Russia earned over EUR 7B in two weeks of Iran war as oil prices surge – experts

That is according to a report by the Centre for Research on Energy and Clean Air (CREA), Ukrinform reports, citing Euronews.

In the first 15 days of March, Moscow pocketed around EUR 372 million a day from oil exports, around 14% higher than its average daily earnings in February.

Russia earned EUR 7.7 billion from fossil fuel exports, combining oil, gas and coal, between March 1 and 15. That's equivalent to around EUR 513 million a day, up from about EUR 472 million a day in February.

Global oil prices, including that for Brent crude oil, have ballooned since joint U.S.-Israeli strikes on Iran on February 28. On Thursday, Brent crude oil traded above $119 (EUR 103) a barrel as strikes on both sides continued. These prices can translate into higher revenues for major oil-exporting countries, such as Russia.

At the same time, the U.S. Treasury last week issued a 30-day waiver on the purchase of Russian oil already at sea – a decision European leaders have pushed back on, arguing that easing sanctions risks contributing to Moscow's war revenues. U.S. Treasury Secretary Scott Bessent said the waiver was temporary, limited and necessary as a response to "promote stability in global energy markets and working to keep prices low."

However, analysts argue that higher global oil prices and continued demand from buyers such as India can still boost Moscow's earnings. The move allows oil importers to evade strict U.S. sanctions, in place since Russia's full-scale invasion in 2022, that have blocked them from trading with large sectors of the Russian economy. CREA's data shows that India and China together account for roughly three-quarters of Russia's oil revenues. India in particular bought around EUR 1.3 billion worth of Russian fossil fuels between March 1 and 15, totaling about EUR 89 million a day, up from EUR 60 million in February.

CREA's analysis shows that the EU still purchases around EUR 50 million a day in Russian fossil fuels, mainly gas delivered through pipelines that are exempt from sanctions. This is, however, a large drop from 2021, when Russia supplied the EU with 45% of its gas and 27% of its oil, according to CREA.

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