"The increase in oil has made Russia 'the single biggest winners in the near term' from the Iran conflict, Wichita State University international business professor Usha Haley told Fortune."
"Prior to the Iran conflict, the Urals oil benchmark, on which most Russian crude is priced, stood at about $57 a barrel, a significant discount to Brent crude at $71 prior to the conflict."
"Treasury Secretary Scott Bessent has said the 'deliberately short-term measure will not provide significant financial benefit to the Russian government.'"
"Russia has earned an estimated $7 billion in the first two weeks of March from selling fossil fuels since the start of the war, according to a Guardian analysis of data from the Centre for Research on Energy and Clean Air (CREA)."
The conflict in Iran has caused a surge in global oil prices, benefiting Russia as one-fifth of the world's oil supply is affected. A recent U.S. waiver allows countries to purchase Russian oil at sea without sanctions, boosting Russian confidence. The Urals oil benchmark has risen to near parity with Brent crude, reflecting this shift. Despite claims that the waiver won't significantly aid Russia financially, the country has reportedly earned $7 billion from fossil fuel sales since the war began, positioning it as a major beneficiary of the situation.
Read at Fortune
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