Russia is the world's second-largest oil exporter and the largest natural gas exporter. Since 2022, sanctions have restructured Russian energy flows: crude oil redirected to Asia at discounted prices, while Europe pivoted away from Russian pipeline gas.
Current Context
Current state (May 22, 2026): The U.S. issued a fresh waiver permitting the sale of Russian crude oil already loaded onto tankers, providing a release valve for global supply. Russia’s role in any uranium transfer is in flux after Supreme Leader Mojtaba Khamenei’s directive Thursday that the country’s uranium stockpile must not be sent abroad — effectively reversing the transfer-to-Russia element of Iran’s revised peace proposal. The Kremlin had previously offered to receive and store the material. Russia remains one of few major producers outside the Persian Gulf disruption zone.