In the first two weeks of March 2026, the Russian Federation significantly increased its revenue from energy exports. According to analysts, in just 15 days this month, Russia earned €7.7 billion from the sale of oil, gas, and coal. This revenue is equivalent to approximately €513 million per day, which is 9% higher than the daily averages for February (€472 million per day).
This is reported by Finway
Oil Price Surge Following Attacks on Iran
The increase in Russia’s revenue is linked to a sharp rise in global oil prices. Following the joint airstrikes by the United States and Israel on Iranian territory on February 28, the price of Brent crude oil rose above $119 per barrel. This led to additional demand for oil from major importers, significantly impacting the revenues of Russian exporters.
“Global oil prices, particularly for Brent crude, surged sharply after the joint strikes by the U.S. and Israel on Iran on February 28. On Thursday, Brent crude was trading above $119 per barrel. Such prices could lead to increased revenues for major oil-exporting countries like Russia.”
India and China Remain Key Buyers
The lion’s share of Russia’s oil revenue comes from India and China, which account for about 75% of oil export earnings. Specifically, from March 1 to 15, India purchased Russian energy resources worth approximately €1.3 billion, averaging about €89 million per day, compared to €60 million per day in February.
Despite sanctions, the European Union continues to import Russian gas, mainly through pipelines that are not subject to restrictions. According to analysts, the EU spends about €50 million daily on purchasing Russian fossil fuels, which is significantly less than in 2021 when Russia held a 45% share of the European gas market and a 27% share of the oil market.
At the same time, last week, the U.S. Department of the Treasury announced a temporary 30-day easing of sanctions, allowing for the completion of transactions for the purchase of Russian oil that is already at sea. U.S. Treasury Secretary Scott Bessent noted that this decision is aimed at maintaining stability in the global energy market and curbing price increases.
Experts emphasize that despite sanctions and restrictions, the rise in global oil prices and stable demand from Asian consumers contribute to increased foreign currency inflows into the budget of the Russian Federation. However, due to drone attacks on export infrastructure and adverse weather conditions, Russia is unable to fully capitalize on the benefits of rising prices and increase oil export volumes.