Hard number: Russia’s oil windfall

The Iran war has pushed Brent crude prices to $100 per barrel, up from around $70 before the conflict began. One of the main beneficiaries was a country not fighting in the war: Russia. The Kremlin relies heavily on its oil and gas exports, which account for between 30% and 50% of the government’s budget. As such, the global surge in prices has provided a welcome boost to Moscow amid its own war effort in Ukraine.