Russian President Vladimir Putin said the consequences of the conflict in the Middle East are difficult to predict, warning that some estimates compare the potential fallout to the Covid-19 pandemic.
Speaking to business leaders in Moscow, Putin said the conflict was already disrupting international logistics, production and supply chains, while also putting heavy pressure on hydrocarbon, metals and fertilizer companies.
“The consequences of the conflict in the Middle East are still difficult to accurately predict,” said Putin, adding, “It seems to me that those who are involved in the conflict cannot predict anything themselves, but for us it is even more difficult.” Putin said the wider impact could be severe.
“However, there are already estimates that they can be compared with the coronavirus epidemic,” Putin said. “Let me remind you that it has dramatically slowed down the development of all regions and continents, without exception.”
His remarks came as Russia’s energy revenues surged amid turmoil in global oil markets linked to the Iran war.
According to the Kyiv School of Economics (KSE) Institute, Russia is estimated to be earning at least $760 million a day from oil and gas exports. Monthly revenues could nearly double from about $12 billion to $24 billion, driven by a spike in prices and temporary sanctions relief granted by Donald Trump, as reported by Telegraph UK.
As the conflict deepened, Moscow also moved to publicly signal support for Tehran.
Earlier, Putin congratulated Iranian leaders on Nowruz and said Moscow remained a loyal friend and reliable partner to Iran, according to the Kremlin. He sent greetings to Iran’s Supreme Leader Ayatollah Mojtaba Khamenei and President Masoud Pezeshkian on the Iranian new year.
Still, the extent of Russia’s support for Iran remains disputed. Some Iranian sources have said they received little real help from Moscow during what has been described as Iran’s biggest crisis since the 1979 revolution that toppled the US-backed Shah.
Russia has also said the US and Israeli attacks on Iran pushed the Middle East closer to a wider crisis and triggered a major global energy shock, while Putin condemned the killing of the Iranian Supreme Leader as a "cynical" murder.
