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Russian President Vladimir Putin has warned that the escalation of the conflict in the Middle East could have serious consequences for the global economy, comparing the potential impact to that of the COVID-19 pandemic.
Speaking at the plenary session of the congress of the Russian Union of Industrialists and Entrepreneurs in Moscow, Putin stated that the war between the US, Israel and Iran is damaging international production and logistics chains.
He stressed that important economic sectors, including hydrocarbon extraction and processing, metals, and fertilizer production, are facing direct hits.
According to him, some assessments are already comparing the current situation to the coronavirus pandemic, which slowed economic development in all regions of the world.
“Entire industries related to the extraction and processing of hydrocarbons, metals, fertilizer production and many other goods have been attacked. There are already estimates that compare them to the coronavirus pandemic. And, as I recall, the pandemic significantly slowed down the development of all regions and continents, without exception ,” he stressed.
Putin also warned the government and Russian energy companies to avoid reckless use of revenues from rising oil prices. He stressed that market volatility could bring rapid changes and called for a cautious approach to spending, which he described as “moderate conservatism.”
Commenting on the domestic situation, the Russian president stated that Russia is managing to maintain macroeconomic stability despite current challenges and constraints.
In conclusion, he underlined the importance of state sovereignty, emphasizing that its absence makes it impossible to protect national interests, including the development of transport, logistics, and financial infrastructure.
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