One nation that’s hoping to gain from the United States-Israel war on Iran is Russia, the world’s third largest oil producer. Higher crude prices due to the disruption in the Strait of Hormuz have allowed Russia to earn more from its oil and gas exports. A sanctions waiver announced by the US is also helping Moscow.

But its revised budget plans are at risk after repeated Ukrainian attacks on its ports and oil refineries. Russia has banned petrol exports to protect against domestic fuel shortages. So can Russia help fill the global energy gap, or is its capacity already under threat?