Rising oil prices are giving Moscow a new financial advantage despite Western sanctions. In a recent article published by Archivo Prisma, based on reporting from Foreign Policy, experts examined how the U.S.-Iran conflict has pushed global energy prices higher and increased Russian oil revenues. The article highlights how this shift could strengthen Russia’s ability to finance its war economy.
Petras Katinas, former expert at the Centre for Research on Energy and Clean Air and now a non-resident researcher at the Kyiv School of Economics, warned that Russia could earn even more in April.
“In April 2026, Russia will earn more than in March,” Katinas said, noting that higher oil prices may continue to benefit Moscow.
His comments underline how Russian oil revenues remain sensitive to global price shocks and sanctions enforcement.
The article also discussed new data from CREA showing that Russia’s fossil fuel export revenues reached €713 million per day in March 2026, the highest level in two years. CREA reported a 52 percent monthly increase in fossil fuel export revenues, while seaborne crude export revenues rose by 115 percent. The analysis also noted that Russia’s tax revenues from crude could reach up to €7.4 billion for March.
The wider discussion focused on the political and economic effects of higher energy prices. Ukrainian strikes have disrupted Russian oil infrastructure, including Baltic Sea ports. However, the article argues that the revenue impact has been offset by higher global prices and continued Russian exports to major buyers such as China and India. It also points to the role of sanctions relief and market uncertainty in supporting Russia’s wartime finances.
To explore the full analysis and Petras Katinas’s commentary on Russian oil revenues, read the complete article on Foreign Policy.
Further Reading: Sanctions on Russia & Russian Economic Retaliation
To learn more about sanctions and their effects on Russia, visit the Sanctions Hub for research, data, and expert analysis on sanctions against Russia. Explore the Sanctions Timeline for a chronological overview of Western sanctions and Russian countermeasures by date, country, and sector. Visit the Evidence Base for recent publications and research reports on energy, finance, trade, and military production. For the latest expert commentary, see Media Highlights, featuring insights from Petras Katinas and other specialists on Russian oil revenues, sanctions enforcement, and the policy impact of energy markets.
