Russia's Oil Revenue Hits 4-Year High on $100 Oil
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- Russia's oil revenues hit a four-year high this month as oil prices surged to $100/barrel amid the Iran war and the de facto closed Strait of Hormuz, with Urals crude nearly doubling to roughly $100.
- Moscow has scrapped plans to substantially downgrade its 2026 economic growth forecast and is now expected to hold off on budget cuts — and may even boost military spending on the Ukraine war, per Bloomberg sources.
- The United States gave buyers a free pass on Russian oil purchases, a key factor behind the Urals price surge, reversing a period of widening discounts and revenue decline.
- India's demand for Russian oil is soaring again after a recent pullback from the spot market, helping Moscow cash in on the price spike.
- In two weeks of March, Russia's weekly oil revenues were the highest since 2022, when prices first topped $100 after the invasion of Ukraine.
- Ukraine's attacks on Russia's key Baltic Sea ports are limiting Moscow's ability to take full advantage of the price spike by disrupting export capacity.
Why it matters: Moscow scrapped plans to downgrade its 2026 economic forecast and may boost military spending on Ukraine, per Bloomberg sources — the Iran war's oil price spike is now bankrolling Russia's war effort, while a US free pass on Russian crude helped push Urals to $100/barrel. Ukraine's Baltic port strikes limit how much of this windfall Russia can actually capture.
