Global trade to feel effects of Iran war for a long time - Reshetnikov

Global trade will face lasting negative consequences from the US‑Israeli war with Iran, Economic Development Minister Maxim Reshetnikov told TASS after a G20 meeting in Milwaukee.

"The conflict in the Middle East has become a major factor destabilizing the global market. It is evident that global trade will feel its consequences for a long time—consequences whose full scope experts have yet to assess",

Reshetnikov said.

According to WTO estimates, shipping disruptions in the Strait of Hormuz cut regional exports by 9.7% and imports by nearly 12%.

Reshetnikov noted that rising hydrocarbon prices and higher costs have intensified pressure on food markets, leaving import‑dependent developing nations especially vulnerable.