In March, Russia is generating nearly $588 million per day from fossil fuel exports, marking a 17 percent rise compared with February, as the ongoing conflict involving Iran disrupts Gulf oil flows and pushes prices higher, according to recent analysis.
Isaac Levi from the Centre for Research on Energy and Clean Air noted that Russia has increased its supply of oil and gas to global markets at rising prices.
He added that the longer the situation persists, the more Russia benefits financially, funding military drones, weapons, and recruitment efforts.
Who’s buying
Countries such as China, Turkey, and India now account for 90 percent of Russia’s crude oil purchases.
Meanwhile, European nations continue to be significant consumers of Russian gas through pipelines and liquefied natural gas shipments.
Escalating conflict
Brent crude prices surged past $100 per barrel after Iranian attacks targeted ships near the Strait of Hormuz.
The Pentagon reported that the first week of the conflict resulted in $11.3 billion in costs for the U.S., while 3.2 million people in Iran and 800,000 in Lebanon have been displaced due to the escalation.