Russia is reaping billions in revenue from its merchandise exports due to the blockade of the Hormuz Strait, the German-Russian Chamber of Commerce said today.

Russia’s profits from exports of oil, gas, and fertilizers amount to more than 10 billion euros ($11.54 billion) a month, according to the chamber. “Russia is the big winner of the new war in the Middle East,” Matthias Shep, the chamber’s president, told the German news agency.

Russia benefits from higher global commodity prices because it uses other export routes. This situation may “bring Russia an unexpected gain of historic scale,” Shep said from Moscow.

With the price of oil around $100 a barrel, Russia can expect an annual increase of $71.8 billion compared with the draft budget.

The price of Brent crude delivered in June rose to more than $111 a barrel – of 159 litres – at the start of the week. That price is up nearly $40 from before the war.

The Russian budget is heavily dependent on oil and gas sales, and the price projected in the current budget is $59 a barrel. Before the Iran war, the Russian budget was running a deficit because the price of oil was below the projected level.

“At current price levels, Moscow can reap about $50 billion in additional revenue per year from oil and gas alone,” according to the Chamber.

Russia, which also hopes to end Western sanctions, uses the revenue from commodity sales to fund its war against Ukraine.

Some in Moscow are already hoping for an oil price of $200 a barrel. According to the Chamber, that would generate $350.4 billion, $247 billion more than the budget.