Putin is demanding that businesses not spend the windfall profits from the war in Iran
At the congress of the Russian Union of Industrialists and Entrepreneurs on March 26, Russian dictator Vladimir Putin urged big business not to succumb to the temptation to “squander” additional export revenues.
According to Russian media reports, Putin stated that rising prices for traditional exports amid market instability should not serve as a pretext for paying dividends or inflating state budget expenditures. Putin emphasized the need to maintain “moderate conservatism” and prudence in corporate and state finances.
The war in Iran has caused a sharp rise in oil prices, providing the Russian economy with record revenue since April 2022—last week, revenue from oil exports rose by 120%. In this regard, Maxim Reshetnikov, head of the Ministry of Economic Development, stated in the State Duma that the government does not rule out introducing a windfall tax for a number of industries. A similar mechanism was already implemented by Russia in 2023 following a surge in prices caused by the start of the war in Ukraine, when mining and metallurgical companies paid approximately 300 billion rubles into the budget.
The Trump administration is studying how a potential rise in oil prices to $200 per barrel could affect the U.S. economy, particularly against the backdrop of a possible protracted conflict in the Middle East.
Russia’s oil revenue in March 2026 surged to levels seen at the start of the full-scale invasion.
