Russia receives $150 million in additional revenue per day from rising oil prices
By the end of March, the Russian government could receive a total of $3.3 to $4.9 billion in additional revenue.
Due to rising oil prices caused by the military conflict in the Middle East, Russia has found itself in a winning position.
Moscow has earned an estimated $1.3 to $1.9 billion in oil export taxes after the de facto closure of the Strait of Hormuz led to increased demand for Russian raw materials from India and China, writes Financial Times.
Russia earns up to $150 million per day in additional budget revenue from oil sales.
The US has also eased sanctions against Russia and pressure on India not to buy Russian oil, which has redirected a significant number of tankers to the Indian Ocean.
According to Financial Times calculations, based on industry data and analyst estimates, by the end of March, the Russian government could receive a total of $3.3 to $4.9 billion in additional revenue. This is provided that the average price of Urals oil is around $70-80 per barrel this month.
This is a dramatic change of situation for Moscow, which, prior to the war with Iran, faced falling prices and lost most of its sales to India due to pressure from Washington. Exports of Russian crude oil and petroleum products in February decreased by 11.4 percent to 6.6 million barrels per day, which is the lowest level since the invasion of Ukraine in 2022, according to a report by the International Energy Agency.
Every $10 increase in the average monthly price per barrel brings Russian exporters an additional $2.8 billion in revenue, of which the state receives $1.63 billion through taxes.
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