The war in Iran is a panacea for the financial health of the Kremlin. The crisis in the Middle East triggered by the United States and Iran makes Vladimir Putin’s Russia rich: the blockade of the Strait of Hormuz pushes prices up, not only of oil, but also of gas and LNG, products that Russia continues to export despite the sanctions linked to the war in Ukraine. According to the latest estimates, revenues reach between 650 and 713 million euros per day, with extra profits that could reach up to 84 billion dollars on an annual basis if the crisis were to continue.
The Strait of Hormuz pumps up prices
The double blockade of the Strait of Hormuz has decisively affected the global circulation of oil and gas. Prices adjust upwards: between 15 and 20 percent of the global supply of crude oil passes through this strip of land, around 60 million tons per month. After Donald Trump’s decision to block the transit of ships to and from Iranian ports, traffic remains close to zero.
Tanker (red) and container (green) ship traffic in the area of the Strait of Hormuz during the first 24 hours of President Donald J. Trump’s naval blockade of Iran from https://t.co/bYX0jXrNJ4 shows a handful of vessels made the transit through the Strait and a substantial… pic.twitter.com/tAa4HK71lq
— OSINTdefender (@sentdefender) April 14, 2026
And in response, if the United States continues its naval blockade around the Strait of Horm, Iran will block exports and imports throughout the region, including from the Red Sea and the Sea of Oman. The threat came from the Khatam al-Anbiya unified command, according to Iranian media reports. The latest available data shows that at least eight ships departed from Iranian ports and nine instead crossed the Strait to dock.
Qatar exports around 20% of global LNG through this route. The inability to guarantee safe transit alters demand, with Europe – and Italy above all – now competing for US cargoes, triggering a rise in European gas prices represented by the TTF index on the Amsterdam stock exchange.
The Kremlin capitalizes on the crisis in the Middle East: the importance of oil
According to data processed by the Crea study center, in March 2026, the peak month of the crisis caused by the war in Iran, Russia’s monthly revenue from the export of fossil fuels recorded an increase of 52% compared to the previous month.
Oil is making the biggest noise: on a monthly basis, the increase in revenue from the export of crude oil by sea is +115 percent. Early estimates, based on a Russian crude oil price of $77 per barrel, point to a 114% month-on-month increase in revenue from Russia’s mining tax, reaching €7.4 billion in March.
Just look at the March 2026 price of Urals – representative of exported Russian crude – soared by 67%, reaching $94.5 per barrel, remaining more than double the maximum price of $44.1 per barrel set by the European Union and the United Kingdom, which came into force on February 1, 2026.
Who buys Russian oil
Russian fossil fuel exports remain highly concentrated, with China dominating purchases of coal and crude oil and Turkey leading in purchases of petroleum products. But it is the European Union that confirms itself as the largest buyer of LNG and gas via pipeline, demonstrating Moscow’s dependence on a small group of key customers.
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In March, China remained the world’s largest buyer of Russian fossil fuels, securing 8.5 billion euros of Russia’s export earnings from the top five importers. Crude oil made up the bulk (6.6 billion euros) of Chinese purchases, followed by piped gas (733 million euros) and petroleum products (562 million euros). Coal (323 million euros) and LNG (245 million euros) represented the remaining part of imports.
India follows with 5.8 billion euros, largely represented by oil purchases.
How much is Russia earning every day
Rising prices push up Kremlin revenue. In March, Russia’s monthly revenue increased by 52 percent compared to the previous month, reaching 713 million euros per day – the highest value in the last two years. According to Crea data processed by The Vermilion, on the last available day of April 2026, revenue reached 650 million euros.
From petroleum products alone, the Kremlin earned 431 million euros a day. This increase was mainly driven by a significant 115% increase in revenues from crude oil shipping, which totaled €372 million per day. The increase in revenue from seaborne crude oil exports was due to rising prices, while volumes grew by 29% month-on-month.
Because Eni wants Russian gas in Italy again
LNG has also become more profitable (+5%), reaching 47 million euros per day, with the vast majority of cargoes unloaded in European Union ports, Spain in the lead.