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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Iranian officials have criticised ceasefire violations by Isreal and U.S., citing Israeli airstrikes on Lebanon on Wednesday (8 April), an intrusion of a military drone, and a U.S. denial of Tehran’s right of nuclear enrichment, on the first day of the two-week ceasefire on Wednesday.
Memorial events were held in Tehran’s main squares on Wednesday (8 April) to mark the 40th day since the killing of former Supreme Leader Ayatollah Ali Khamenei, who died during U.S.-Israeli attacks on 28 February.
NATO Secretary General Mark Rutte said on Wednesday he believes that some NATO countries were tested and failed amid Washington's criticism over European allies not getting involved in the U.S. and Israel's war against Iran.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 9 April, covering the latest developments you need to know.
China and Russia vetoed a United Nations Security Council resolution on Tuesday aimed at coordinating defensive efforts to protect commercial shipping in the Strait of Hormuz, leaving no agreed international framework for securing the vital route.
Lebanon’s Hezbollah said it had stopped firing on northern Israel and Israeli forces on Wednesday as part of a two-week ceasefire in the Middle East brokered between the United States and Iran. However, a Hezbollah lawmaker warned that the pause could collapse if Tel Aviv does not adhere to it.
Pakistan’s Prime Minister Shehbaz Sharif said Iran and the United States, along with their allies, have agreed to an immediate two-week ceasefire covering all areas, but Israel says the deal excludes Lebanon. Tel Aviv says the U.S. is committed to achieving shared goals in upcoming negotiations.
Construction has begun on a major new solar power project in Xizang, as China continues to expand its renewable energy capacity and push towards a greener future.
Iran suggested it would be "unreasonable" to proceed with talks to forge a permanent peace deal with the U.S. after Israel pounded Lebanon with its heaviest strikes yet on Wednesday, killing hundreds of people. The warning came from Iran's lead negotiator, parliament speaker Mohammed Bager Qalibaf.
More than a million Sudanese refugees now face drastic cuts to life-saving aid, including food and water, after major funding shortfalls have left humanitarian agencies struggling to cope.
At least four people died after a small dinghy carrying migrants to Britain sank in the English Channel, French authorities announced on Thursday.
A federal appeals court in Washington, D.C., on Wednesday declined to block the Pentagon’s national security blacklisting of Anthropic for now, handing a win to the Trump administration after a separate appeals court reached the opposite conclusion.
North Korea has tested a new cluster-bomb warhead mounted on a tactical ballistic missile, alongside advanced electromagnetic and infrastructure-targeting weapons, in a significant escalation of its military capabilities.
A barrage of Russian drones targeted and damaged a critical power substation in Ukraine's southern Odesa region on Wednesday, Ukrainian officials confirmed.
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