$10 billion in 14 days: how the war in the Middle East has boosted Russia’s budget
16 March 09:36
Ukrainian President Volodymyr Zelenskyy emphasized that Russia’s war against Ukraine continues, partly due to the revenue the Kremlin derives from the conflict in the Middle East.
Zelenskyy made this statement on Telegram, according to [Komersant].
According to him, Vladimir Putin has never sought to end the aggression and is merely feigning a willingness to negotiate. The situation in the Middle East, where Russia has made significant profits in recent weeks, only strengthens his confidence in continuing the war.
“Now we see that they have earned about 10 billion in two weeks of war in the Middle East. This is truly dangerous. It gives Putin more confidence that he can continue the war,” the president emphasized.
He added that, in addition to revenues from the region, Russia is being harmed by U.S. and EU sanctions and strikes on its energy infrastructure, causing the country’s deficit to exceed $100 billion in 2026. However, revenues from the Middle East offset part of these losses and sustain the Kremlin’s economic capacity to wage war.
Zelenskyy noted that the U.S. must increase pressure on Russia; otherwise, Putin will not negotiate in good faith but will only issue ultimatums to Ukraine.
“He only wants to issue ultimatums to Ukraine, such as demanding that we withdraw our troops from our territory. But that won’t satisfy his appetite,” the president said.
The U.S. has temporarily lifted sanctions on Russian oil
On March 12, the U.S. Department of the Treasury issued a new license allowing countries to temporarily purchase Russian oil loaded onto tankers before April 11.
In addition, the United States granted India permission to purchase Russian oil that is stranded on tankers at sea. The license will be valid for thirty days.
The White House eased sanctions on Russian oil to stabilize the global rise in commodity prices caused by the U.S. and Israel’s war against Iran.
This move could potentially increase global oil supply at a time when shipments from the Middle East are sharply declining due to the escalating conflict.
However, U.S. Treasury Secretary Scott Bessent assured that Putin’s regime will not reap significant profits from this temporary easing. Russia earns up to $150 million in additional revenue for its budget daily from oil sales, making it the biggest winner of the conflict in the Middle East.
