
Russia is generating billions in revenues from its commodity exports due to the effective closure of the Strait of Hormuz, the German-Russian Foreign Trade Chamber reported on Tuesday.
Russia’s profits from exporting oil, gas and fertilizer amount to more than €10 billion ($11.54 billion) a month, the chamber said. "Russia is the big winner of the new war in the Middle East," Matthias Schepp, the chamber’s chairman, told dpa.
Russia is benefiting from higher global commodity prices because it uses other export routes. All of this could "bring Russia an unexpected windfall on a historic scale," Schepp said in Moscow.
With a sustained oil price of around $100 a barrel, Russia could expect an annual increase of $71.8 billion compared with the budget plan.
The price of Brent crude for June delivery rose to more than $111 per industry-standard barrel - each of which holds 159 litres - at the start of the week. That is almost $40 more than before the war began.
The Russian budget is heavily dependent on the sale of oil and gas, with $59 per barrel currently assumed in the budget. Before the Iran war, it showed a deficit because the oil price was below the planned level.
"At the current price level, Moscow can generate around $50 billion in additional revenue per year from oil and gas alone," the chamber said.
Russia funds its war in Ukraine through exports
Russia, which is also hoping for an end to Western sanctions, is using the proceeds from commodity sales to finance its war against Ukraine.
Some in Moscow are already hoping for an oil price of $200 per barrel. According to the chamber, that would bring in $350.4 billion, $247 billion more than planned in the budget.
LATEST POSTS
- 1
Cyber Monday 2025 streaming deal: Get $42 off six months of Apple TV - 2
Space station changes command, setting stage for Crew 11 departure - 3
What's going on with Katseye? The Manon Bannerman hiatus drama, explained. - 4
Display of Netanyahu's severed head 'incites public to murder PM', Likud says in official complaint - 5
Holiday travel: Best days to hit the road as 110 million Americans expected to drive over Christmas and New Year's
The Best Internet based Courses for Expertise Improvement
Old video misrepresented as senior Sri Lankan ruling party member criticising president over fuel shortage
‘We are the alternative’: Anti-Hamas Gaza militia tells BBC group is receiving international support
Four countries to boycott Eurovision 2026 over Israel’s inclusion
Louisiana seeks California doctor’s extradition, testing the limits of shield laws
South Africa pushes for $200B investment
Jillian Michaels put me at the center of a body positivity debate. She's not entirely wrong about obesity.
Australia Cracks Down on Gambling Ads as Prediction Markets Like Polymarket Remain Blocked
A definitive Cruiser Standoff: Decision in favor of Your #1 Ride












