The Monocle Daily Russia loses allies but gains energy dependents as Iran war continues
Mar 5, 2026
Elisabeth Braw, defence and energy analyst, and Stephen Dalziel, Russia specialist, unpack shifting alliances and market shocks. They discuss how rising oil prices and Strait of Hormuz risks reshape Russia’s economy. They explore Russia’s drone production and Ukraine selling drone-defence expertise to Gulf states. NATO, Turkey and shipping security also feature in the conversation.
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Insurers Decide If Hormuz Is Effectively Blocked
- Strait of Hormuz disruptions raise price and supply uncertainty because insurers and shipowners decide risk, not militaries.
- Elisabeth Braw highlights insurers spiking rates and few operators willing to send tankers through the strait now.
Russia Replaced Iranian Shaheds With Domestic Copies
- Russia has adapted Shahed drone supply by reverse engineering and domestic production.
- Stephen Dalziel says Russia disassembled Iranian Shaheds early in the war and now manufactures many similar loitering munitions itself.
Ukraine Exporting Drone Knowhow And Hardware
- Ukraine is marketing its drone-defeat expertise and selling drones to Gulf states.
- Elisabeth Braw says Ukrainians developed cheap, highly effective drones and the US under Trump is reportedly in talks to buy them to counter Iranian attacks.