The increase in oil prices and other goods, caused by the war in the Middle East, has abruptly boosted the Kremlin’s revenues. In the second quarter, the value of exports reached 125.7 billion dollars, 28 billion dollars (27%) more than last year, according to the Central Bank of Russia.
The surge is mainly due to the increased demand for minerals, food, and metals, but also to the rise in global commodity prices, caused by the war in Iran and the blockade of the Strait of Hormuz.
The index of export prices for Russian raw materials increased on the eve of the war and fell in April, but remained above the level before the hostilities began, reports The Moscow Times. Energy products have become the most expensive, and the volume of sales abroad has increased.
The situation was turned upside down after the Ukrainians began to attack Russian refineries, oil production dropped by over 21%, and exports were banned.
Minerals constituted the largest share of exports, and from their sale on the foreign market in the first half of 2026, about 120.7 billion dollars were collected, out of a total of over 219 billion.
Export revenues reach Russia with a delay of up to two months. Prices peaked at the end of March and the beginning of April.
In May, the influx of foreign currency strengthened the ruble, then commodity prices began to fall. The increases were felt again, after the USA renewed sanctions in June.