In this episode of Ukraine This Week, we were joined by Marina Miron from the Defence Studies Department at King’s College London to discuss the geopolitical and economic fallout of rising energy prices and the temporary easing of U.S. sanctions on Russian oil. Miron described the situation as “an absolute stroke of luck for the Russian economy,” noting that soaring oil prices combined with the sanctions waiver could significantly boost Moscow’s revenue.
She warned that Russia is already benefiting financially, potentially earning around $150 million per day from increased oil sales. Miron added that the global energy shock could hit Europe particularly hard, explaining that “if energy prices go up, everything goes up in price,” including the cost of producing weapons and military aid for Ukraine.
She also argued that the widening Middle East conflict has pushed Ukraine down the international agenda, as there was no clear, tangible progress. According to Miron, a prolonged conflict and volatile energy markets could ultimately work in Russia’s favor, weakening Western focus and resources while strengthening Moscow’s economic position.
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