Russian President Vladimir Putin is set to continue benefitting from the war in Iran, as the price of Russian Urals crude is approaching $100 per barrel, a level not seen since 2022.

The price of Russia’s key export blend spiked following Trump’s decision to suspend sanctions on Russian crude oil and petroleum products found at sea.

From December 2022 to the end of January 2026, India purchased 38 percent of Russian crude oil exports, according to CREA data. China accounted for 48 percent, seemingly filling the gap created by EU and U.S. sanctions during this time.

Urals crude prices in India reached $98.93 a barrel on Friday (March 13), reports Do Rzeczy, a high not seen since early 2022, when Russia launched its invasion of Ukraine. At the same time, the discount for Russian crude versus Brent crude fell to its lowest level in more than four months.

With Europe vulnerable to an energy crisis, Putin says Russia may pull the plug on gas supplies to Europe

The U.S. Treasury Department has lifted sanctions on the sale of crude oil and petroleum products from Russia loaded onto ships before March 12. The license is valid until April 12. According to U.S. Treasury Secretary Scott Bessent, Washington’s decision should increase global oil supplies and lower prices.

Kirill Dmitriev, the Russian president’s special representative for investment and economic cooperation and chairman of the Russian Direct Investment Fund (RDIF), stated that the easing of U.S. sanctions would affect approximately 100 million barrels of Russian oil. He said the United States had essentially acknowledged that the global market cannot remain stable without Russia’s participation.

After the U.S. and Israel attacked Iran last month, Tehran blocked the Strait of Hormuz, sending oil prices skyrocketing and causing gasoline and diesel prices to rise significantly.

Orbán announces price caps for gasoline and diesel as no end in sight for war in Iran and resulting oil price surge

Gas station price hikes are sweeping across Poland, with diesel approaching 8 złoty (€1.87) per liter, the popular 95-octane costing an average of 6.50 złoty, and 98-octane gasoline costing well over 7 złoty. According to Reflex analysts, prices at gas stations will continue to rise in the coming days, but at a slower pace.

In Hungary, PM Orbán has asked the EU to ease its sanctions as well to help curb price hikes at the pump and for heating homes. The government earlier this month announced a gasoline price cap for individuals and entrepreneurs.