Russia will see revenue from its biggest single oil tax double to $9 billion in April due to the oil and gas crisis triggered by the US and Israeli attack on Iran, Reuters calculations show.

The Reuters calculation is some of the first concrete evidence of a windfall for Russia, the world’s second-largest oil exporter, from the Iran war.

Russia’s main revenue from its vast oil and gas industry is based on production. Export duty on crude oil has been nullified from the start of 2024 as part of the so-called wider tax manoeuvre, a years-long tax reform of the industry.

According to Reuters calculations based on preliminary production data and oil prices, Russia’s mineral extraction tax on oil output will increase in April to around 700 billion roubles ($9bn) from 327bn roubles in March. The revenue is up by some 10pc from April last year.

For the whole of 2026, Russia has budgeted for 7.9 trillion roubles from the mineral extraction tax.