As yet another one of his key allies in the region faces an existential crisis, Vladimir Putin is presented with a major opportunity — and many challenges.

Russian President Vladimir Putin has offered to help mediate an end to the conflict between Israel and Iran, suggesting Moscow could help negotiate a settlement that could allow Tehran to pursue a peaceful atomic program while assuaging Israeli security concerns.

Analysts say the Kremlin is prioritizing its own war against Ukraine, as well as its relations with Gulf nations that don’t want to see a stronger Iran.