Russia will see revenue from its biggest single oil tax double to $9 billion in April, driven by the oil and gas crisis triggered by the U.S. and Israeli attack on Iran, Reuters calculations showed on Thursday.
The calculation provides some of the first concrete evidence of a windfall for Russia, the world’s second-largest oil exporter, from the Iran conflict, which traders say has sparked the most serious energy crisis in recent history.
Iran effectively shut the Strait of Hormuz - a route for about a fifth of global oil and LNG flows - after U.S. and Israeli airstrikes at the end of February, sending Brent futures well past $100 per barrel.
Russia’s main revenue from its vast oil and gas industry is based on production. Export duty on crude oil was abolished at the start of 2024 as part of a wider tax manoeuvre, a years-long reform of the sector.
According to Reuters calculations based on preliminary production data and oil prices, Russia’s mineral extraction tax on oil output will rise in April to around 700 billion roubles ($9 billion), up from 327 billion roubles in March. Revenue is about 10% higher than in April last year.
For the whole of 2026, Russia has budgeted for 7.9 trillion roubles from the mineral extraction tax.
The average price of Russia’s Urals crude, used for taxation, jumped to $77 per barrel in March - its highest level since October 2023 - according to economy ministry data.
That was up 73% from February’s $44.59 per barrel and above the $59 level assumed in this year’s state budget.
Russia, the world’s second-largest oil exporter, is seen by many experts as one of the main economic beneficiaries of the conflict.
The crisis has come just as European consumers were attempting to end their reliance on Russian energy to punish Moscow for the invasion of Ukraine, and as Russia itself looks set to cut output following Ukrainian attacks on its oil infrastructure.
Huge demand
The Kremlin said on Tuesday there were a huge number of requests for Russian energy from a range of regions amid a grave global energy crisis that is shaking the foundations of oil and gas markets.
Still, there are limits to the windfall for Russia, and economists within the country have repeatedly cautioned that 2026 could be a difficult year.
Russia ran a budget deficit of 4.58 trillion roubles, or 1.9% of gross domestic product, in January–March 2026, the finance ministry said on Wednesday.
Ukraine’s attacks on Russian energy infrastructure, aimed at crippling Moscow’s finances, have also contributed to lower earnings and threaten further oil production cuts.
The scale of the windfall will ultimately depend on how long the Iran crisis lasts. New trade opportunities
Russian Prime Minister Mikhail Mishustin said global supply disruptions caused by the war had opened up new trade opportunities for Moscow.
"For our country, the current situation - if we consider exclusively the economic aspects - creates new opportunities to improve the financial position of export-oriented industries and to provide additional budget revenues," Mishustin told a government meeting.
"Our country has the capacity to increase overseas shipments of resources that are currently scarce due to the Middle East crisis, or that may become scarce in the near term, including food-related supplies," Mishustin said. Oil price hike
On Thursday, cracks that quickly appeared in the fragile Gulf ceasefire nudged oil prices back towards $100 per barrel.
Crucially, there was little sign that the Strait of Hormuz had reopened in any meaningful way, with Iran asserting control over the vital oil artery and demanding tolls for safe passage.
Brent crude futures rose 2.5% to $97.28 per barrel, while U.S. WTI futures climbed 3.3% to $97.55.
In later trading, Brent rose 2.1% to $96.86 per barrel, while U.S. crude futures gained 3.1% to $97.33.
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The Strait of Hormuz has reopened, Iran’s Foreign Minister Abbas Araghchi and U.S. President Donald Trump said on Friday (17 April), although Washington warned its naval blockade on Iran would remain until a peace deal is reached.
The current Middle East crisis has already had profound macroeconomic and energy consequences. It also reflects a broader phase of globalisation, where interdependencies can be weaponised for geopolitical purposes.
Iran has cautiously welcomed the ten-day ceasefire between Israel and Lebanon stressing that it is an integral part of Tehran’s set of its conditions for an end to the ongoing conflict with Washington.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 17th of April, covering the latest developments you need to know.
The past 24 hours of the Russia-Ukraine war have seen a drastic escalation in both aerial bombardment and frontline losses.
Iran reopened the Strait of Hormuz to commercial shipping on Friday (17 April) for the first time since the U.S. and Israel killed Iran's ex-Supreme Leader in air strikes, triggering the Middle East conflict, at the end of February. A U.S. blockade on Iranian ports, however, remains in force.
Russia published addresses of manufacturers allegedly producing drones or components for Ukraine on Wednesday (15 April), warning European countries against plans to step up UAV supplies to Kyiv.
Netflix shares fell sharply on Friday after the streaming group issued a weaker-than-expected outlook and said chairman and co-founder Reed Hastings will step down from the board.
U.S. President Donald Trump says Israeli and Lebanese leaders have agreed to a 10-day ceasefire that includes Hezbollah, raising cautious hopes of a pause in hostilities after weeks of escalating tensions.
Australia and Japan signed contracts on Saturday (18 April) launching their landmark A$10 billion ($7 billion) deal to supply Australia with warships, Tokyo's most consequential military sale since ending a military export ban in 2014.
European leaders have set out plans for a coordinated defensive mission to restore freedom of navigation in the Strait of Hormuz, once security conditions allow, following talks involving more than 40 countries.
NeaNearly 900 Rohingya refugees were reported missing or dead in the Andaman Sea off Myanmar in 2025, making it the deadliest year on record, the United Nations Refugee Agency said on Friday.
Tens of thousands of people filled a stadium in Douala on Friday, hoping to catch a glimpse of Pope Leo during what is expected to be the largest event of his African tour.
AmerAmerican businesses are preparing for a major moment next week as the U.S. government launches a long-awaited system to return billions in unlawfully collected tariffs.
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