Iran War Pushes Russian Oil Revenue to Highest Level Since Full-Scale Invasion of Ukraine

The value of Russia’s seaborne oil exports has surged to its highest level since the full-scale invasion of Ukraine in February 2022, fueled by rising global prices and market disruptions caused by the war in Iran, Bloomberg reported on May 5.

According to data compiled by Bloomberg, the gross value of shipments reached a four-week average of $2.42 billion a week in the period ending May 3, while weekly average revenue hit a record $2.57 billion.

Moscow is reaping this financial windfall by emerging as a primary beneficiary of the Middle East conflict, with Bloomberg stating that Tehran has effectively closed the Strait of Hormuz, shutting down a critical route that previously transported 20% of global oil shipments.

In an effort to stabilize energy markets and replace lost Iranian barrels, Washington has eased sanctions on Moscow’s oil, reopening access to certain markets.

Consequently, Bloomberg’s tanker-tracking data shows four-week average crude flows rose to 3.66 million barrels a day—the highest volume since December—as the impact of previous Ukrainian drone strikes on Russian ports began to fade.

The surge is being largely absorbed by Asian buyers. Bloomberg reported that India remains a critical customer, importing approximately 1.5 million barrels a day in April, while a record 13 cargoes of Pacific-loading ESPO crude headed to Indian refiners.

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Moscow has also made rare deliveries to the Philippines and Japan, according to the publication. Despite the increased volumes, Bloomberg’s analysis of Argus Media data showed that Russian Urals prices edged slightly lower to $96.27 a barrel, though this was offset by the sheer increase in export flows.

The current spike in oil revenue provides a lifeline to the Kremlin, helping offset the financial damage inflicted by Ukrainian attacks. Ukrainian President Volodymyr Zelenskyy has previously stated that drone strikes on Russian refineries and export hubs have cost Moscow at least $7 billion since the beginning of the year.

Zelenskyy noted that these “long-range sanctions” successfully maximized facility downtime and delayed shipments—the very disruptions that hampered Russian loading activity throughout March and April. While rapid repairs have allowed Russian seaborne flows to temporarily resume, Kyiv intends to scale up its strike operations.

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