U.S. President Donald Trump said he had a "very good call" with Russian President Vladimir Putin about Ukraine and the Iran conflict and is considering easing certain oil sanctions on Russia to help cool surging energy prices, Reuters reported on March 9. The deliberations come as oil prices spiked following U.S. and Israeli strikes on Iran and disruptions in the Strait of Hormuz.

Russian oil and gas revenues fell sharply in 2025 due to lower prices and discounts tied to sanctions, widening the federal deficit and increasing reliance on domestic borrowing and reserve drawdowns. The recent price rally has lifted Russia's Urals blend closer to its 2026 budget assumption, though sanctions-related discounts and exchange rate dynamics continue to limit how much of the global price increase translates into ruble revenues.