Putin: Middle East crisis could paralyze global economy like COVID-19 did

Russian President Vladimir Putin expressed concern today about the economic impact of the US-Israeli war on Iran, comparing the conflict in the Middle East to the COVID-19 pandemic, which has slowed global development.

Speaking at the plenary session of the congress of the Russian Union of Industrialists and Entrepreneurs in Moscow, he said that the conflict in the Middle East is causing significant damage to international production and logistics chains.

"Entire industries related to the extraction and processing of hydrocarbons, metals, fertilizer production and many other goods have been attacked," he declared.

"There are already estimates that compare them to the coronavirus pandemic. And, as I recall, the pandemic significantly slowed down the development of all regions and continents, without exception," he stressed.

Putin warned the Russian government and oil and gas companies against attempts to squander revenues from rising oil prices.

“Now that the prices of our traditional exports are rising and markets are volatile, there may be a temptation to take advantage of the situation, to take windfall profits and, as they say, squander them, use them for dividends, or in the case of the state, inflate budget expenditures and budget expenditures,” he said.

Putin warned that oil markets could swing in the opposite direction and called for “moderate conservatism” in spending. Commenting on the situation in Russia, the Russian president said that the country, despite difficulties and restrictions, is managing to maintain macroeconomic stability.

"Russia, to face the challenges of the time, must be strong and united, as the situation in the world has shown the consequences of giving up sovereignty," he said.

"Without sovereignty, it is impossible to protect one's fundamental interests. And this applies to all areas, including the development of transport, logistics and financial infrastructure," he stressed.

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