09.04.2026 16:11
The global energy crisis that began with the U.S. and Israel striking Iran and led to the closure of the Strait of Hormuz has benefited Russia the most. With Brent crude surpassing $100, Moscow's main oil tax revenue doubled in April, soaring to $9 billion.
The global energy crisis, which began with the attacks of the US and Israel on Iran and deepened with the closure of the Strait of Hormuz, has created a significant surge in Russia's oil revenues. Thanks to rising prices, the energy revenues of the Moscow administration reached remarkable levels in a short time.
As oil prices rose above 100 dollars, the revenue from one of Russia's most important oil tax items nearly doubled in April, reaching 9 billion dollars. This situation revealed that Russia gained a significant economic advantage from the Iran-related crisis.
THE STRAIT OF HORMUZ EFFECT PUSHED PRICES TO A PEAK
After the attacks that began at the end of February, Iran's closure of the Strait of Hormuz, through which a significant portion of global oil and LNG transportation passes, led to sharp fluctuations in energy markets. This development quickly pushed oil prices upward.
There was also a significant increase in production-based taxes, which form the basis of Russia's energy revenues. According to calculations, the "mining extraction tax" collected from oil production was at 327 billion rubles in March, while it rose to approximately 700 billion rubles (9 billion dollars) in April.
DEMAND INCREASED, PRICES SOARED
Data from the Russian Ministry of Economy showed that the average price of Urals crude oil exported by the country increased by over 70% in March compared to February, reaching 77 dollars per barrel. This level is not only one of the highest points in recent times but also significantly above the price projected in the budget.
The Kremlin announced that, due to the impact of the global energy crisis, demand for Russian oil and gas has rapidly increased in many regions.
RISKS CONTINUE
On the other hand, experts warn that this increase in revenue may not be permanent. The Russian Ministry of Finance announced that the budget recorded a deficit in the first quarter of 2026, while it is noted that attacks on Ukraine's energy infrastructure could negatively affect production and revenues.