Ziggy Ojiegbe

Despite the biting global fuel supply squeeze, Russia and China vetoed a United Nations Security Council resolution aimed at reopening the Strait of Hormuz, a critical maritime chokepoint that carries about a fifth of the world’s oil.

Ad >>>

Oracle Intelligence reports that the two trade partners currently benefit from the global fuel crisis. While the acute undersupply helps sanctioned Russian oil regain value in the black market where it has operated at discount prices, the dire situation also assists China mop up relatively cheaper floating Russian oil from the shadow spot market.

The draft resolution, spearheaded by Bahrain and supported by the United States, received 11 votes in favor, two against, and two abstentions, but failed due to the vetoes. Bahrain’s Foreign Minister Abdullatif bin Rashid Al Zayani expressed regret, saying the outcome “sends the wrong signal to the world” about threats to international waterways.

Since the war between the United States, Israel, and Iran began on 28 February, Iran has effectively blocked the strait, raising insurance costs for shipping and causing ripple effects throughout global energy markets. U.S. firms have committed $40 billion in coverage to mitigate risks, and Iran has hinted at plans to charge transit fees for vessels.

The vetoed resolution had initially included language that could have given UN authorization for states to use force to unblock the strait. Negotiations over two weeks watered down the text after objections from permanent members, including France, Russia, and China. By the final draft, the resolution no longer explicitly authorized the use of force, even defensively. Instead, it called on states to “coordinate efforts, defensive in nature…to contribute to ensuring the safety and security of navigation,” while demanding that Iran cease attacks on merchant vessels and energy infrastructure.

U.S. Ambassador Mike Waltz said after the vote that the decision “does not restrict the United States to continue to act in its own self-defense and in the collective defense of our allies and partners.”

Iran’s UN Ambassador Amir Saeid Iravani criticized the draft, saying it sought “to punish the victim for defending its sovereignty and vital national interests in the Persian Gulf.” Russian Ambassador Vassili Nebenzia defended the veto, calling the text “unbalanced, inaccurate, and confrontational,” while indicating that Russia and China would propose an alternative draft in the future.

UN resolutions authorizing force are rare. The most notable example was in 1990, when the Security Council allowed a U.S.-led coalition to intervene in Iraq after its invasion of Kuwait.

The veto leaves the Strait of Hormuz effectively under Iranian control, prolonging uncertainty for global energy markets and international shipping. Gulf states have warned that continued disruptions threaten both regional stability and the broader global economy.