Due to the situation in the Strait of Hormuz, Russia’s federal budget could receive additional revenues of around 1 trillion rubles.

Axar.az reports, citing Vesti, Russia’s Finance Minister Anton Siluanov stated that higher oil prices have improved budget performance and may help Russia meet its planned fiscal targets.

“Prices help us meet the planned benchmarks that we took into account in the budget. This year, we estimated oil prices at around $59–60 per barrel. Indeed, the beginning of the year was not very favorable for the budget in terms of oil prices, but the price environment has changed. We fully understand that this is temporary. Therefore, even the additional resources we may receive if such a price environment persists until the end of the year could replenish the National Wealth Fund by around one trillion rubles,” the minister said.