Regional
Iran war doubles Russia’s main oil revenue to $9 bln in April, Reuters calculations show
For the whole of 2026, Russia has budgeted for 7.9 trillion roubles from the mineral extraction tax.
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 U.S. and Israeli attack on Iran, Reuters calculations showed on Thursday.
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, which oil traders say has triggered the most serious energy crisis in recent history.
Iran effectively shut the Strait of Hormuz – a route for about a fifth of global oil and LNG flows – after U.S. and Israeli airstrikes on Iran at the end of February, sending Brent futures shooting well past $100 per barrel.
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 ($9 billion) from 327 billion roubles in March. The revenue is up by some 10% from April last year.
For the whole of 2026, Russia has budgeted for 7.9 trillion roubles from the mineral extraction tax.
The average price of Russia’s Urals crude, used for taxation, jumped to $77 per barrel in March, its highest since October 2023, according to economy ministry data.
That was up 73% from February’s $44.59 per barrel and above the level of $59 assumed in this year’s state budget.
The Kremlin said on Tuesday there were a huge number of requests for Russian energy from a range of different places amid a grave global energy crisis that was shaking the foundations of the oil and gas markets.
Still, there are limits on the windfall for Russia, and economists inside Russia have repeatedly cautioned that 2026 could be a tough year.
Russia ran a budget deficit of 4.58 trillion roubles, or 1.9% of gross domestic product, in January-March 2026, the finance ministry said on Wednesday.
And Ukraine’s attacks on Russian energy infrastructure, with an aim to cripple Moscow’s finances, have also contributed to lower earnings and threaten oil production cuts.
The size of the windfall for Russia will ultimately depend on how long the Iran crisis lasts.
Regional
Azerbaijan hosts record-breaking World Urban Forum in Baku
The event is also seen as an opportunity for Azerbaijan to showcase its long-term vision for sustainable urban planning and regional development to a global audience.
Azerbaijan is hosting the 13th session of the World Urban Forum in Baku from May 17 to May 22, bringing together tens of thousands of participants from around the world to discuss the future of sustainable cities and urban development.
The forum officially opened on Saturday at the Baku Olympic Stadium and is being organized jointly by the Azerbaijani government and UN-Habitat.
According to organizers, more than 40,000 participants from 182 countries have registered for the event, making it the largest edition in the forum’s history and highlighting Azerbaijan’s growing role as a host of major international gatherings.
Government officials, urban planners, investors, academics and representatives from international organizations and civil society are expected to participate in discussions on sustainable urbanization, climate resilience, affordable housing, digital transformation and the development of environmentally friendly cities.
A key focus of this year’s forum will be Azerbaijan’s reconstruction and development projects in Karabakh and East Zangazur. Officials are expected to present the country’s “smart city” and “smart village” initiatives in the formerly conflict-affected territories, alongside plans to develop the region as a green energy zone.
The event is also seen as an opportunity for Azerbaijan to showcase its long-term vision for sustainable urban planning and regional development to a global audience.
For the first time in the history of the World Urban Forum, the event will include a special Leaders’ Summit segment aimed at increasing high-level political dialogue on global urban challenges.
To accommodate the large international audience, simultaneous interpretation is being provided in the six official United Nations languages — Arabic, Chinese, English, French, Russian and Spanish — as well as Azerbaijani and Turkish.
Regional media representatives, including reporters covering the forum from Baku, are also attending the event to provide on-the-ground coverage of the discussions and outcomes.
Regional
Gaza mosques announce death of Hamas military leader after Israeli targeting claim
Mosques in northern Gaza on Saturday announced that Hamas’ military wing commander had died, a day after Israel’s military said that it had targeted the armed wing chief in airstrikes.
Witnesses said that mosques in Gaza City had announced Izz al-Din al-Haddad’s “martyrdom”. There was no immediate comment from Hamas on the fate of the group’s military chief, Reuters reported.
Israel has not said if he was killed in the air strikes.
Regional
Iran has ‘no trust’ in US, will negotiate only if it is serious, Araqchi says
Tehran has “no trust” in the U.S. and is interested in negotiating with Washington only if it is serious, Iranian Foreign Minister Abbas Araqchi said on Friday, as talks on ending the war remained on hold.
Araqchi told reporters in New Delhi that all vessels can pass through the Strait of Hormuz except those “at war” with Tehran, if they coordinate with Iran’s navy.
But the situation around the waterway, vital to global energy and commodities markets, was “very complicated”, he added, during a visit to attend a BRICS foreign ministers’ meeting in India.
In a post on X, Araqchi said he told India’s Foreign Minister Subrahmanyam Jaishankar that “Iran will always carry out historical duty as protector of security in Hormuz,” according to his post on X.
Iran effectively shut the strait, which normally handles about one-fifth of the world’s seaborne oil and gas supply, to most shipping after the U.S. and Israel began their war on Iran in February.
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