Russia’s oil export revenues have climbed to levels not seen since the opening weeks of the full-scale war against Ukraine—driven by a surge in global prices and higher shipment volumes.
In the week from March 29 to April 5, oil exports brought Russia $2.02 billion—the highest weekly figure since June 2022. Higher levels were recorded only at the very start of the Russia-Ukraine war.
The rise in oil prices was triggered by renewed escalation in the Middle East: amid the conflict, benchmark prices reached multi-year highs, while demand for Russian crude strengthened after Iran effectively closed the Strait of Hormuz to shipping.
Even so, the agency notes, Moscow is not fully capitalising on the current price environment. Ukrainian strikes on Russian oil infrastructure, along with the two-week ceasefire between the United States and Iran that triggered a sharp price decline, are limiting the flow of money into Russia’s war budget. The temporary de-escalation in the Middle East could further reduce Russia’s oil revenues.
As of April 2, the price of Russia’s Urals crude had reached $116 a barrel—the highest level in 13 years.