President Vladimir Putin on Thursday said the consequences of the Middle East conflict are unforeseeable and could be long-term due to its widespread impact.
The war is inflicting significant damage on international logistics, production, and supply chains, Putin said at the 35th Congress of the Russian Union of Industrialists and Entrepreneurs.
Putin decried how different sectors, including the extraction and processing of hydrocarbons, metals, fertilizers, and other goods and commodities, have been badly affected.
“I suspect even those directly involved in the conflict cannot foresee its course, and for us, the uncertainty is even greater,” he told the gathering.
The President repeated his condemnation of the “illegal sanctions” imposed on Russia, saying the actions “are unlawful, as they were never endorsed by United Nations resolutions.”
President Donald Trump recently issued a waiver for countries to buy sanctioned Russian oil as part of the United States’ efforts to alleviate the disruption triggered by the Iran war.
Russia is earning more than $750m a day as the war drives up demand for its oil, according to The Telegraph, which quoted the Kyiv School of Economics.
The report reckons Kremlin oil and gas revenues could double in March, from $12bn to nearly $24bn, enhanced by rising prices and U.S. sanctions waivers.
The projection says even if the war ends soon, Russia’s oil and gas earnings could reach $218.5bn in 2006, vastly higher than pre-conflict estimated figures.
Vice President of the European Commission, Kaja Kallas, noted that the oil price hike is giving Russia “the possibility” to fund its military operation in Ukraine.
Speaking at the G7 Foreign Affairs Ministers’ Meeting in France, the EU official also called for an end to the Iran war, warning that “the consequences for everybody around the world are quite severe.”
