Amid US-Israel-Iran war, Putin makes Rs 7,150 crore a day from oil: Report

“Russian oil and gas companies should consider using additional revenue from rising global hydrocarbon prices to reduce their debt burden and pay off their debt to domestic banks. This would be a mature decision,” he said.

It should be noted that the closure of the Strait of Hormuz due to the ongoing war has become more lucrative for Russia as Trump decided to temporarily waive sanctions on Kremlin oil. The price of Brent crude has spiked by 38 per cent since the war in Iran began to around $100 per barrel, as Tehran halted oil flowing out of the Gulf.

Simon Johnson, the Nobel prize-winner and former IMF chief economist, told The Telegraph, “This is a disaster. It won’t affect world prices because Russian oil was reaching the market anyway.”

Johnson added: “It just increases what Russia can receive per barrel, by a lot, putting cash in the pocket of our enemies.”

Putin cautions against squandering its higher oil revenues

However, on Thursday, Putin said Russian companies and the government should take a cautious approach when deciding how to spend windfall gains from higher oil ⁠prices ​resulting from the war in the Middle East.

“Now ‌that the prices of our traditional exports are rising, but the markets are in turmoil, there may be a temptation to take advantage of the situation,” ⁠Putin was quoted as saying by Reuters. Putin said this temptation could involve ⁠squandering ‌the extra revenue, paying it ​out in company dividends ‌or, in the state’s case, expanding budget spending.

“We must remain ‌prudent. If ​the markets ​swing ​one way today, they could swing the other tomorrow,” ​he added.

“A moderate degree ⁠of conservatism and a moderately conservative approach are needed, both in the ‌corporate ⁠sector and in public finances,” he said.