Russia gains billions from oil price surge during Hormuz crisis

Russia is set to gain $3-5 billion in additional oil revenue as the crisis in the Strait of Hormuz drives up global oil prices. This financial windfall comes despite U.S. sanctions waivers on Russian crude, with Germany expressing concern that these funds will help finance Putin's war efforts. The price increase is linked to heightened tensions between the U.S. and Iran affecting the critical shipping route.