
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
Stop the ‘good’ vs ‘bad’ snap judgments and watch your world become more interesting - 2
December’s full moon is the last supermoon of the year. Here’s what to know - 3
The most effective method to Consummate the Specialty of Handshaking in Business and Group environments - 4
Foot fossil discovery could reshape human evolutionary history - 5
Impact of NIH funding reductions felt in cancer and infectious disease trials
Vote in favor of your Number one method for commending a birthday
Architect Frank Gehry has died: See his most iconic buildings
Argentina joins NASA’s moon return with microsatellite testing GPS beyond Earth
Shrapnel hits across central Israel, injuring several, causing property damage
‘Raising 10 red flags’: Is Israel’s army exhausted?
Vote in favor of your Favored Kind of Scarf
HGV driver recruited others to smuggle migrants
Help Your Insusceptibility: Good dieting and Way of life Tips
Indonesian Mega-Farm Drives Surge in Deforestation












