Russia sees the war as carrying “risks, but also many opportunities”
The crude oil supply can be partially managed through diversification.
The liquefied petroleum gas (LPG) may prove harder to replace if disruptions in the Gulf persist.
European Council President António Costa said Russia is the “only winner” of the conflict so far.
For Moscow, the developments related to the latest West Asia war appear to present an opportunity for its sanctioned oil. Some caution that the war could ultimately benefit Russia.
Highlight : India purchased around 1.5 million barrels per day of Russian oil in March, up from 1.04 million barrels per day in February.
The effects of this distraction are not limited to Ukraine or the Middle East. Some analysts suggest the war offers Moscow an opportunity to test U.S. readiness in other theaters as well.
Bob Hamilton, a former U.S. Defense Department official, says that the conflict represents a double-edged equation for Moscow. The war is like “a sword with two edges—it has positive aspects and negative ones.”
On one hand, the conflict could give Moscow an opportunity to benefit from higher energy prices and divert Western attention away from Ukraine.
On the other, it exposes the limits of Russia’s eroding influence in the Middle East.
“Iran was the second pillar of Russia’s strategy in the Middle East alongside Syria, and now Moscow has lost both,” Hamilton added.
** Bangladesh has sought US waiver to buy Russian oil
India's Russian oil imports jump 50% in March 2026 as Middle East war hits energy supply
India currently consumes about 5.8 million barrels of crude oil per day, with nearly 88 per cent of that demand met through imports. A large portion of these supplies typically comes from Middle Eastern producers such as Saudi Arabia, Iraq and the United Arab Emirates.
The shipments of crude oil from the traditional suppliers in the Gulf region are delayed. India, which is the third-largest crude oil importer in the world, is seeking alternative sources to meet its massive demand and ensure its domestic markets are kept stable.
A test case Bangladesh !!
Bangladesh imported 3 lakh tonnes of petrol during the same period -- between January 2025 and March 2026.
Only five percent, or around 36,000 tonnes, came from the Middle Eastern countries Oman and Qatar, while the largest share was sourced from Singapore, which supplied around 1.15 lakh tonnes, accounting for about 38 percent of total petrol imports. For diesel and furnace oil, Bangladesh relied heavily on Singapore and Malaysia, with no supplies sourced from Middle Eastern countries.
During the last 14 months, Bangladesh imported around 20.69 lakh tonnes of crude oil, of which Saudi Arabia, the UAE and Iraq supplied around 13 lakh tonnes, or 63 percent of the total. Malaysia was another supplier, selling 3 lakh tonnes of crude oil, which was 15 percent of the total crude petroleum imports.
Bangladesh imports crude and refined fuel oil from a range of countries including Iran, the United Arab Emirates (UAE), Oman,
-- Saudi Arabia, Kuwait, Iraq and Qatar in the Middle East, as well as Singapore, Malaysia and India, to meet its annual demand of roughly 70 lakh tonnes.
India currently consumes about 5.8 million barrels of crude oil per day, with nearly 88 per cent of that demand met through imports. A large portion of these supplies typically comes from Middle Eastern producers such as Saudi Arabia, Iraq and the United Arab Emirates.
It has been 12 days since the US-Israel war on Iran pushed the Middle East into turmoil.
There is already fears of a global energy crisis.
Many countries, including Pakistan, have taken austerity measures, such as introducing a four-day workweek for public employees and announcing holidays for schools beginning March 16.
On March 10, U.S. envoy Steve Witkoff said in an interview with CNBC that Russia had informed Trump it was not sharing information with Iran about U.S. military assets.
This ambiguity serves Moscow. It appears to want to support its Iranian partner enough to keep it standing, but without sliding into a direct confrontation with Washington or risking its relations with other partners in the Gulf.
ends
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