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.
