Central Bank.
International oil prices priced in dollars, at the same time have lost about 10% of their value.
According to the estimations, the average price of Russia's oil blend, calculated for taxation purposes, reached 4,701 roubles per barrel in the first two weeks of July, around steady with June's level but 11.1% below the updated budget's target.
The finance ministry said last week the budget deficit reached 3.69 trillion roubles ($47.31 billion), or 1.7% of gross domestic product, in the first half of the year, the same as expected for the full year.
Russia raised the 2025 budget deficit estimate to 1.7% of GDP in April from 0.5% after reducing the energy revenue forecast by 24% in anticipation of a prolonged period of lower oil prices.
State spending on national defence was hiked by a quarter in 2025 to 6.3% of GDP, the highest since the Cold War, as the country continued its war in Ukraine, now in its fourth year.
Economic uncertainty and increased output from OPEC+, the Organization of the Petroleum Exporting Countries and allies, including Russia, has weighed on oil markets.
The rouble oil price is calculated on the basis of a Russian currency rate of 78.39 per $1 in the first two weeks of July and an average price of $59.97 per barrel.
The government targets an oil rouble price of 5,281 roubles per barrel and a rouble rate of 94.3 per $1, while the dollar denominated price is set at $56 per barrel.
($1 = 78.0000 roubles)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BBC News
11 minutes ago
- BBC News
Putin and Trump could now be nearing a 'head-on collision'
Has the relationship between Donald Trump and Vladimir Putin gone off the rails?A popular Russian newspaper thinks so. It turned to trains to illustrate the current state of US-Russian ties."A head-on collision seems unavoidable," declared tabloid Moskovsky Komsomolets recently."The Trump locomotive and the Putin locomotive are speeding towards each other."And neither is about to turn off or stop and reverse."For the 'Putin locomotive', it's full steam ahead, with the so-called 'Special Military Operation': Russia's war in Ukraine. The Kremlin leader has shown no desire to end hostilities and declare a long-term ceasefire. Meanwhile, the 'Trump locomotive' has been accelerating efforts to pressure Moscow into ending the fighting: announcing deadlines, ultimatums, threats of additional sanctions against Russia and hefty tariffs on Russia's trading partners, like India and to all of that the two US nuclear submarines which President Trump claims he's repositioned closer to you switch from talking about locomotives to nuclear subs, you know things are does that mean the White House is really on a "collision course" with the Kremlin over Ukraine?Or is a visit to Moscow this week by Donald Trump's special envoy, Steve Witkoff, a sign that for all the posturing, a deal between Russia and America to end the fighting is still possible? A warm start following Trump's return In the early weeks of the second Trump presidency, Moscow and Washington appeared well on track to reboot their bilateral hint of a head-on collision. Far from it. At times it seemed as if Vladimir Putin and Donald Trump were in the same carriage, moving in the same direction. In February the United States sided with Russia at the United Nations, opposing a European-drafted resolution that had condemned Russia's "aggression" in a telephone call that month the two presidents talked about visiting each other's countries. It felt like a Putin-Trump summit could happen any day. Meanwhile the Trump administration was exerting pressure on Kyiv, not on Moscow, and picking fights with traditional US allies, such as Canada and Denmark. In speeches and TV interviews, American officials were fiercely critical of Nato and of European of this was music to the Kremlin's ears."America now has more in common with Russia than Washington does with Brussels or with Kyiv," political scientist Konstantin Blokhin from the Russian Academy of Sciences Centre for Security Studies told the Izvestia newspaper in following month the same newspaper was crowing:"The Trumpists are revolutionaries. They are wreckers of the system. They can only be supported in this. The unity of the West is no more. Geo-politically it is no longer an alliance. Trumpism has destroyed the Transatlantic consensus confidently and quickly." Meanwhile Donald Trump's envoy, Steve Witkoff, had become a regular visitor to Russia. He made four trips here in just over two months, spending hours in talks with Vladimir Putin. After one meeting, the Kremlin leader presented him with a portrait of Donald Trump to take back to the White Trump was said to be "clearly touched" by the President Trump was looking for more than just a painting from Moscow. He wanted President Putin to sign up to an unconditional comprehensive ceasefire in Ukraine. Trump's increasing frustration Confident that Russia holds the initiative now on the battlefield, Vladimir Putin has been reluctant to stop fighting, despite his claim that Moscow is committed to a diplomatic is why Donald Trump has grown increasingly frustrated with the recent weeks he has condemned Russia's relentless attacks on Ukrainian cities as "disgusting", "disgraceful" and accused President Putin of talking "a lot of bullshit" on Ukraine. Last month, Donald Trump announced a 50-day ultimatum to President Putin to end the war, threatening sanctions and tariffs. He