
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
Make your choice for the PS5 game that you love playing with companions! - 2
Astronomers spot white dwarf star creating a colorful shockwave - 3
Man threatens attack on German high-speed train, 12 lightly injured - 4
Going on a bad date is a drag. Worse? Ending up as a cautionary tale on TikTok. - 5
People Are Sharing The One Picture They Can't See Without Laughing, And It's The Comedy Spiral You Need Today
Red Crescent: More than 100,000 civilian structures damaged in Iran
How HIV/AIDS got its name − the words Americans used for the crisis were steeped in science, stigma and religious language
Court clears Beersheba assault suspect of link to Haymanut Kasau disappearance, extends detention
Indian Health Service is digging out of decades-old construction backlog for medical buildings
All the eclipses, supermoons, meteor showers and planets to spot in 2026
7 Countries Where You Can Buy a Home for Under $100,000
7 Fun Plans to Make Film Evenings Seriously Energizing (You'll Cherish #5!)
Journeys That could only be described as epic: Delightful Voyage Lines All over the Planet
Barry Manilow to have surgery for early-stage lung cancer and postpones January concerts













