Ninety Percent of Russian Q1 Crude Went to China and India. Moscow Is the Biggest Commercial Winner of the Hormuz Crisis.
Russia sent 90 percent of its Q1 2026 crude exports to China and India. It is the commercial beneficiary of a crisis it helped block the UN from resolving. Understanding the Moscow windfall is understanding why any Hormuz governance regime that can actually work has to be designed to bypass Security Council veto dynamics.