Russia's revenues from a significant single oil tax will double to $9 billion in April due to the oil and gas crisis provoked by the US and Israeli attack on Iran, according to Reuters calculations published on Thursday, UNN reports.
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These calculations, it is noted, are among the first concrete evidence of super-profits for Russia, the world's second-largest oil exporter, from the war with Iran, which, according to oil traders, has provoked the most severe energy crisis in recent history.
Iran effectively blocked the Strait of Hormuz — a route for about a fifth of the world's oil and LNG supplies — after US and Israeli airstrikes on Iran in late February, causing Brent crude futures to soar above $100 a barrel.
Russia's main revenues from its large oil and gas industry are based on production. The oil export duty has been abolished since the beginning of 2024 as part of the so-called broader tax maneuver, a multi-year tax reform of the industry.
According to Reuters calculations, based on preliminary data on production and oil prices, Russian mineral extraction taxes will increase in April to approximately 700 billion rubles ($9 billion) from 327 billion rubles in March. Compared to April last year, revenues increased by approximately 10%.
For the entire year 2026, Russia has budgeted 7.9 trillion rubles from the mineral extraction tax.
The average price of Russian Urals oil, which is used for taxation, jumped to $77 per barrel in March, reaching its highest level since October 2023, according to the Ministry of Economy.
This is 73% more than in February ($44.59 per barrel) and above the $59 level embedded in this year's state budget.
On Tuesday, the Kremlin announced a large number of requests for Russian energy from a wide variety of places amid a serious global energy crisis that is shaking the foundations of the oil and gas market.
Nevertheless, there are limits to potential profits for Russia, and economists within Russia have repeatedly warned that 2026 could be difficult.
According to the Russian Ministry of Finance, published on Wednesday, Russia's budget deficit in January-March 2026 amounted to 4.58 trillion rubles, or 1.9% of gross domestic product.
Attacks on Russian energy infrastructure aimed at undermining Moscow's financial position also contributed to declining revenues and threaten to reduce oil production, the publication writes.
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The size of the benefit for Russia will ultimately depend on how long the Iranian crisis lasts, the publication notes.