Russia’s oil revenues hit four-year high amid Iran’s war. And Ukraine is paying price

Russian oil export revenues hit a four-year high in March. This was driven by rising oil prices amid the Middle East war and a temporary US allowance for the sale of sanctioned Russian crude, according to Bloomberg.

Over the past three weeks, average daily Kremlin revenues from oil exports reached $270 million, twice as much as in January 2026.

This unexpected windfall will be temporary, announced earlier by Russian leader Vladimir Putin, but Moscow’s military budget will receive a significant boost. 

Record export volumes: tankers at full capacity

From 22 February to 22 March, Russian oil exports by sea averaged 3.6 million barrels per day, 160,000 barrels per day more than the previous month.

• India received 1.14 million barrels/day, up from 1.09 million in February.
• China received 970,000 barrels/day, down from 1.18 million previously.

The total oil volume in tankers at sea remains around 135 million barrels, just slightly below its peak.

Oil prices surge: Kremlin profits at a peak

• Urals crude from Baltic ports rose $10 to $61.93/barrel, and from Black Sea ports to $60.22/barrel.
• ESPO crude for China increased $10.50 to $74.88/barrel.
• For India, Russian oil prices jumped $12.70 to $82.91/barrel.

These market shifts create a temporary economic “gift” for Moscow while fueling its military budgets.