Many countries in Southeast Asia and Northeast Asia are heavily dependent on oil and gas from the Middle East, mostly through the strategic transport route of the Hormuz Strait. However, ships passing through this strait have been almost stalled since the US and Israel airstriked Iran on February 28, 2026.
Iran's new Supreme Leader Mojtaba Khamenei declared that Tehran will continue to maintain the closure of the Strait of Hormuz as a "tool of pressure" on the US and Israel, making the global energy market more unstable.
Faced with the risk of fuel shortages, some Southeast Asian economies have begun to consider importing Russian oil.
The Moscow Times reported that Thai Deputy Prime Minister Phiphat Ratchakitprakarn said Bangkok is preparing to open negotiations to buy crude oil from Russia to compensate for the supply shortage.
Thailand currently only has crude oil reserves sufficient for about 3 months. Under supply pressure, the country temporarily suspended fuel exports last week to prioritize the domestic market.
In the Philippines, the government is also considering the possibility of importing Russian oil. According to local media, the final decision will be made by the Ministry of Energy after assessing the economic impact and supply.
The soaring gasoline prices have forced many Philippine state agencies to switch to a 4-day working week, a measure to save energy costs.
In Northeast Asia, Japan is also considering the possibility of importing Russian oil after the US temporarily eased some restrictions.
In 2025, Japan imported up to 94% of crude oil from the Middle East, making the world's third largest economy particularly vulnerable to supply disruptions.
However, Tokyo has a great advantage thanks to its strategic reserves equivalent to 254 days of consumption, giving this country more time to find solutions.
Meanwhile, ASEAN's Ministers of Economy and Foreign Affairs called for an immediate end to the war in the Middle East, warning that soaring energy prices and trade disruptions are putting great pressure on Southeast Asian economies.
In that context, Russia is emerging as an important alternative supplier.
According to estimates by the Financial Times, Russia has earned 1.3-1.9 billion USD in taxes from oil exports since transportation through the Strait of Hormuz was almost paralyzed and global energy prices increased sharply.
Analysts believe that if the supply shortage lasts, some European governments may even face pressure to postpone plans to ban the import of liquefied natural gas (LNG) from Russia.
In fact, many Asian countries bought Russian oil before the US-Israel war on Iran broke out at the end of February.
China and India are currently the two largest customers of Russian crude oil. However, New Delhi has been under pressure from Washington to reduce Russian oil purchases because it believes this helps maintain Moscow's financial resources.
Last week, the US Treasury Department granted 30 days of exemption to Indian refineries to buy Russian oil trapped at sea.
