- Russia stands to gain at least $760 million in additional gains from crude oil sale
- Crude prices have already surged nearly 38 per cent to around $100 a barrel
- Russian President Vladimir Putin has publicly cautioned Russian companies against splurging
As the ongoing Middle East conflict disrupts one of the world's most critical energy supply routes, the Strait of Hormuz, an oil producing nation has emerged as the biggest beneficiary of the Iran war - Russia. FOLLOW LIVE UPDATES
According to a report by The Telegraph, Russia stands to gain at least $760 million in additional gains from crude oil sale. The report, citing the Kyiv School of Economics Institute, estimates that the price surge and temporary US sanctions waivers could lift Russia's monthly oil and gas earnings from about $12 billion to nearly $24 billion.
Meanwhile, crude prices have already surged nearly 38 per cent to around $100 a barrel as the Middle Eastern oil is struggling to reach global markets due to the effective closure of Strait of Hormuz. This spike is translating into a windfall for Moscow, even though Russian oil was never off the market.
'Be Cautious': Putin's Message To Russian Oil Firms
Even as revenues swell, Russian President Vladimir Putin has publicly cautioned Russian companies against splurging.
Speaking at an economic meeting, he said, "Russian oil and gas companies should consider using additional revenue from rising global hydrocarbon prices to reduce their debt burden and pay off their debt to domestic banks. This would be a mature decision."
According to a Reuters report, Putin warned against expanding dividends or government spending simply because prices are high.
"We must remain prudent. If the markets swing one way today, they could swing the other tomorrow... A moderate degree of conservatism and a moderately conservative approach are needed, both in the corporate sector and in public finances."
He also compared the global disruption from the Gulf conflict to the economic shock seen during the pandemic, saying even those driving the conflict cannot foresee its consequences.
India Increases Russian Oil Import
For India, the crisis in Hormuz has had an immediate effect. Nearly half of India's crude imports typically pass through this narrow channel. With that route choked, Indian refiners have sharply raised purchases from Russia.
After falling in late 2025 due to US sanctions pressure, Russian crude inflows into India have rebounded to near record monthly levels in March. Estimates from analytics firm Kpler suggest India may import close to 1.8-2.0 million barrels per day of Russian crude this month, levels last seen at the peak of post-Ukraine war buying.
The US has also issued a temporary 30-day waiver for purchases of Russian crude to prevent global prices from spiralling further. India has maintained that it buys oil based on price, availability and logistics. But the numbers show that the Iran conflict has made Russian crude central once again to India's energy security.
Russia Also Sending Drones To Iran?
Even as oil trade deepens, western intelligence reports cited by The Financial Times suggest Moscow may be extending support to Tehran beyond economics.
According to the report, Russia is close to completing shipments that include drones, medicine and food to Iran. Officials familiar with the intelligence, quoted in the FT report, say discussions on drone deliveries began days after US-Israeli strikes on Tehran. The shipment is expected to be completed this month.
However, Kremlin spokesperson Dmitry Peskov dismissed the reports, saying: "There are a lot of fakes going around right now. One thing is true; we are continuing our dialogue with the Iranian leadership."
