Serge Schmemann: Oil prices aside, this war has not gone Putin’s way
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By Serge Schmemann
Published on April 21, 2026.
The Iran war has been an economic windfall for Russia, but it has also been another setback for Vladimir Putin, who sees Iran as his closest partner in the Middle East. The United States and Israel's attack on Iran has significantly damaged Iran's economy and military. This comes after the capture of Putin's South American ally, Nicolás Maduro, in a U.S. raid on Venezuela. Meanwhile, Russia has been excluded from any say in the future of Iran or its allies, and its oil companies are being squeezed out of post-Maduro Venezuela. This has been a setback for Putin who hopes to restore his country's global clout to Soviet levels. Despite avoiding directly criticizing Trump, Putin has condemned the killing of Iran’s supreme leader, Ayatollah Khamenei, as a “cynicalical” murder and violation of international law.
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