Russia earned 6bn from fossil fuel exports since start of Iran war, data suggests

"When markets panic, authoritarian exporters cash in. In less than two weeks, Russia has earned an estimated 6bn from fossil fuel exports, money that ultimately feeds the Kremlin's war machine. Easing sanctions now would not stabilise markets. What it would do is allow Russia to sell the same oil for a far better price."

"The IEA warning that the war had cut the Gulf's oil and gas production by at least 10m barrels of oil a day and had created the largest supply disruption in the history of the global oil market. Russia's commodity revenues are seen as a vital part of its state budget to fund military spending, including in Ukraine."

Russia generated approximately $6 billion in fossil fuel revenues during the fortnight following the start of the US-Israel conflict with Iran on February 28. Combined average daily prices for oil, gas, and coal increased 14% from February, generating an estimated $672 million in additional March revenues, with roughly $625 million derived from oil sales. The conflict created the largest supply disruption in global oil market history, cutting Gulf oil and gas production by at least 10 million barrels daily. Donald Trump indicated he would ease US sanctions on Russian oil amid soaring global prices. These revenues are critical to Russia's state budget for military spending in Ukraine. Sanctions campaigners warn that easing restrictions would allow Russia to sell oil at significantly higher prices, providing billions in additional revenue to fund the Kremlin's military operations.

Read at www.theguardian.com