Yesterday’s News 2026 04 10

curated news excerpts & citations

Russia Oil and Gas Revenues

Matthew C. Klein: Russia’s Iran War Windfall in Perspective

At current prices, the Russian government’s energy-related tax revenues are probably running about 3x the monthly average from December 2025-February 2026. If those prices hold for the rest of the year, total oil and gas tax receipts would be worth about $180 billion in 2026, up from $101 billion in 2025.

If Russian export prices rise further from here—which seems likely given the world’s growing desperation for oil, gas, and refined products that are not affected by the Iranian government’s growing realization that it controls all traffic through the Strait of Hormuz—then the Russian government could find itself with a windfall worth hundreds of billions of dollars. (Unless of course its own export volumes are constrained by Ukrainian attacks.) Russia is also poised to benefit from its position as a major exporter of fertilizers now that Middle Eastern exports are no longer available.

Marc Bennetts @ Times of London: Why Putin is the real winner of the Iran war

Without firing a shot, Russia has emerged as a victor after the conflict created splits between Nato members and his ties with Iran strengthened

Heather Cox Richardson: Letters from an American – April 9, 2026

The ceasefire President Donald J. Trump announced Tuesday night fell apart almost immediately. …

Although Defense Secretary Pete Hegseth claims the U.S. has had a “historic and overwhelming victory” that achieved “every single objective,” David S. Cloud of the Wall Street Journal wrote yesterday that Iran saw the ceasefire as a “triumph” because it had survived a 38-day barrage from the United States and Israel and because it had gained control over the Strait of Hormuz, inflicting deep damage on the U.S. economy. Iran claimed the U.S. had suffered “an undeniable, historic, and crushing defeat.” Iran’s new leadership is even more anti-Western than the previous leadership, killed in the early days of the U.S.-Israeli strikes.

Yesterday the president posted his own interpretation of the terms of the agreement, but they were aspirational and asked for Iran to agree to terms that were less advantageous for the U.S. than the Joint Comprehensive Plan of Action (JCPOA) that President Barack Obama negotiated in 2015 and Trump tore up in 2018.
(Heather Cox Richardson more…)


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