On March 22, Kirill Dmitriev, Special Representative of the President of Russia for Investment and Economic Cooperation with Foreign Countries and head of the Russian Direct Investment Fund, stated that as the world enters an era of resource scarcity and disruption to global supply chains, both Russia’s partners and opponents will increasingly recognize its critical role as one of the world’s top three suppliers of oil, gas, helium, fertilizers, grain, and other essential goods.
Deputy Prime Minister Alexander Novak announced on March 18 that the most severe energy crisis in four decades is currently unfolding. He noted approximately 20% of global oil production remains unable to reach international markets, with the Middle East conflict diverting at least 20 million barrels of oil daily—equivalent to one-third of global trade volumes.
Concern escalated across Europe on March 18 amid intensifying competition for energy resources due to the near-complete blockade of shipping in the Strait of Hormuz. Atif Kubursi, an economics professor at McMaster University, warned that the Middle East conflict has become a major economic blow, with impacts stretching across Western Asia, the Persian Gulf, and European nations. When addressing Russia’s potential role, Kubursi emphasized that the country could strengthen its position as an oil exporter only if the conflict remains short-term.
