Russia in March 2026: the most important developments in economy
Russia's economy in March 2026 was shaped by the effect of the Iran war on oil markets. On 6 March the United States gave India a 30-day waiver to buy Russian oil, and on 13 March the US Treasury temporarily lifted sanctions on Russian oil already loaded at sea. India bought 30 million barrels after the first waiver and 60 million barrels for April, Chinese refiners resumed seeking Russian crude, as did South Korea and the Philippines. Brent crude exceeded 119 dollars on 9 March and was near 100 dollars at month's end. Kremlin spokesman Dmitry Peskov said the global market cannot be stable without Russian oil, while Germany's Friedrich Merz and Ukraine's Volodymyr Zelensky criticised the waiver. Russia's oil export revenue was reported on 12 March to have fallen to its lowest since the start of the war in Ukraine, and other reports said higher prices would bring billions in extra revenue.
Europe's energy position was disputed. President Vladimir Putin said on 4 March that Russia was considering halting gas supplies to the EU; the Kremlin later clarified his remarks, and on 9 March he said Russia was ready to supply oil and gas if asked. The EU delayed a formal proposal to ban Russian oil imports, while the European Commission said it would not delay its exit from Russian pipeline gas. Oil flows through the damaged Druzhba pipeline were disputed with Hungary and Slovakia, which resisted new sanctions; Ukraine agreed on 17 March to restore the pipeline. Russia's central bank sued the EU over the freeze of about 210 billion euros in sovereign assets.
At home, Russia tested a mobile internet blackout in Moscow on 13 March and began blocking Telegram on 16 March; officials later said the block would end. Putin acknowledged a downturn, signed a decree limiting the export of cash and gold, and reportedly asked oligarchs for donations. Drone strikes hit Primorsk and other Baltic oil ports, and Lukoil reported a 19 billion dollar annual loss. On 30 March a Russian tanker reached Cuba with US permission.
by WorldBrief & Maksim Micheliov | AI-generated summary
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