As the US-Israel war on Iran widens, Russian President Vladimir Putin's spokesperson Dmitry Peskov has revealed the country's pragmatic approach to the conflict. 'We should probably secure benefits for ourselves where possible,' he said, justifying Russia's involvement in the war.
Russia is reportedly providing Iran with satellite imagery and drone-targeting tactics to facilitate its retaliation against US forces and their bases and facilities in the UAE, Oman, Qatar, and other American-Israeli allies. This gives Moscow critical revenues needed to sustain its ongoing invasion of Ukraine.
The Russia-Iran give-and-take is a reciprocal relationship established during the Ukraine conflict when Russia relied heavily on Iranian-made Shahed attack drones. 'No one will be surprised to believe that Putin's hidden hand is behind some of the Iranian tactics and potentially some of their capabilities as well,' UK defence secretary John Healey has said.
As the conflict paralyses shipping through the Strait of Hormuz, creating the 'biggest oil supply disruption in history,' President Trump has had to respond to the resulting energy crisis by temporarily lifting sanctions on Russian oil. The US treasury department has issued a 30-day waiver, allowing for the sale and delivery of Russian crude and petroleum products currently 'stranded' at sea.
Russian officials say the waiver would affect approximately 100 million barrels of Russian crude, equivalent to nearly a day's global output. Trump has kept comms channels open with Putin, which has irked America's European partners that see the oil-sales waiver as a funding funnel for Putin's Ukraine war.
India, the world's third-largest oil importer, has been forced to diversify its energy sources rapidly due to the conflict. Ship-tracking data reveals that India's imports of Russian crude surged to 1.5 million barrels per day (bpd) in March, a 50% increase from February.
The crisis extends beyond crude oil, with India facing a challenge regarding liquefied petroleum gas (LPG). Roughly 80-90% of India's LPG imports normally pass through the Strait of Hormuz, making the country's domestic cooking gas supply highly vulnerable.
