Camilla Jessen
Russia pockets billions during US-Iran war
Rising oil prices triggered by the conflict between the United States and Iran are bringing a financial boost to Russia.
New analysis suggests Moscow has gained billions in additional revenue in just a short period.
Russia earned an extra €6 billion ($6.9 billion) in the first two weeks of fighting between the U.S. and Iran, according to a March 12 analysis by the Center for Research on Energy and Clean Air (CREA).
A report published by the German nonprofit Urgewald estimates the country is now earning about €510 million ($588 million) per day from fossil fuel exports.
War funding concerns
Researchers warned that the additional revenue could significantly support Russia’s war effort in Ukraine.
According to the analysis, the daily earnings could theoretically fund the purchase of around 17,000 Shahed drones each day, based on an estimated price of $35,000 per unit.
Russia frequently uses Shahed-type drones in large-scale attacks against Ukrainian cities and infrastructure.
Urgewald also warned that easing sanctions on Russian oil could further boost Moscow’s finances.
“This is a political choice. Governments can hold the line on sanctions, or they can signal that if energy prices rise high enough, the West will always find a reason to blink,” said Alexander Kirk, sanctions campaigner at Urgewald.
He added that weakening sanctions could prolong the war and threaten European security.
Talks with Washington
The issue comes as the United States considers easing some restrictions on Russian oil exports to help lower global prices.
Kremlin envoy Kirill Dmitriev reportedly held talks with representatives of U.S. President Donald Trump in Florida on March 11.
According to Special Envoy Steve Witkoff, the discussions occurred as the White House evaluates options following the sharp oil price increases triggered by U.S. and Israeli strikes on Iran in late February.
Ukraine’s allies previously imposed sanctions on Russia’s energy sector to limit its ability to finance the war.
However, analysts warn that rising oil prices could undermine those efforts by increasing Moscow’s revenue despite existing restrictions.
Sources: Center for Research on Energy and Clean Air (CREA), Urgewald, The Kyiv Independent
