
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
What’s the shadowy organisation taking Gaza Palestinians to South Africa? - 2
The 10 Most Significant Games in History - 3
Tatiana Schlossberg's diagnosis puts spotlight on leukemia: What to know - 4
A Time of Careful Eating: Individual Tests in Nourishment - 5
James Webb Space Telescope's mysterious 'little red dots' may be black holes in disguise
Aurora chaser catches a fox basking in the glow of Finland's legendary 'fox fires' (photos)
IDF Givati Brigade soldier arrested, charged in suspected Iran espionage
6 U.S. States for Climbing
Ukrainian foreign minister appeals for funds for drones
Cyprus urges hotels to open up, pours funding into tourism
Eli Lilly weight-loss drug appears to suppress binge-eating signal, small study finds
More than 3 million eye drops have been recalled from CVS, Walgreens and other national retailers. How to check if yours are safe
When will the Epstein files be released — and will they reveal anything new?
10 Hints for a Fruitful New employee screening












