- Russia earns about €510 million daily from fossil fuel exports.
- Revenue increased after Iran war disrupted global energy markets.
- Urals crude trades above Brent amid rising global oil prices.
- Analysts say conflict boosts Russian energy demand and revenues.
Russia has profited to the tune of €510 million ($589 million) per day since the start of the Iran war a 14 percent increase over its daily average in February according to an analysis released Thursday by the Centre for Research on Energy and Clean Air. Since US-Israeli strikes on Iran began on February 28, Moscow has earned an estimated €6 billion ($6.9 billion) from fossil fuel exports alone.
The windfall has arrived at a moment of maximum vulnerability for the Kremlin. Oil and gas revenues had fallen from 45 percent of Russia's federal budget in 2021 to around 20 percent in 2025 as Western sanctions and price caps bit hard. The Iran war has reversed that trajectory almost overnight.
Russian Urals crude, long forced to trade at a steep discount to global benchmarks, has flipped to a premium. On Monday it closed at $100.67 a barrel above Brent at $99 with the gap widening to $12 at one point on Tuesday, according to Axios and Trading Economics data.
Sanctions Relief Handed to Moscow
Also Read: IEA Warns Iran War Causing Largest Oil Supply Shock In History
Sanctions Relief Handed to Moscow
The Trump administration has issued a 30-day waiver allowing Indian refiners to purchase Russian oil currently stranded at sea a move framed as a stopgap to relieve demand pressure following the Hormuz blockade. Treasury Secretary Scott Bessent said the measure would not provide significant financial benefit to Moscow, as it only covered oil already at sea. Critics disagreed sharply.
The Kremlin did not understate its position. Spokesman Dmitry Peskov told reporters Russia was seeing "a significant increase in demand" for its energy products in connection with the Iran war, adding that Russia "remains a reliable supplier of both oil and gas."
A Geopolitical Calculation
Analysts at the Eurasia Group and TIME magazine noted that Russia's gains extend beyond crude revenue. Washington's military focus on the Middle East has drawn attention and resources away from Ukraine, while the energy crisis has exposed Europe's continued dependency on Russian LNG for which no EU sanctions currently exist.
Also Read: Israel Strikes 200 Targets In Iran, Hits Nuclear-Linked Parchin Site
Alexander Kirk, sanctions campaigner at Urgewald, said the figures made clear how authoritarian exporters exploit geopolitical panic. "Russia is already profiting from this geopolitical crisis," Kirk said. "When markets panic, authoritarian exporters cash in."
