Russia oil tax revenues projected to double in April to $9B, amid Iran conflict, Hormuz standstill

Oil tax revenue in Russia will likely double to $9 billion in April as a result of the conflict in Iran. 

The windfall will come from the country's single biggest oil tax and the high oil prices resulting from the restrictions on oil trade flowing out of the Middle East due to the conflict, Reuters reported. 

The tax is Russia's main revenue from its extensive oil and gas production. Russia is the world's second-largest oil exporter after the U.S. The major issue now is countries' concerns about having their shipping vessels blown up by Iran in the Persian Gulf waters of the Strait of Hormuz, through which about 20% of the world's oil supply flows.  

Reuter's calculations are based on preliminary production data and oil prices, as well as Russia's mineral extraction tax on oil output. The tax revenue is up roughly 10% from April 2024.