Is Russia the Unintended Winner of Trump’s Iran War?

What this episode covers

There’s little doubt that the conflict in Iran has hurt much of the world economy. But not Russia. Data suggests that the Kremlin has already made billions of dollars in additional oil revenue since the United States and Israel attacked Iran. But beyond just cash, how much will this change President Vladimir Putin’s broader strategy? And what does this mean for the fate of the war in Ukraine? Alexander Gabuev, the director of the Carnegie Russia Eurasia Center, joins FP Live to explain how Russia is navigating a moment of particular global flux. Plus, Ravi offers his read on U.S. President Donald Trump’s visit to Beijing. Christian Caryl: Vladimir Putin Is Much Weaker Than You Think Sean Wiswesser: Don’t Fall for Rumors of Putin’s Weakness Keith Johnson: Russia Is Making Bank on Trump’s Iran War Christian Caryl: How Ukraine Benefited From Trump’s Iran War Alexey Kovalev: Russia’s War Boom Masks an Economic Implosion Learn more about your ad choices. Visit megaphone.fm/adchoices

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How long is this episode of Foreign Policy Live?

This episode is 38 minutes long.

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This episode was published on May 12, 2026.

What is this episode about?

There’s little doubt that the conflict in Iran has hurt much of the world economy. But not Russia. Data suggests that the Kremlin has already made billions of dollars in additional oil revenue since the United States and Israel attacked Iran. But...

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