Kamal Ghorui
Russia’s energy revenues are surging as the Iran war rattles global oil markets, with Vladimir Putin estimated to be earning at least $760 million a day from oil and gas exports.According to the Kyiv School of Economics (KSE) Institute, monthly revenues could nearly double from about $12 billion to $24 billion, driven by a spike in prices and temporary sanctions relief granted by Donald Trump, as reported by Telegraph UK.Even if the conflict eases in the coming weeks, Russia’s oil and gas income is projected to reach $218.5 billion this year — about 63% higher than pre-war estimates. In a more prolonged conflict, lasting up to six months, revenues could climb as high as $386.5 billion.At a recent Kremlin meeting, Putin urged energy companies to channel these windfall gains into reducing domestic debt, calling it a “mature decision”.The gains come amid upheaval in global energy markets following Iran’s disruption of shipments through the Strait of Hormuz. Benchmark Brent crude has jumped roughly 38% to around $100 per barrel since the conflict began.Russian oil, however, has risen even faster, with prices climbing about 72%, according to KSE analysts.A key factor has been Washington’s decision to temporarily ease sanctions enforcement, allowing buyers to purchase previously restricted Russian oil shipments already at sea — a move that has effectively reduced the risks associated with such trades.As a result, Russia is now selling oil at or near global market prices, narrowing — and in some cases reversing — the discounts it previously offered to major buyers like India and China.Imports of Russian oil by India have surged sharply since the conflict began, reflecting the shifting dynamics of a market analysts describe as highly volatile.
