05.06.2026 18:10
The moves by the US and Israel bringing the Strait of Hormuz to a standstill have pushed the entire world to the brink of a global supply and energy crisis, while Russia emerged as the beneficiary of this chaos. Russian Finance Minister Anton Siluanov announced that thanks to soaring oil prices, an additional massive amount of approximately 13.6 billion dollars will be funneled into the country's budget.
Russian Finance Minister Anton Siluanov announced that the ongoing global crisis in the Strait of Hormuz, which is driving up oil prices, could provide an additional inflow of about 1 trillion rubles (approximately $13.6 billion) to the Russian budget.
"NEGATIVE OUTLOOK AT THE START OF THE YEAR HAS CHANGED"
Speaking to the Russian state channel Vesti during the St. Petersburg International Economic Forum (SPIEF), Finance Minister Siluanov made important statements regarding economic indicators and budget planning. Recalling that global oil prices in the early part of the year were not favorable for Russia's budget targets, Siluanov noted that market conditions have recently shown a sharp shift in Russia's favor.
ADDITIONAL REVENUE WILL BE TRANSFERRED TO THE NATIONAL WELFARE FUND
Drawing attention to the risk that the price increases driven by tensions in the Strait of Hormuz may not be permanent, Siluanov provided information about the fiscal space that could emerge if the current situation persists. Minister Siluanov stated, "If current price levels are maintained until the end of the year, we could transfer about 1 trillion rubles from the budget to the National Welfare Fund using the additional resources we obtain."
PRIVATIZATION TARGETS AND ASSETS TRANSFERRED TO THE TREASURY
Also touching on Russia's macroeconomic planning, Siluanov noted that they aim to fully meet the country's privatization schedule and targets for 2026. Siluanov further emphasized, "We will also exceed the targets for the sale of assets transferred to the treasury by decision of law enforcement agencies," highlighting that revenue will also be generated from other budget items.
MILITARY TENSION IN THE GLOBAL ENERGY CORRIDOR
Military strikes and operations by the US and Israel against Iran had brought commercial vessel traffic in the Strait of Hormuz, one of the most critical transit points for global oil trade, to a near standstill. This escalating hot tension in the Middle East led to a sudden and rapid increase in crude oil prices, Russia's primary source of revenue.