
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
2025 among world's three hottest years on record, WMO says - 2
Invigorating Spots To Go Kayaking All over The Planet - 3
Benedict Cumberbatch takes on something even Sherlock can’t solve: male grief - 4
Defense Minister Katz moves to extend IDF service to 36 months - 5
Famous SUVs With Low Energy Utilization In 2024
Al-Sharaa denies he called for 80% of Syrians to return from Germany
Daily Briefing: A bad flu season gets worse
Don't miss the waxing moon swing by the Beehive star cluster March 27
IDF strikes Hamas terror base in Lebanon, Health Ministry says 11 killed
Which One Energizes You the Most These Tech Developments
The Leonid meteor shower is peaking early this week. Here’s what to know
Historic underwater structure discovered by divers off French coast
Fire Allegedly Triggered by Wedding Cake Sparkler Causes Venue to Go Up in Flames, Leaving Groom with Second-Degree Burns
Reporter's notebook: Inside the IDF’s ‘Hamas Village,’ and how Israel is rewriting urban warfare













