Russia is emerging as a major beneficiary of the war between U.S.-Israel and Iran, as higher oil prices and temporary sanctions relief significantly increase its crude exports. The Middle East conflict has disrupted global energy markets, leading to a surge in oil prices. Despite a 7% drop in prices on Tuesday, prices remain around 27% higher compared to before the war started. Russia, which remains one of the world's largest oil exporters despite Western sanctions following its invasion of Ukraine, has already benefited from the crisis after Washington granted India a temporary waiver allowing it to continue purchasing Russian crude. If the crisis continues to constrain Gulf exports, Russia could generate tens of billions of dollars in additional state revenue as elevated oil and gas prices persist.