Chamber of Commerce chief: Russia is big winner of Middle East war

Russia is generating billions in additional revenue from raw material exports due to Iran’s blockade of the Strait of Hormuz, emerging as a key beneficiary of the Middle East war, Matthias Schepp, head of the German-Russian Chamber of Commerce, said in comments to German Press Agency.

Russia’s monthly profits from oil, gas, and fertiliser exports exceed €10 billion, according to the German newspaper Handelsblatt.

“Thus, Russia is the big winner of the new war in the Middle East,” Schepp said. 

He added that Moscow is capitalising on rising global commodity prices while using alternative export routes, which could bring the country “unexpected profits of historic scale,” particularly if oil prices remain high.

He estimated that if prices stay around $100 per barrel, Russia could see an annual budget increase of $71.8 billion compared to projections. Brent crude for June delivery surged to over $111 per barrel at the start of the week, nearly $40 higher than before the outbreak of the Middle East conflict.

On April 7, the Kremlin reported receiving a large number of requests for energy supplies, noting that demand is increasingly coming from alternative markets rather than Europe.

By Jeyhun Aghazada