Russia has earned billions from fossil fuel sales since the United States and Israel started hitting Iran at the end of February, new stats are showing.
Moscow’s revenues are rising with surging energy prices, which led Washington to ease sanctions on Russian oil. The U.S. Treasury has just issued a new license.
Russian fuel earnings grow amid ongoing war
Russia’s income from fuel shipments jumped in the first two weeks after surprise American-Israeli strikes sparked the current war in the Persian Gulf, effectively halting oil traffic through the Strait of Hormuz.
Between March 1 and 15, Moscow received around €372 million a day from oil exports alone, which is 14% higher than its average daily earnings in February, Euronews reported.
Quoting data from the Centre for Research on Energy and Clean Air (CREA), the broadcaster revealed that Russia made €7.7 billion (over $8.9 billion) from fossil fuel exports during the said period, including oil, gas and coal.
That’s approximately €513 million a day, compared to an average daily total of €472 million registered the previous month, according to figures from the nonprofit think tank.
The joint airstrikes on the Islamic Republic began on February 28, immediately pushing global oil prices up, with Brent crude approaching $120 a barrel on Thursday.
Meanwhile, Iran continues to hit oil and natural gas installations in Arab states across the region, in retaliation for Israel’s bombing of its huge South Pars offshore gas field in the Gulf.
U.S. issues new waiver for sanctioned Russian oil
Besides the high prices, which naturally benefit oil-exporting nations, Moscow is taking advantage of another development that pulls it out of isolation.
Last week, the U.S. permitted purchases of Russian oil stranded at sea to calm down the markets. The waiver announced by the Department of the Treasury is valid until April 11.
Restrictions were lifted for crude oil and petroleum products of Russian Federation origin already loaded on tankers as of March 12, 2026.
On March 19, the Treasury’s Office of Foreign Assets Control (OFAC) issued a new license for the same purpose, replacing the original 30-day permit.
While the terms of the latest waiver are almost identical to those of the earlier one, as noted by Reuters, the document now explicitly excludes transactions involving North Korea, Cuba, and the annexed Crimea.
The easing of sanctions started earlier in March, when the Trump administration allowed India to buy it, with the U.S. President promising additional steps to tame prices. In the first two weeks of March, India bought some €1.3 billion (over $1.5 billion) worth of Russian fuels.
At the time, Secretary of the Treasury Scott Bessent emphasized that the “short-term” measure is “narrowly tailored,” insisting on social media that it will not provide significant financial benefit to Moscow, as it concerns oil already in transit.
Europe determined to maintain Russia sanctions
America’s move has added to tensions between Western allies on both sides of the Atlantic, with the EU remaining resolved to keep the restrictions on Russian energy that have been mounting since Ukraine was invaded more than four years ago.
European leaders, including the European Commission’s President Ursula von der Leyen, German Chancellor Friedrich Merz and French President Emmanuel Macron, have urged to maintain the sanctions on Moscow, Euronews pointed out.
That’s despite the two wars in Iran and Ukraine, pushing fuel prices up across the Old Continent and threatening to turn off the oil taps and trigger an energy crisis in the bloc.
While the Middle East conflict cut oil supplies from the Persian Gulf, the EU continues toward fully phasing out Russian energy imports, despite opposition from some members like Hungary and Slovakia.
Although it still purchases around €50 million worth of Russian fossil fuels daily, according to CREA, the decrease has been significant. Before the invasion of Ukraine, Russia supplied nearly half of Europe’s natural gas and over a quarter of its oil.
India and China combined now account for approximately three-quarters of Russia’s oil revenues. Moscow has been threatening to stop energy flows toward Europe, even before Brussels shuts the door, and redirect exports elsewhere.
