MOSCOW — Whatever the eventual outcome of the Arab world's social upheaval, there is a clear economic winner so far: Vladimir V. Putin.
Russia, which pumps more oil than Saudi Arabia, is reaping a windfall from the steep rise in global energy prices resulting from instability in oil regions of the Middle East and North Africa. Riding the high oil prices, the Russian ruble has risen faster against the dollar this year than any other currency, which is helpful because it will curb consumer inflation during an election year.
Russian stocks are buoyant, too: The Micex index closed last week at 1,781, up nearly 6 percent since the beginning of the year. (Monday was a holiday in Russia.)
But the Russians could not step in to offset any potential big drop in global production, because Russia does not have any oil wells standing idle that would allow it to increase production. Right now Russia is pumping oil at its top capacity.
But at last week's closing of $114, the price of each of those barrels of Ural crude, the country's main export blend, has risen 24 percent since the beginning of the year.
Last week, the prime minister, Putin, sat down for a televised meeting with Russia's finance minister, Aleksei L. Kudrin, which was nationally televised on state news channels for the public's enlightenment as the two discussed, just short of gloating, the benefits to Russia of a global oil panic.
"Mr. Kudrin, budget revenues have become considerable," Putin said matter-of-factly.
Kudrin agreed, noting that if prices hold Russia will be able to resume contributions to its sovereign wealth funds for the first time since the summer of 2008, when the global recession began.
Russia is building a pipeline under the Baltic Sea directly to Germany, called Nord Stream, and has proposed another similar pipeline under the Black Sea to Bulgaria. It says these pipes will reduce the risk of traveling overland through central European countries that are unfriendly to Russia, but some European governments have balked at the high cost and political subtexts of these projects.