Russia’s energy chief Alexander Novak in news amid talks on oil supply, sanctions and Middle East tensions. Deputy PM since 2020; ex-minister of energy. Short, sharp.
Oil prices have surged due to Middle East conflicts and disruptions in the Strait of Hormuz, impacting Russia's budget and global energy markets. Russian crude now trades above $60, but budget shortfalls persist as revenues remain below the required levels, with geopolitical tensions intensifying market volatility.
India faces energy supply disruptions due to Gulf region conflicts and sanctions. It is increasingly sourcing Russian oil, with recent shipments arriving in eastern India. The shift follows US sanctions easing and ongoing Middle East tensions disrupting traditional supply routes.
The US has extended a temporary waiver allowing India to buy Russian oil loaded before March 5, as global energy markets face turmoil from Middle East conflicts and Strait of Hormuz closure. The move aims to stabilize prices but raises concerns over sanctions and geopolitical risks.
On March 12, 2026, the US Treasury issued a 30-day waiver allowing countries to buy Russian oil already at sea to stabilize global energy markets disrupted by the Iran conflict. Treasury Secretary Scott Bessent emphasized the measure's limited benefit to Russia, applying only to oil in transit. This follows a similar waiver for India amid soaring oil prices and geopolitical tensions.
The Philippines has received a tanker carrying Russian crude oil, marking its first purchase in five years. This comes as the country faces a national energy emergency, with limited fuel supplies and increased reliance on Russian imports authorized by U.S. sanctions waivers. The move reflects shifting regional energy sourcing amid global disruptions.
As of early April 2026, Ukrainian President Volodymyr Zelensky has secured 10-year defense agreements with Saudi Arabia, Qatar, and the UAE, focusing on sharing Ukraine's expertise in countering Iranian drone attacks. These deals aim to bolster Gulf states' defenses while providing Ukraine with financial and technological support amid ongoing conflicts involving Russia and Iran.