economy
March 10, 2026
As the Iran war upends energy flows, Russia is emerging as the real winner
Russia is shaping up to be a major beneficiary of the escalating energy crisis in the Persian Gulf, analysts told CNBC.
TL;DR
- Higher oil prices due to the Middle East conflict are increasing Russia's crude export revenues.
- Temporary sanctions relief, including a U.S. waiver for India's purchases, is boosting sales volume and prices for Russian oil.
- Analysts estimate Russia could generate tens of billions of dollars in additional state revenue.
- Europe may increase imports of Russian liquefied natural gas due to the absence of EU sanctions.
- Russia's ability to fully capitalize on the situation is constrained by damaged energy infrastructure and existing sanctions.
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