
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
Honda’s Biggest Flex Isn’t Its Superbikes, It’s Selling 500K Bikes In One Month - 2
Iran, Hezbollah fire rockets at Israel during Passover celebrations - 3
Best Amusement Park in Asia: Which One Is a Must-Visit - 4
Astronauts on the ISS watched NASA's historic Artemis 2 launch from space - 5
Kids who get 2-month vaccines on time 7 times more likely to receive MMR shot: Study
Find Serenity: 10 Stunning Setting up camp Areas
Highlight Correlation of Microsoft Surface Book and Surface Genius Workstations for Determination
Gaza receiving over 70,000 cubic meters of water per day, COGAT claims
Forget 'Outer Banks.' These Gen Z-ers just want to watch 'M*A*S*H*' and 'Gilmore Girls.'
Whale stranded off Germany for days found stuck again
SUVs Known for Their Looks As opposed to Their Capacity
Early Thanksgiving week forecast: Where Americans can expect cold, rain and snow for the holiday
Moon memorial: Artemis 2 astronauts name lunar 'bright spot' after mission commander's late wife
Polish law aimed at lowering petrol prices takes effect













