
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
Eight arrested in joint Scotland and Spain gang raids - 2
Benihana is 60 years old. Gen Z is lining up. - 3
Share your pick for the tree that you love for its novel magnificence! - 4
Revealing the Specialty of Food Matching: Improving Culinary Encounters - 5
Only 30% of young people in Israel optimistic about future, Aluma survey reveals
See the 'amazing' photos of Earth taken on historic Artemis II moon mission
Financial plan Cordial Home Redesigns That Add Worth
Instructions to Upgrade the Mechanical Highlights of Your Shrewd Bed for a Superior Night's Rest
One ant for $220: the new frontier of wildlife trafficking
Toyota’s Next Big Sports Car Might Apparently Be a Turbocharged All-Paw Beast
Phonetic Associations: A Survey of \Interfacing Worldwide People group\ Language Trade Application
More people are addicted to marijuana, but fewer of them are seeking help, experts say
Merz visit highlights new strategic, and strained, Germany-Israel bond
Find Your Ideal Tea: Six Particular Assortments













