Reshetnikov predicted the long-term impact of the US conflict with Iran on the global market

Global trade will experience the effects of the US-Israeli conflict with Iran for a long time to come, and experts have yet to fully assess its impact. This was announced on October 5 by Russian Minister of Economic Development Maxim Reshetnikov following the G20 meeting in Milwaukee.

"The conflict in the Middle East has become a serious factor in destabilizing the situation on the global market. It is obvious that global trade will experience its consequences for a long time, the full picture of which experts have yet to assess," he said in an interview with TASS.

Reshetnikov noted that, according to World Trade Organization (WTO) experts, due to significant violations of navigation in the Strait of Hormuz, exports in the region decreased by 9.7% in the first quarter, while imports decreased by almost 12%.Газета.Ru ".

In addition, rising prices for hydrocarbons and fertilizers, as well as increased production and logistics costs, have increased pressure on global food markets. The most vulnerable, according to the minister, were developing and least developed countries that depend on imports and have limited resources to maintain food security.

The situation in the Persian Gulf region remains critical for global food supply. According to the AGBI portal, the Strait of Hormuz is a key transportation hub for the ports of Kuwait, Bahrain, Qatar, the United Arab Emirates and Saudi Arabia. The escalation of hostilities directly threatens the stability of supplies through these harbors.

Middle East delight: oil exports through Hormuz rose to 76% of pre-war levels

This is achieved by transshipment of raw materials at sea from small vessels to large tankers.

On October 2, the leaders of the Group of Seven (G7) countries demanded the immediate and complete restoration of freedom of navigation through the Strait of Hormuz. They also condemned Iran's ongoing attacks on neighboring countries and accused Tehran of violating international trade, energy security and the global economy. Against this background, the G7 countries have agreed to coordinate actions to stabilize energy markets.

Iranian Foreign Minister Abbas Araqchi said on September 27 that the country was waiting for a final response from the United States on the proposal to restore shipping in Hormuz. According to him, Iran does not intend to abandon its demands and will continue to adhere to the diplomatic path.