Kremlin spokesman Dmitry Peskov said that the surge in global oil prices has the potential to increase the income of Russian energy companies and strengthen the country's government revenue.
The statement came as the global energy market experienced significant pressure following the escalating geopolitical conflict in the Middle East.
The price of benchmark Brent crude oil was reported to have increased by around 1.58% to $104.8 per barrel as of noon Moscow time, driven by military action involving the United States and Israel against Iran.
This price surge opens up space for Russia to increase the inflow of foreign currency through hydrocarbon exports. With supplies from the Middle East at risk of disruption, the global market has the potential to turn to alternative sources, including oil from Russia.
At the same time, there are policy developments from Washington that are seen as providing indirect advantages to Moscow.
The White House previously reported granting a temporary 30-day waiver to allow the purchase of Russian oil products, as a measure to stabilize the global energy market.
The move includes allowing countries like India to continue buying Russian oil without facing full sanctions, particularly in an effort to avoid a larger supply disruption.
Although the United States has stressed that this relaxation will not provide significant financial benefits to Russia, the reality is that high oil prices still have a direct impact on the country's increased export revenue.
In a related development, US President Donald Trump also hinted that his administration may ease some oil-related sanctions, especially if the move is able to reduce pressure on global energy prices.
However, the specific details of the sanctions that will be eased have not yet been specified, thus creating uncertainty in the market.
Overall, this situation shows a paradox in the global energy market. On the one hand, geopolitical conflicts increase supply risks and push prices up. On the other hand, the price increase indirectly benefits major exporters like Russia.
In the near term, the direction of oil prices is expected to continue to be influenced by two main factors, namely the development of conflicts in the Middle East and the sanctions and energy policies of the United States.
