New Delhi, March 21 -- With U.S.-brokered Ukraine peace talks on hold due to the war in the Middle East, Russian President Vladimir Putin is expected to try to expand his military gains via new offensives against his neighbor that could put even more pressure on Kyiv.

Windfall revenues from surging global oil prices are filling Moscow's war coffers and U.S. air defense assets are being drained quickly by Iranian attacks across the Gulf, raising concerns that little will be left available for Ukraine in the fifth year of Russia's full-scale invasion.

Ukraine's European allies have promised to maintain their steadfast support, but continuous bickering over a major 90 billion-euro ($106 billion) European Union loan to cover Kyiv's military...