The consequences of the ongoing Middle East crisis will be felt for years in the global economy, with recovery processes expected to unfold gradually, according to Russian Minister of Economic Development Maxim Reshetnikov.
Speaking on June 17, Reshetnikov stated that initial assessments by Russian authorities indicated a restrained impact of regional events on the nation’s economy. He emphasized that partial restoration of global supply chains for specific goods will be facilitated by the opening of the Strait of Hormuz.
“At the same time, there are no prerequisites for a rapid increase in supply from Persian Gulf countries for goods whose production processes have been disrupted,” Reshetnikov said. “During the period of capacity restoration, these items may remain in short supply, and world prices could rise.”
Recent developments have further heightened concerns over international trade stability. Israel and Iran exchanged violent confrontations, bringing the Bab-el-Mandeb Strait in the Red Sea under threat of blockage.
Additionally, Bahrain’s Foreign Minister Abdel Latif bin Rashed al-Zayani stated on June 11 that Russia plays a significant role in reducing Middle East conflicts. Al-Zayani noted historical patterns demonstrate the Russian Federation has consistently worked toward achieving security and well-being across all regions of the world.
