As the war in Iran draws in more countries, it’s had unlikely benefits for one of Iran’s key allies: Russia.

President Trump has eased some sanctions on Russian oil in his efforts to alleviate the oil squeeze created by the conflict. Meanwhile, the allyship between Russia and Iran has deepened as both countries have shared battlefield intelligence.

On today’s Big Take podcast, host Sarah Holder talks with US defense and intelligence reporter Natalia Drozdiak about how Russia could benefit from the Iran War — and what it could ultimately mean for Russia’s war in Ukraine.

Read more: Putin’s ‘Hidden Hand’ Guides Iran’s Strikes in Widening War

Hosted by Sarah Holder; Produced by David Fox; Reported by Natalia Drozdiak; Edited by Naomi Shavin.

Fact-checking by Eleanor Harrison-Dengate; Engineering by Katie McMurran.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

As the war in Iran draws in more countries, it&rsquo;s had unlikely benefits for one of Iran&rsquo;s key allies: Russia.
President Trump has eased some sanctions on Russian oil in his efforts to alleviate the oil squeeze created by the conflict. Meanwhile, the allyship between Russia and Iran has deepened as both countries have shared battlefield intelligence.
On today&rsquo;s Big Take podcast, host Sarah Holder talks with US defense and intelligence reporter Natalia Drozdiak about how Russia could benefit from the Iran War &mdash; and what it could ultimately mean for Russia&rsquo;s war in Ukraine.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-03-12/putin-s-hidden-hand-guides-iran-s-strikes-in-widening-conflict?srnd=undefined">Putin&rsquo;s &lsquo;Hidden Hand&rsquo; Guides Iran&rsquo;s Strikes in Widening War</a>
Hosted by Sarah Holder; Produced by David Fox; Reported by Natalia Drozdiak; Edited by Naomi Shavin.
Fact-checking by Eleanor Harrison-Dengate; Engineering by Katie McMurran.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

Big Take

Will Russia Be the Biggest Winner of the Iran War?

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/fa15f24b-1443-4847-abd4-b40f01541e2f/transcript