13.03.2026 00:23
Following Iran's closure of the Strait of Hormuz, oil prices around the world began to rise, which benefited Russia. According to a report in the Financial Times, Russia, a major oil exporter, gained additional oil tax revenue of between $1.3 billion and $1.9 billion due to the rising oil prices.
According to the Financial Times, Russia has gained an additional oil tax revenue of 1.3 to 1.9 billion dollars thanks to rising oil prices.
The sharp rise in global oil prices due to Iran's closure of the Strait of Hormuz has provided an unexpected boost to the Russian economy.
NEARLY 2 BILLION DOLLARS IN ADDITIONAL REVENUE FOR RUSSIA FROM OIL
According to the Financial Times analysis, Russia, one of the world's leading oil exporters, has managed to add between 1.3 and 1.9 billion dollars in additional tax revenue to its budget thanks to rising prices.
20% OF OIL TRADE COMES FROM HORMUZ
The closure of the strait, through which 20% of global supply passes, has complicated access to Middle Eastern oil while increasing demand and unit prices for Russian oil. Experts point out that this geopolitical crisis in the Middle East has created a significant financial breathing space for Russia, which is under sanctions.