The conflict that erupted on February 28 between the United States, Israel and Iran has produced what Bloomberg columnist Mark Champion describes as a single clear beneficiary: Russian President Vladimir Putin.

In his analysis, Champion argues that the confrontation with Iran could hardly have unfolded at a more advantageous moment for the Kremlin — or a more difficult one for Kiev. He points to the heavy use of Tomahawk cruise missiles and Patriot air defense systems by the US military in operations against Iran, noting that such intensive deployment is rapidly depleting American stockpiles. Replenishing those arsenals, he writes, could take up to two years. That reality diminishes the prospects of expanded military deliveries to Ukraine, which has previously requested these very systems.

Champion also highlights the broader economic dimension. A prolonged military campaign in the Middle East is likely to push global oil and gas prices higher, a development that would benefit the Russian economy. He further draws attention to the risks facing shipping in the Strait of Hormuz and the possibility of disruptions to energy supplies from the region.

Should tensions escalate further, the United States would have to redirect military and intelligence assets to the new theater. Such a shift, the columnist suggests, could inevitably affect Washington’s level of engagement in the Ukrainian conflict.