Closing Hormuz brings billions to Russia - With oil at 100 USD/barrel, additional revenues are expected to be around 50 billion USD/year
The closure of the Strait of Hormuz is bringing Russia additional revenues of over ten billion euros per month from the export of oil, gas and chemical fertilizers. Russia is benefiting from the increase in raw material prices on the world market, as it is exporting through other routes.
The impact of high oil prices is particularly significant. The price of Brent crude oil exceeded $111 per barrel at the beginning of the week. This is almost $40 more than before the war. This is of great importance for the Russian budget, because it depends heavily on oil and gas revenues. Before the war in Iran, the price went up to $59 per barrel. Russia even recorded a deficit due to lower oil prices.
At a price of $100 per barrel, Russia will receive tens of billions more. From oil and gas alone, at current price levels, additional revenues of about $50 billion per year are possible. Analysts expect greater revenues for Russia also from chemical fertilizers, where the average scenario predicts up to 8.9 billion euros more.
The increase in exports will help finance the war in Ukraine. In Moscow, they hope that prices will rise to $200 per barrel. In this case, revenues would reach $350.4 billion, or $247 billion more than the budgeted amount.
With sanctions imposed on Russia due to the war in Ukraine, many countries are importing significantly fewer Russian raw materials, but normal trade continues with many other countries and through other routes.
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