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Russia bans diesel exports through end of July, squeezing the global fuel market
Russia imposed a full ban on diesel exports on July 8 to boost supplies to its domestic market. Deputy Prime Minister Alexander Novak announced the decision at a meeting attended by Vladimir Putin. The move follows large-scale Ukrainian drone attacks on Russian refineries that, according to reporting, have knocked out about 25 percent of the country's oil-refining capacity versus a year earlier, causing fuel shortages and rationing (a cap of 20 liters per vehicle) across more than 20 regions. According to CNN and Intercontinental Exchange (ICE) data, the global benchmark diesel price jumped nearly 13 percent on the day the ban was announced. The Russian government said the ban runs through July 31, with pre-existing committed shipments, including a deal with Mongolia, exempted. The restriction is tightening the fuel market just as global energy traders also brace for deeper disruption in the Strait of Hormuz, two forces that can pressure the prices of oil products relevant to Iran.
CNN · Jul 21, 2026
Russia's ruble firms on Iran-war oil revenue, becoming one of the year's best-performing currencies
Higher oil and gas prices following the disruption of Persian Gulf energy exports have lifted Russia's foreign-currency revenue and supported the ruble. The dollar traded at about 77.6 rubles on 17 July 2026, and the ruble has become one of the world's best-performing currencies against the dollar in 2026. Moscow channels part of the extra energy revenue into buying gold and foreign currency under its fiscal rule, preventing the ruble from strengthening too much. Russia has been one of the main winners from the redirection of global energy flows during the Iran war, as major buyers turned to Russian oil to replace lost regional supply.
ThePrint · Jul 19, 2026
With the Strait of Hormuz shut, Russia's oil revenue swells further from the Iran crisis
With the Strait of Hormuz shut and regional oil exports disrupted, Russia's Urals crude has become more attractive to buyers, boosting Moscow's oil revenue. The Bruegel think tank estimated that Russia's oil and gas revenues carried a windfall of about 1,184 billion rubles (close to 13.5 billion euros) tied to the Iran war over March to June 2026. That windfall had narrowed after the 14 June ceasefire memorandum and a temporary drop in prices, but with hostilities resuming in July and tanker transits through Hormuz halting again, analysts say the premium on Russian oil exports has widened once more. Russia is one of the alternative suppliers profiting from the Hormuz-driven rise in oil prices.
OilPrice · Jul 19, 2026
Russia's key rate stands at 14.25 percent ahead of a 24 July decision
Russia's central bank key rate stands at 14.25 percent after a 25 basis point cut on 19 June 2026. The board's next rate-setting meeting is scheduled for 24 July. Russia's annual inflation was about 5.6 percent as of 15 June, above the central bank's 4 percent target. Russia is a trade and energy partner of Iran.
The Moscow Times · Jul 13, 2026
Russia's Urals Crude Falls to Pre-Iran-War Levels, Straining Kremlin Budget
Russia's Urals crude averaged $41.66 a barrel over the first three days of July 2026, a $27.35 discount to Dated Brent, according to Argus Media data cited in a Bloomberg report published July 6, 2026. The drop erases the windfall from the Iran war oil price spike that had helped push Russia to a June budget surplus. Russia's 2026 budget was built around an assumed Urals price of about $59 a barrel, so the latest slide threatens to widen the deficit. The move reverses the rising oil revenue trend reported for Russia earlier in July.
Bloomberg · Jul 11, 2026
Russia Posts June Budget Surplus as Iran War Oil Rally Lifts Revenue
Russia's Finance Ministry said on Thursday, July 9, 2026, that the federal budget posted a surplus of 279 billion rubles, about 3.7 billion dollars, for June 2026. According to Bloomberg, Russia's oil and gas revenue rose 38 percent year on year in the month, as the Urals crude benchmark averaged 86.52 dollars a barrel in June, up 66 percent from a year earlier, a jump largely driven by the Hormuz related risk premium from the Iran-US war. The Russian government paid out 210.6 billion rubles in refiner subsidies during the same month.
Bloomberg · Jul 10, 2026
Russian Urals Oil Discount to India Widens Past $10 a Barrel
According to a Reuters report published July 7 (17 Tir), the discount on Russian Urals crude against dated Brent in Indian ports has widened to more than $10 a barrel, near its widest recent level. Sources say Urals cargoes for August delivery to India have traded at discounts of $10 a barrel or more. The grade had traded at a premium to Brent in India and China from March through June amid supply disruptions from the Middle East war, but that support has faded as Iranian and other Middle Eastern producers resumed exports, giving Asian refiners a wider range of supply options. Weaker refining demand and competition from cheaper Middle Eastern crude were also cited as reasons for the wider discount.
Reuters (via Yahoo Finance) · Jul 10, 2026
Russian Ruble Nears 76 Per Dollar, Down 5% on the Month
The USD/RUB exchange rate reached 75.91 on Thursday, July 9, 2026, down 1.16 percent from the previous session in ruble terms. According to Trading Economics, the ruble has weakened 5.07 percent over the past month, though it remains up 2.11 percent from a year earlier. Russia's central bank had previously said fiscal policy would be more accommodative than expected over the next three years, as the federal government increases bond issuance to fund the war in Ukraine and subsidies for industries hit by Western sanctions.
Trading Economics · Jul 10, 2026