Russia has reportedly earned \u20ac6 billion from fossil fuel exports since the beginning of the US-Israel war with Iran, which started on February 28. Data indicates that in just the first two weeks of March, the country experienced an additional \u20ac672 million in revenues from oil, gas, and coal sales, attributed to a 14% rise in average daily prices compared to February.<\/p>\n
The majority of this revenue increase, approximately \u20ac625 million, is believed to stem from oil trading, according to the Centre for Research on Energy and Clean Air (CREA). This surge in earnings comes at a time when former President Donald Trump suggested easing US sanctions on Russian oil in response to escalating global prices following the conflict.<\/p>\n
The CREA’s findings align with a warning from the International Energy Agency (IEA), which stated that the war has resulted in a significant reduction of at least 10 million barrels of oil per day from Gulf production, marking one of the largest supply disruptions in the history of the global oil market.<\/p>\n
Russia’s commodity revenues are critical for its state budget, particularly for military expenditures, including its ongoing operations in Ukraine. Alexander Kirk, a sanctions campaigner at the NGO Urgewald, emphasized that easing sanctions would not stabilize markets but rather enable Russia to sell oil at higher prices, ultimately bolstering the Kremlin’s financial resources.<\/p>\n
Prior to the Iran conflict, CREA reported a decline in Russia’s earnings from oil and gas exports over the previous year, despite an increase in export volumes. The IEA noted that revenues from Russian crude oil and refined products had decreased to their lowest levels since the Ukraine conflict began in 2022, primarily due to reduced exports to India and disruptions caused by attacks on pipelines.<\/p>","protected":false},"excerpt":{"rendered":"
Since the onset of the US-Israel war with Iran, Russia has reportedly earned \u20ac6 billion from fossil fuel exports, with a notable \u20ac672 million increase in March alone. This revenue surge is crucial for funding military operations, including the ongoing conflict in Ukraine, raising concerns over easing sanctions.<\/p>","protected":false},"author":10,"featured_media":2830,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[7],"tags":[699,685,714,677,674,678],"class_list":["post-2829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","tag-india","tag-iran","tag-israel","tag-russia","tag-trump","tag-ukraine","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"\n