The German-Russian Chamber of Commerce estimates that Russia is earning billions of euros in additional revenue from raw material exports, due to the effective closure of the Strait of Hormuz.
The chamber explained that Russia’s revenues from exporting oil, gas and fertilizers exceed 10 billion euros every month.
In this regard, Matthias Scheib, Chairman of the Chamber’s Board of Directors, told the German News Agency, saying: “Russia is the biggest beneficiary of the new war in the Middle East.”
Moscow benefits from the high prices of raw materials in global markets, in addition to its reliance on alternative export routes.
Speaking in Moscow, Shipp noted that this situation could give Russia “an unexpected financial boost of historic magnitude.”
Data indicate that if the oil price remains at around $100 per barrel, Russia could achieve an annual increase of $71.8 billion compared to the budget plan.
The price of Brent crude (June delivery) rose at the beginning of the week to more than $111 per barrel, an increase of nearly $40 from what it was before the war began.
The Russian economy relies heavily on oil and gas revenues, with the price per barrel estimated in the budget at $59.
Before the escalation in Iran, the Russian budget was in deficit because oil prices remained below the planned level.
The chamber confirmed: “At current price levels, Moscow can achieve additional revenues amounting to about $50 billion annually from oil and gas alone.”
