Russia

Russia, as a major oil and gas exporter, faces minimal direct exposure to the Iran conflict and Strait of Hormuz disruption, instead benefiting significantly from elevated global oil prices. Despite existing international sanctions, the current market conditions are bolstering state revenues, with gasoline prices remaining low domestically at $0.62/L. The country maintains robust fuel reserves for 730 days and exhibits no food security concerns, demonstrating strong economic resilience. The outlook for Russia in the coming weeks remains stable, as it continues to capitalize on the tight global energy market.