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The Kremlin stated on Friday that the war against Iran had fueled a "significant increase in demand" for Russian energy resources, positioning Moscow as a potential beneficiary of the conflict's disruption to Gulf oil and gas supplies even as Russia remains under Western sanctions over its war in Ukraine.
"We are seeing a significant increase in demand for Russian energy resources in connection with the war in Iran," Kremlin spokesman Dmitry Peskov told reporters.
"Russia has been and remains a reliable supplier of both oil and gas, including pipeline gas and liquefied natural gas," he noted.
Peskov said Russia was "capable of guaranteeing the continuity of all deliveries for which contracts have been concluded."
He noted that Moscow continues energy cooperation with both India and China.
"India and China are countries that are guided by their national interests, and we do the same. We continue our cooperation, including in the field of energy and trade in energy resources, with both India and China," Peskov stated.
Kremlin spokesman declined to provide specific volume data on Russian oil supplies, citing security concerns. "No, of course, we are not going to provide any quantitative data for obvious reasons. There are too many ill-wishers," he said.
Peskov added Moscow was "in dialogue with the Iranian side" but refused to specify who Russian officials were speaking with or whether Russia was providing military support to Iran.
Russia's economy depends heavily on oil and gas revenues, which were hit by sanctions imposed after the 2022 invasion of Ukraine.
With the Strait of Hormuz effectively shut and Gulf producers declaring force majeure, Moscow stands to capture market share from countries cut off from a fifth of global oil and LNG supplies.
The U.S. Treasury issued a temporary 30-day waiver on Thursday, allowing Indian refiners to purchase Russian oil, in a reversal of months of pressure on New Delhi not to buy Russian crude.
"To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil," Treasury Secretary Scott Bessent said.
He described the waiver as intentionally short-term and limited to transactions involving shipments already stranded at sea, meaning it would not provide significant financial benefit to the Russian government.
Bessent called India a key U.S. partner and said Washington expected New Delhi to increase purchases of American crude in return.
"We fully anticipate that New Delhi will ramp up purchases of U.S. oil," he said, adding that, "This stop-gap measure will alleviate pressure caused by Iran's attempt to take global energy hostage."
The waiver came as traffic through the Strait of Hormuz, a critical shipping passage through which a fifth of global oil and LNG passes, has slowed to a near halt since the U.S. and Israeli strikes on Iran began on Feb. 28.
At least 10 ships have been hit in Gulf waters, insurance premiums have surged and shipping owners have been unwilling to risk vessels and crews.
Qatar's energy minister also warned that all Gulf exporters would be forced to declare force majeure within days and predicted crude oil could reach $150 a barrel.
The disruption has created an opening for Russian energy exports at a time when Western nations had been working to reduce Moscow's oil revenues through sanctions and price caps imposed over the Ukraine war.
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