The Russia-Ukraine conflict has had a variety of regional and international consequences. Energy and food markets have been impacted by the imposition of western sanctions on Russia and challenges to Ukrainian grain exports. As Russia pursues ways to counter sanctions, and Ukraine is unlikely to immediately resume normal export routines, these conditions present both threats and opportunities for other countries—including Iran.

Double-edged sword

The higher oil prices are an important opportunity for Iran to generate accessible foreign exchange, which has been made difficult by US sanctions on the Islamic Republic. In addition, rises in the prices of petrochemicals could further be profitable for Tehran...