Kremlin hits oil jackpot: Russia's revenues may surge by 70% in a month

A sharp rise in oil prices triggered by the war with Iran has allowed the Russian government to defer a plan to increase long-term budget reserves, easing pressure on short-term finances.

Source: Reuters, citing sources

Details: The deferral reflects the fact that the Russian economy, despite difficulties stemming from the costs of the war in Ukraine and international sanctions, is one of the few in the world to be benefiting from the US and Israeli war against Iran.

International oil prices, which had held at around US$70 per barrel before the war began in late February, have risen above US$100 per barrel. Gas prices have also risen sharply.

Russia's oil and gas budget revenues in April are expected to rise by 70% compared with March, reaching 0.9 trillion roubles (approximately US$11.1 billion) – the highest monthly level since October 2025, according to Reuters calculations based on a tax oil price of US$75 per barrel.

Background:

• Russia is earning up to US$150 million per day in additional budget revenues from oil sales, making it the largest beneficiary of the Middle East conflict.
• The US war in the Persian Gulf is sharply increasing Russia's oil revenues. New research shows that if hostilities continue until September, this will bring Russia up to US$250 billion.

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