Russia does not want to antagonize Washington, and its military remains stretched by its four-year war in Ukraine. "There are elevated oil prices and Patriot interceptors are being diverted to the Middle East, alongside political attention." A week earlier, the U.S. offered India relief from the supply pressures by allowing its refiners to purchase Russian oil already on tankers at sea. Pikin said volatility in the oil prices this week shows the uncertainty around how things will progress in the region. (Andrej Isakovic/AFP/Getty Images)Growing deficitsRussia has been grappling with worsening budget pressures, driven by high military spending, a slowing economy and weaker energy prices.

Source: CBC News March 12, 2026 14:11 UTC