According to the FT, Russia has managed to generate a significant amount of between $1,3 billion and $1,9 billion.
Russia is benefiting from up to $150 million a day in additional revenue for its budget from rising oil prices, making it the main beneficiary of tensions and conflicts in the Middle East. According to a report by the Financial Times, this huge benefit has come largely due to increased demand for Russian oil, following the closure of the Strait of Hormuz, a vital artery for the passage of oil. The closure of the strait has caused a growing demand for oil from countries such as China and India, which are already major consumers of Russian oil.
According to the FT, Russia has managed to generate a significant amount of between $1,3 billion and $1,9 billion from taxes on oil exports since the period when demand for Russian oil began to increase, after the closure of the strait. This development has occurred at a critical moment, when many countries are trying to find alternative sources of oil to fill the gaps created by uncertainty and tensions in the Middle East. Also, another factor that has influenced is the recent decision of the US administration, which has offered a 30-day grace period for countries that want to buy Russian oil and other sanctioned Russian oil products. This relief has opened up new opportunities for Russian exports, allowing Moscow to continue to make large profits, despite international sanctions.
If this trend continues, experts predict that additional revenues for the Russian budget could total between $3,3 billion and $4,9 billion by the end of March, if the price of Russian Urals oil stays between $70 and $80 per barrel. This price is much higher than the average of $52 per barrel that has prevailed in previous months.
This is a profound change for Russia, which before the recent outbreak of tensions was experiencing a difficult period due to the fall in oil prices and the loss of most of its markets, especially those in India, due to constant pressure from Washington and its allies. In this way, Russia is a direct beneficiary of the consequences of the conflict in the Middle East, taking advantage of the increased demand for its oil, which is now considered an indispensable resource for some of the main markets, despite constant pressure and international sanctions.