Russia has earned an estimated €6 billion from fossil fuel exports since the outbreak of the Iran war, according to new data from energy analysts, highlighting how geopolitical turmoil in the Middle East is boosting revenues for major oil and gas exporters despite Western sanctions.
Energy price surge drives Russian revenue
Data compiled by the Centre for Research on Energy and Clean Air (CREA) shows that Russia’s earnings from oil, gas and coal exports have surged since the conflict involving Iran escalated at the end of February.
The analysis indicates that Russia has received roughly €6 billion in fossil fuel export revenue in less than two weeks, with daily earnings rising sharply as global energy markets reacted to supply disruptions.
A significant portion of the increase has come from rising oil prices. Average daily revenue from Russian fossil fuel exports has climbed to around €510 million per day, about 14 percent higher than the February average.
Researchers estimate that Russia has already gained around €672 million in additional revenue during March alone as prices for oil, gas and coal continue to climb.
Global supply disruption fuels the spike
The windfall is largely the result of turmoil in global energy markets triggered by the Middle East conflict. Oil supply disruptions linked to the fighting have pushed crude prices higher and tightened global energy supplies.
The International Energy Agency has warned that the conflict has created one of the largest supply disruptions in oil market history, with millions of barrels per day temporarily removed from global production.
When oil prices rise rapidly, large exporting nations such as Russia tend to benefit immediately because their revenues increase even if export volumes remain stable.
Analysts say that volatility in commodity markets often advantages major hydrocarbon producers, particularly when geopolitical tensions restrict supply from other regions.
Sanctions pressure continues
Russia’s fossil fuel sector remains under extensive Western sanctions imposed after the country’s invasion of Ukraine. Those restrictions were designed to reduce the Kremlin’s ability to finance its military operations.
However, global demand for energy means Russian exports continue to flow to major buyers, particularly in Asia. Countries such as India and China have significantly increased purchases of discounted Russian oil in recent years.
Although sanctions have reduced revenues compared with pre-war levels, the latest surge in energy prices demonstrates how geopolitical shocks can quickly reverse downward trends in export earnings.
Energy geopolitics returns to centre stage
The situation underscores the continuing influence of energy markets in global geopolitics. As the Iran conflict disrupts supply chains and pushes prices higher, fossil fuel exporters are again finding themselves at the centre of the global economic landscape.
For Russia, the spike in energy revenues provides an unexpected financial boost at a time when Western governments are attempting to restrict the country’s economic resources.
Whether the increase proves temporary will largely depend on how long the Middle East conflict continues to disrupt global energy supplies.
Newshub Editorial in Europe – March 13, 2026
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