The ongoing war in Iran has brought billions of dollars in additional oil revenue to Russia. Gas, grain, aluminum, and fertilizers are also causing a sharp increase in revenues.
Modern.az reports that the “Bloomberg” agency stated this.
According to analysts, a week before the US and Israeli attacks on Iran, Russia was considering lowering its economic growth forecast and reducing the price of Urals crude oil to $45-50 per barrel. However, by the end of last week, the average price for 1 barrel in Russia's Western ports was $93.4.
If crude oil prices remain high until the end of the year, Russia's oil exports are estimated to increase by $40 billion. Bloomberg notes that if the fighting ends and the Strait of Hormuz reopens, the increase will be approximately $10 billion.
Tehran's control over the Strait of Hormuz has also affected the supply of aluminum, liquefied natural gas, and some fertilizers. Since the start of the conflict, aluminum prices have risen by 12%, and urea prices by approximately three-quarters. Agency sources report that Rusal, which accounts for more than 5% of global aluminum production, is receiving inquiries from the US and Europe.
On March 13, the US temporarily authorized transactions involving Russian oil. The license is valid until April 11. Following the easing of restrictions, India and other Asian countries have sharply increased their oil purchases.