subsequently reduced that to ten days. The deadline is due to expire at the end of this week. So far, there is no sign that Vladimir Putin will yield to pressure from again, how much pressure does Vladimir Putin really feel under?"Because Donald Trump has changed so many deadlines and he's twisted one way or another, I don't think Putin takes him seriously," believes Nina Khrushcheva, a professor of international affairs at The New School, a university in New York City. "Putin's going to fight for as long as he can, or, unless Ukraine says, 'We're tired, we are willing to accept your conditions.'"I think Putin sits there in the Kremlin and thinks that he's fulfilling the dreams of the Russian tsars, and then the general secretaries such as Joseph Stalin, in showing the West that Russia should not be treated with disrespect." A deal is still possible From the picture I've painted so far it may look as if a head-on collision between the Putin and Trump locomotives is Trump sees himself as a great dealmaker and, from the look of things, he hasn't given up trying to secure one with Vladimir Witkoff is due back in Russia this week for talks with the Kremlin leader. We don't know what kind of an offer he may bring with him. But some commentators in Moscow predict there will be more carrot than stick. It did not go unnoticed that on Sunday President Trump said Russia "seem to be pretty good at avoiding sanctions". On Monday, Ivan Loshkarev, associate professor of political theory at MGIMO University, Moscowtold Izvestia that to facilitate dialogue, Mr Witkoff may present "advantageous offers of cooperation [to Russia] that would open up after a deal on Ukraine".Might that be enough to persuade the Kremlin to make peace after three-and-a-half years of war?There's no all, so far in Ukraine Vladimir Putin hasn't budged from his maximalist demands on territory, Ukraine's neutrality and the future size of the Ukrainian Trump wants a deal. Vladimir Putin wants victory. BBC InDepth is the home on the website and app for the best analysis, with fresh perspectives that challenge assumptions and deep reporting on the biggest issues of the day. And we showcase thought-provoking content from across BBC Sounds and iPlayer too. You can send us your feedback on the InDepth section by clicking on the button below.
Auto Express
41 minutes ago
- Auto Express
Electric Car Grant shock! First six cars announced, but none get the full £3,750 saving
The first batch of cars to get the government's new Electric Car Grant have been announced, although none of the six EV models qualify for the full amount despite being made in the UK and Europe, raising questions about how many – or perhaps how few – will be eligible for the top £3,750 price cut. Advertisement - Article continues below The Government has announced the first models to receive the ECG will all be from Citroen: the Citroen e-C3 supermini, plus its SUV e-C3 Aircross sibling, the Citroen e-C4 in regular family hatch and swooping e-C4 X forms, the Citroen e-C5 Aircross SUV and the spacious Citroen e-Berlingo MPV. Can't wait for an electric Citroen? You can get great deals on a new Citroen e-C3 , new Citroen e-C4 and more with our Find a Car service. As above, all will be receiving a £1,500 discount courtesy of the government, bringing the price of the Citroen e-C3 down to just £20,595 for all – including those making use of Auto Express' Buy A Car service. Meanwhile, the Citroen e-C5 Aircross will now start from £32,565, while the top-spec Max model (£39,345 without grant) shares its powertrain and battery configuration, so will also get the grant. Skip advert Advertisement - Article continues below 'We welcome the support of the Electric Car Grant and are delighted to be the first to have our electric range approved and eligible,' responded Citroen's UK managing director, Greg Taylor. 'At Citroen, we want everyone to have the opportunity to make the switch to an electric car and this support will help make our cars more accessible for our customers.' The Electric Car Grant will automatically be applied to the price of eligible vehicles, meaning buyers won't have to do anything to secure the savings. Such discounts are set to continue alongside Citroen's current finance offers, including a deal which, if you place a 20 per cent deposit, allows you interest free credit for a fixed 24-month PCP term. Nevertheless, while discounts are almost always good news for thrifty car buyers, this announcement does raise concerns about how few cars may be eligible for the top tier of the government's EV grant. The original assumption was that cars built in places such as the UK and EU are likely to be the ones in-line for the biggest savings; Citroen's announcement suggests that even with the low-carbon energy usage of countries such as the UK, France and Spain, this isn't quite green enough in the government's eyes for the most generous grants. Regardless, Transport Secretary, Heidi Alexander, said: 'With the first models approved today and more to come over the next few weeks, this summer we're making owning an electric car cheaper, easier, and a reality for thousands more people across the UK.' Find a car with the experts Volkswagen, Skoda and Cupra slash electric car prices Volkswagen, Skoda and Cupra slash electric car prices Volkswagen, Skoda and Cupra aren't waiting around for the government grant by cutting £1,500 from their EV prices Electric cars driven until they die: the truth about EV range Electric cars driven until they die: the truth about EV range Five EVs under £24k have joined Dacia's Spring on the UK market. How far can you go on a budget? We find out New MINI Cooper and MINI Aceman get the monochrome treatment New MINI Cooper and MINI Aceman get the monochrome treatment It's as simple as black and white for new MINI Cooper and MINI Aceman Monochrome
