Brussels – The war in Iran and the Middle East is boosting Russian energy exports, with Moscow standing to gain significantly from the conflict between the United States and Israel in the region. The Center for Research on Energy and Clean Air (CREA), a Finnish think-tank, reports that in March 2026, Russia’s monthly revenues from fossil fuel exports rose by 52 percent from the previous month, reaching 713 million euros per day, “the highest figure in the last two years.” These figures are mainly attributable to “a massive 115 percent month-on-month increase in revenues from the export of crude oil by sea.”
Following the closure of the Strait of Hormuz, Russia therefore appears to have become the main alternative to traditional trade routes and the solution to India’s and China’s supply problems. It is primarily these two countries that are buying from Russia. The Trump administration’s moves in the Gulf region, therefore, end up economically strengthening Russia’s tsar, Vladimir Putin, and creating an entirely new Russian-Indian-Chinese bloc in opposition to the Euro-Atlantic one. In addition, the economic weakening of China and India caused by Hormuz’s closure is being managed and offset by a strengthened Russian role.
From a geopolitical perspective, India’s and China’s massive purchases of Russian gas and oil represent a defeat for the European Union: efforts to isolate and weaken Moscow are being undermined. Through their decisions, New Delhi and Beijing are officially declaring that they will not align themselves with the EU. And Indo-Chinese competition in terms of productivity and growth is, at best, only partially curbed. Additionally, in March, CREA reports, “almost half (48 percent) of Russian oil transported by sea was carried by ‘shadow’ tankers subject to sanctions.” Adding insult to injury.
However, the European Union is also buying from Russia. CREA’s analysis shows that revenues from liquefied natural gas (LNG) rose by 5 percent, reaching 47 million euros. “The vast majority (65 percent) of Russian LNG shipments arriving at their destination in March 2026 were unloaded in EU Member States,” confirming that the EU is still grappling with energy shortages and the need to purchase energy. It must be said that, as part of the twelve-point response to the Russian war in Ukraine and the sanctions against Moscow, the ban on Russian gas imports, including LNG, will come into force in September 2027; therefore, the demand for Russian resources is in no way illegal.
To date, the EU remains the main buyer of Russian LNG, accounting for almost half (49 percent) of Russia’s total LNG exports, followed by China (23 percent) and Japan (19 percent). Spain is the leading buyer of Russian LNG (355 million euros in March). Furthermore, the EU is also the main buyer of gas via pipeline, accounting for 33 percent of exports to the 27-member bloc. It is followed by China (31 percent) and Turkey (29 percent).
Meanwhile, however, “revenues from Russian fossil fuel exports have reached their highest level in the last two years, with tax revenues from crude oil expected to double in March”, the Center for Research on Energy and Clean Air said. This is also thanks to Turkey, the third-largest buyer of gas after the EU and China, the third-largest buyer of Russian oil behind China and India, and the largest buyer of petroleum products ahead of China. In short, Turkey continues to play on several fronts: a NATO member but a friend of Russia, and at the heart of the reorganization of the Arab-Islamic world.
![Riunione del consiglio Affari esteri [Bruxelles, 16 marzo 2026. Foto: European Council]](https://www.eunews.it/wp-content/uploads/2026/03/consiglio-esteri-350x250.jpg)
