A Reuters report reveals that Russia is poised to reap a substantial windfall from the ongoing oil and gas crisis sparked by the US and Israeli assault on Iran. According to the agency, Russia’s primary oil revenue is expected to nearly double in April, reaching approximately 700 billion roubles ($9 billion) due to the mineral extraction tax on oil output. This significant increase is attributed to the closure of the Strait of Hormuz, a critical shipping route that handles around one-fifth of global oil and LNG flows, following the US and Israeli air raids on Iran at the end of February. As a result, Brent futures skyrocketed past $100 per barrel, leading to a substantial boost in Russia’s oil revenue.
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