Temporary Beneficiary: Russia's gains from the Iranian war will be modest unless it escalates into a protracted conflict
The impact of the new war in Iran on Russia and the conflict in Ukraine should be assessed from three perspectives. The first is oil price dynamics, which could have a positive effect on Russia’s economic situation in 2026. The second is the Kremlin’s relationship with Donald Trump: as long as the Iranian issue remains unresolved, Trump is interested in Moscow maintaining neutrality and restraint, and, crucially, in the absence of Russian arms supplies to Iran.