
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
Study reveals how fast weight returns after ending GLP-1 drugs - 2
Most normal matter in the universe isn't found in planets, stars or galaxies – an astronomer explains where it's distributed - 3
Vote In favor of Your Favored Treat - 4
Motivational Travel Objections for History Buffs - 5
Oil magnate’s Venezuela detainment spooks industry
Why is Jerome Powell being investigated? Making sense of the DOJ's probe into the Federal Reserve chair.
A decade after Brazil’s deadly dam collapse, Indigenous peoples demand justice on the eve of COP30
What's the new 'Knives Out' mystery about? Everything to know about 'Wake Up Dead Man,' including who's in the cast and what the reviews say.
A definitive Manual for the 5 Off-road Bicycles Available
A definitive Bike Standoff: Decision in favor of Your Number one Ride
International issues on the agenda as Frances's Macron visits China
San Francisco mayor says city in talks to bring pandas back to zoo ahead of trip to Asia
7 Countries Where You Can Buy a Home for Under $100,000
Discovery off Israel’s coast reveals earliest known 2,600-year-old shipment of raw iron












