Russia's oil revenues have surged to their highest level since just after the Ukraine invasion, reaching $270 million a day as the Kremlin benefits from Middle East war-driven price increases and eased sanctions. The value of shipments jumped to $1.71 billion weekly, driven by both higher prices and increased flows of Russian crude.

The US tariff waiver allowing purchases of Russian crude loaded before March 12 has boosted sales to India, where delivered prices rose by $12.70 to $82.91 a barrel. Russia's seaborne exports averaged 3.6 million barrels a day in the four weeks to March 22, up from previous levels as Moscow capitalizes on the global scramble for available energy supplies.

Despite flows to China and India showing recent declines, Russia continues to profit from redirected shipments. The extension of the US waiver provided temporary relief for Moscow's war chest, though President Putin has warned these windfalls remain temporary. The four-week average value of exports reached levels not seen since mid-2024.