The Sun
41 minutes ago
- The Sun
Russia walks out of ballistic missile treaty with US as Medvedev warns nemesis Donald Trump & Europe ‘expect more'
DMITRY Medvedev slammed NATO's 'anti-Russian policy' for driving Russia to scrap the Cold War-era moratorium on nuclear missiles. In his latest online clash with Donald Trump, the ex-Russian president ominously warned the West to 'expect further steps'. 5 5 5 Medvedev's comments came shortly after Russia's Foreign Ministry said the country no longer regarded itself bound by the moratorium on the deployment of short- and medium-range nuclear missiles. The ex-president wrote on X on Monday: "The Russian Foreign Ministry's statement on the withdrawal of the moratorium on the deployment of medium- and short-range missiles is the result of NATO countries' anti-Russian policy. "This is a new reality all our opponents will have to reckon with. Expect further steps." The deputy head of Russia's powerful Security Council did not elaborate on the nature of the "further steps". The Intermediate-Range Nuclear Forces (INF) Treaty was signed in December 1987 by US President Ronald Reagan and Soviet General Secretary Mikhail Gorbachev. But the US withdrew from the treaty in 2019, accusing Russia of breaking the rules. Moscow has since said it will not deploy the missiles - with ranges of 311 to 3,418 miles - unless Washington does first. But Foreign Minister Sergei Lavrov warned last December that Moscow would have to respond to what he called the US and NATO's "destabilising actions". The ministry said: "Since the situation is developing towards the actual deployment of U.S.-made land-based medium- and short-range missiles in Europe and the Asia-Pacific region, the Russian Foreign Ministry notes that the conditions for maintaining a unilateral moratorium on the deployment of similar weapons have disappeared." It comes as Trump said on Friday that he had ordered two nuclear submarines to be positioned to "the appropriate regions". Russia and China begin war games in Sea of Japan after Trump nuclear threat Trump and Medvedev have been locked in a war of words after the ex-Russian president accused Trump of 'playing the ultimatum game' over the White House's push to end the war in Ukraine. Trump first gave Putin 50 days to end the war - but slashed the deadline to just 10 days from July 29 due to a lack of progress on Moscow's part. The US president also vowed to impose secondary tariffs on Russia if a ceasefire agreement is not reached by August 8. Medvedev ominously warned Trump that Russia "isn't Israel or even Iran". 5 5 "Each new ultimatum is a threat and a step towards war," he wrote on a post on X. Trump blasted Medvedev's comments as 'foolish and inflammatory' before ordering nuclear submarines to be deployed near Russian waters. "Based on the highly provocative statements of the Former President of Russia, Dmitry Medvedev, who is now the Deputy Chairman of the Security Council of the Russian Federation, I have ordered two Nuclear Submarines to be positioned in the appropriate regions," Trump wrote on Truth Social. The US has the world's largest fleet of nuclear-powered submarines, led by the USS Virginia - a 377-foot vessel armed with cruise missiles. Trump v Medvedev: War of words July 2025: Donald Trump announced a 50-day deadline for Russia to move toward ending the war in Ukraine or face "severe" tariffs. Dmitry Medvedev, the Deputy Chairman of Russia's Security Council, dismissed this as a "theatrical ultimatum" that Russia "didn't care" about. Late July 2025: President Trump reduced his deadline for Russia to secure a peace deal to just "10 or 12 days," threatening sanctions and secondary tariffs on countries that do business with Russia. In response, Medvedev wrote on X that Trump was "playing the ultimatum game" and warned that each new ultimatum was a step toward war, not between Russia and Ukraine, but with the United States. July 30, 2025: In a post on his Truth Social platform, Trump publicly targeted Medvedev, calling him a "failed former President of Russia" who was "entering very dangerous territory" with his remarks. This statement came as Trump also announced a 25% tariff on India, criticizing its "dead economy" and continued defense and energy ties with Moscow. July 31, 2025: Medvedev retaliated on social media by referencing the "Dead Hand," a Cold War-era Soviet nuclear retaliation system, in a veiled threat to the US. He also stated that Trump's "jittery reaction" proved Russia was "completely in the right" and would continue on its own path. August 1, 2025: In a further escalation, President Trump announced he had ordered two nuclear submarines to be positioned near Russia in response to Medvedev's "foolish and inflammatory statements." This move highlights the dangerous rhetorical turn the conflict has taken, now including nuclear threats from both sides. August 4, 2025: Medvedev blamed NATO countries for Russia's abandonment of a moratorium on short- and medium-range nuclear missiles. He added the West should "expect further steps".
