Russian finance inister, Anton Siluanov has warned that the blockade of the Strait of Hormuz could plunge the global economy into recession as energy prices continue to rise and supply chains remain disrupted.
Speaking on Wednesday, the Russian finance minister said the situation had already sparked a global energy crisis, with countries across the world beginning to feel the impact through rising fuel costs, inflation and mounting economic pressure.
According to him, nations that depend heavily on imported energy in Asia and Europe, as well as poorer African countries, are likely to suffer the most severe consequences if the crisis persists.
Siluanov noted that although Russia could benefit from increased oil revenues due to higher energy prices, the broader effects of the blockade were damaging global trade and increasing transportation and logistics costs.
“‘All of this is weakening global economic growth, having a negative impact on countries’ finances and increasing inflationary pressure,’” he said.
He added that the disruptions could also lead to higher food and fertilizer prices, further worsening inflation and slowing economic growth worldwide.
The minister stressed the need for stable and predictable global economic conditions, calling for practical measures that would support economic growth and protect citizens’ incomes.
The Strait of Hormuz remains one of the world’s most important oil shipping routes, with tensions in the region continuing to raise concerns over global energy security.
