“Russia is the ‘main winner’ of the war in the Middle East, as it is gaining billions in additional revenue from raw material exports due to the blockade of the Strait of Hormuz,” said Matthias Schepp, Chairman of the Board at Russian-German Chamber of Commerce, APA’s Moscow bureau reports.
The publication Handelsblatt writes that, according to the Chamber, Russia’s profits from oil, gas, and fertilizer exports exceed €10 billion per month.
Because Moscow is using alternative export routes, it is benefiting from rising global commodity prices. The Chamber’s head noted that this could result in “historically high revenues.” According to him, if oil prices remain around $100 per barrel, Russia’s annual budget could increase by $71.8 billion (€62.1 billion).
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