Iran war's budgetary boost for Russia

Day 1,491.

Today, as extraordinary Ukrainian strikes in the Baltic region reportedly knock out around 40 per cent of Russia’s crude oil export capacity in a single attack – and achieve the first known successful strike on a Russian military ship in the Baltic Sea, hundreds of kilometres from Ukraine – we assess the strategic impact on Russia’s war economy. We also take the temperature from high-level meetings in Germany and Finland, and examine reports that Moscow is supplying Iran with vital assistance in its confrontation with the United States and Israel. What vulnerabilities has this widening conflict exposed for Washington?

Contributors:

Francis Dearnley (Host on Ukraine: The Latest). @FrancisDearnley on X.

Dominic Nicholls (Host on Ukraine: The Latest). @DomNicholls on X.

With thanks to Dr Robert Person, nonresident senior fellow at the Foreign Policy Research Institute.

NOW IN FULL VIDEO WITH MAPS & BATTLEFIELD FOOTAGE:

Every episode is now available on our YouTube channel shortly after the release of the audio version. You will find it here: https://www.youtube.com/@UkraineTheLatest  

CONTENT REFERENCED:

Ukraine drone attacks wipe out power for 500,000 Russians (The Telegraph):

https://www.telegraph.co.uk/world-news/2026/03/25/ukraine-russia-drone-attacks-power-cut-500k-kyiv/ 

Trump denies it – but two wars are becoming one (The Telegraph):

https://www.telegraph.co.uk/world-news/2026/03/26/converging-wars-leave-europe-panicked-and-putin-emboldened/ 

Exclusive: At least 40% of Russia's oil export capacity halted (Reuters):

https://www.reuters.com/business/energy/least-40-russias-oil-export-capacity-halted-reuters-calculations-show-2026-03-25/ 

Russia sending drones to Iran, western intelligence says (The Financial Times):

https://www.ft.com/content/d5d7291b-8a53-42cd-b10a-4e02fbcf9047?syn-25a6b1a6=1 

Russian government ordered Moscow internet blackout, The Bell reports (Kyiv Independent):

https://kyivindependent.com/orders-to-shut-down-internet-in-moscow-came-from-government-independent-russian-outlets-sources-confirm/?mc_cid=acf8847d40&mc_eid=08d0680a95 

Pentagon considers diverting Ukraine military aid to the Middle East (The Washington Post):

https://www.washingtonpost.com/national-security/2026/03/26/us-iran-war-ukraine-missile-defense/ 

Over 5000 munitions shot in the first 96 hours of Iran war (Foreign Policy Institute):

https://www.fpri.org/article/2026/03/over-5000-munitions-shot-in-the-first-96-hours-of-the-iran-war/

Drone Warfare Has Come to the United States (National Interest):

https://nationalinterest.org/feature/drone-warfare-has-come-to-the-united-states 

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