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The US has temporarily eased its sanctions on Russian oil to counter the price surge.
The widening conflict in the Middle East is shaking global energy markets and pushing oil prices sharply higher. As supply routes face disruption, the economic effects are spreading far beyond the region.
One unexpected beneficiary is Russia, whose oil revenues are climbing rapidly as markets scramble for alternative supplies.
According to the Financial Times, the Kremlin is receiving a major financial boost as energy prices jump and buyers shift away from the Persian Gulf.
Unexpected windfall
Russia’s budget is gaining as much as $150 million in extra revenue each day due to the surge in global oil prices, the Financial Times reported.
The increase follows the closure of the Strait of Hormuz and disruptions to Gulf exports, which have forced major importers to seek alternative crude supplies.
During the first 12 days of fighting involving the United States, Israel, and Iran, Russia reportedly received between $1.3 billion and $1.9 billion in additional income.
Financial Times estimates suggest the figure could climb to about $5 billion by the end of March.
Strategic opportunity
The Financial Times also reported that Washington has eased some sanctions enforcement on Russian oil shipments in an attempt to limit rising gasoline prices in the United States.
This move has allowed tankers carrying Russian crude to reach buyers across the Indian Ocean with fewer obstacles.
Russian President Vladimir Putin has meanwhile suggested that energy exports to Europe could resume, as EU countries face potential shortages of liquefied natural gas and debate whether to delay a planned embargo on Russian gas.
Plummeting Russian oil revenue
Earlier this week, The Moscow Times reported that Russia’s 2025 revenue from oil and gas went down 24% from the year before, hitting the lowest level since 2020.
The Strait of Hormuz is a vital transit route for global oil and gas trade, with roughly 20% of the world’s oil transported through the narrow body of water.
Sources: Financial Times, international energy market reporting, The Moscow Times, The Kyiv Independent
