Russia’s oil export revenue has climbed to its highest level since the early weeks of the full-scale war in Ukraine, driven by rising prices and higher shipment volumes, the Bloomberg news agency reported on April 8.
In the week of March 29 to April 5, export earnings reached $2.02 billion, the highest weekly figure since June 2022.
The only period when Russia earned more from oil exports was at the start of the full-scale war against Ukraine.
The war in the Middle East has pushed global oil prices to multi-year highs and boosted demand for Russian oil after Iran effectively closed the Strait of Hormuz to shipping.
Ukrainian strikes on Russian oil facilities and a two-week ceasefire between the U.S. and Iran, which sent oil prices sharply lower, have prevented the Kremlin from fully capitalizing on elevated prices, the Bloomberg news agency reported. The Middle East ceasefire could cut into Moscow’s revenues.
Russian Urals crude stood at $116 a barrel as of April 2, its highest level in 13 years.
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