This strategy hinges on Hormuz staying closed long-term, though. As soon as global oil prices come back down to earth, Russia's oil revenue will plummet. And the whole "send crude to refineries in India/China, then reimport the gasoline to fuel our troops" scheme will no longer be economical.
Looking at the ME right now, doesn't look like Hormuz is going to be resolved any time soon. Even if some deal sticks, the many countries that got burned being over dependent on that part of the world would want optionality (Russian supply).
Besides, even if the war ends today, we don't really know the true scope of the damage to a lot of the capacity.