Putin making $760m a day from oil as war in Iran delivers windfall

Vladimir Putin is raking in at least $760m (£570m) a day as the war in Iran drives soaring demand for Russian oil.

Kremlin sales from oil and gas will double from about $12bn to nearly $24bn this month as Putin profits from an enormous price surge and Donald Trump’s sanctions waivers, according to the Kyiv School of Economics (KSE) Institute.

Even if the war ends in the next few weeks, Russia’s oil and gas revenues are expected to surge to $218.5bn this year – 63pc more than if there was no disruption to Middle East energy supplies.

It means Putin will get an $84bn windfall this year, based on an optimistic scenario in which the war ends in April and energy supplies recover quickly.

If the war drags on for six months, Russia’s annual oil and gas export revenues could surge to $386.5bn – 188pc more than projections before the conflict began.

In a Kremlin meeting on economic issues on Monday, Putin said that oil and gas companies should use their windfalls from the war in Iran to pay off their loans at home.

“Russian oil and gas companies should consider using additional revenue from rising global hydrocarbon prices to reduce their debt burden and pay off their debt to domestic banks. This would be a mature decision,” he said.

The global energy market turmoil unleashed by Iran’s blockade of the Strait of Hormuz has become even more lucrative for Putin because of Mr Trump’s decision to temporarily waive sanctions on Russian oil.

The price of Brent crude has soared by 38pc since the war in Iran began to around $100 per barrel, as Iran stops oil flowing out of the Gulf.

More: https://www.telegraph.co.uk/business/2026/03/25/putin-making-760m-a-day-oil-war-iran-windfall/