The war launched by the Americans followed by the Israelis against Iran temporarily overshadowed the one caused by Russia’s invasion of Ukraine in February 2022.
Overall, the situation on the ground has changed little since February 2023, even though the slow Russian nibbling continues at a heavy cost.
No decisive victory can be achieved by either belligerent, both exhausted by over four years of war. This war aims at weakening the opponent economically, attempting to bring them to their knees.
However, the hope of undermining the morale of the opposing camp so that populations push their leaders to negotiate has long been forgotten. The Slavic peoples have shown exceptional resilience in history.
Despite the efforts of various intelligence services, the leaders of both camps seem immovable for now as there does not seem to be any palace revolution on the horizon.
Devastating Bombardments
Russia recently carried out one of the most extensive attacks ever seen, combining missiles and drones, mainly of the Geran-2 type. The attack occurred in two waves, one at night and the other during the day, hitting various regions in Ukraine.
The Ukrainian air force claimed to have shot down a large number of drones and missiles launched by Russia, resulting in casualties and damage to historical buildings in Lviv.
Efforts to negotiate between Kiev and Moscow have been suspended due to the war in the Middle East. The situation remains tense, with both sides attempting to disrupt economic relations between Tehran and Moscow.
Economic Implications
The conflict has disrupted Russia’s oil exports and led to significant financial losses. With oil prices surpassing $100 a barrel due to the war with Iran, Moscow faces a substantial setback in revenue.
While facing challenges in the energy sector, Russia has seen growth in fertilizer exports to African and Asian countries, strengthening its position in global food markets.
(1) Refer to “Israeli Strikes on the Caspian” from March 20, 2026.
