Russia earned 6 billion euros from fossil fuel exports - The figure refers to the 2-week period since the start of the war in Iran
Data suggests Russia has profited €6 billion from fossil fuel sales in the past two weeks since the start of the US-Israeli war with Iran. The revenue means Russia earned an additional €672 million in oil, gas and coal sales during March, as combined average daily prices rose 14% from February.
Most of this increase, around 625 million euros, appears to have come from oil trading, according to figures from the think-tank Center for Research on Energy and Clean Air (CREA).
The figures were released after Donald Trump indicated on Monday that he would ease US sanctions on Russian oil in response to rising global prices following the start of the conflict that began on February 28.
CREA's release coincided with a warning from the International Energy Agency (IEA) that the war had reduced oil and gas production in the Persian Gulf by at least 10 million barrels per day and created "the largest supply disruption in the history of the global oil market."
Russia's revenue from goods is seen as a vital part of its budget to finance military spending, including in Ukraine.
CREA figures published before the start of the Iran war showed that the money Russia earned from oil and gas exports fell over the previous 12 months even as Russian oil exports increased in volume.
The IEA also said that Russia's revenues from crude oil and refined products had fallen in the month before the war with Iran broke out, the lowest level since the start of the Ukraine conflict in 2022.
The decline in February was due to a reduction in exports to India, which was discouraged by Washington from cooperating with Russia, as well as the impact of January attacks on a pipeline carrying oil to Hungary and Slovakia via Ukraine.
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