Russia has earned over €7bn in two weeks due to war in Iran

The Kremlin earned about €7.7 billion in the first half of March, thanks to the easing of US sanctions and rising energy prices.

Source: Euronews, citing the Centre for Research on Energy and Clean Air (CREA)

Details: Between 1 and 15 March, Russia was earning around €513 million per day from sales of oil, gas and coal. This is 8.7% higher than the figures recorded in February.

The two main reasons are rising oil prices and the temporary easing of US sanctions on Russian oil due to the war in the Middle East.

Background:

• On 13 March, the United States lifted sanctions on Russian oil loaded onto tankers in order to increase global supply and avoid fuel shortages.
• Following this, Russian exporters rushed to load more oil onto tankers to sell as much as possible while the sanctions were suspended.
• US President Donald Trump also said that sanctions on Russian oil would be reinstated after the Middle East crisis ends.
• In addition, the price of Russia's Urals crude rose to more than US$73 per barrel, and on some markets (for example, in India) to more than US$100 per barrel.

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