The sharp rise in global oil prices amid the U.S. and Israel's war with Iran is bringing the Russian budget about $150 million in additional daily revenue, writes the Financial Times, citing calculations from industry analysts.
According to their estimates, by the end of March, the Russian government could receive a total of $3.3–4.9 billion in additional revenue if the average price for Russian oil grades is $70–80 per barrel, as reported by Meduza. In February, the average price for Russian oil was around $45 per barrel.
According to Sumit Ritolia, the leading analyst at Kpler, a company specializing in commodity markets, Russia will be the "main winner" in the new war in the Middle East.
"And this is just the beginning of the largest energy crisis in history," wrote Kirill Dmitriev, the special representative of the President of Russia, on the social network X, commenting on the FT publication.
Shortly after the FT article was published, U.S. authorities announced that sanctions on Russian oil had been temporarily eased — shipments of oil and petroleum products are allowed if they were loaded onto vessels before March 12. The Bell, citing Kpler data, reports that by March 6, about 130 million barrels of Russian oil were on tankers, a significant portion of which was delayed en route due to sanctions.
