economy
March 12, 2026
Russia earned €6bn from fossil fuel exports since start of Iran war, data suggests
Figures from thinktank show Russia received extra €672m in revenues from oil, gas and coal during March so far
TL;DR
- Russia received an estimated €6 billion from fossil fuel exports in the two weeks after the start of the US-Israel war with Iran.
- Revenues in March have surged by 14% compared to February, largely due to increased oil prices.
- The Centre for Research on Energy and Clean Air (CREA) reported that the increase in revenues was approximately €672 million in March.
- Donald Trump suggested easing US sanctions on Russian oil in response to soaring global prices post-conflict.
- The International Energy Agency (IEA) warned the war caused major disruptions to oil and gas production.
- Easing sanctions could allow Russia to sell oil at a better price, providing a significant revenue boost.
- Prior to the Iran war, Russia's commodity revenues had declined, with February seeing the lowest earnings since the start of the Ukraine conflict.
- Declines in February were attributed to reduced exports to India and attacks on a pipeline.
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