According to calculations by the Moscow-based lobbying organization, the German-Russian Foreign Trade Chamber (AHK Russland), Russia is earning significant additional revenue in the billions of euros from raw material exports due to the ongoing blockade of the Strait of Hormuz.

“Russia is the main winner of the new war in the Middle East,” said AHK Russland’s Chairman Matthias Schepp on April 7 in an interview with the dpa news agency.

Moscow is benefiting from rising global commodity prices by using alternative export routes. All of this could “bring Russia an unexpected cash windfall of historic proportions,” Schepp noted. The Chamber reported that Russia’s profit from oil, gas, and fertilizer exports already exceeds ten billion euros per month.

According to the head of AHK Russland, if oil prices remain around $100 per barrel, Russia could see an annual increase of $71.8 billion (€62.1 billion). The price of Brent crude for June delivery has risen today to over $111 per barrel, nearly $40 higher than before the U.S. and Israel’s war against Iran began. Currently, the Russian budget is based on a price of only $59 per barrel.

As dpa notes, “some in Moscow” are already hoping for oil to reach $200 per barrel — in this scenario, AHK Russland estimates that profits could reach $350.4 billion, which is $247 billion more than planned in Russia’s budget.