Russia says Middle East war disruption opens up new trade opportunities

MOSCOW: Global supply disruptions caused by the war in the Middle East have opened up new trade opportunities for Russia, but price stability in the domestic market remains a priority, Russian Prime Minister Mikhail Mishustin said on Tuesday.

Russia, the world’s second-largest oil exporter, the largest wheat exporter, and a major producer and exporter of fertilisers, is seen by many experts as one of the main economic beneficiaries of the conflict.

“For our country, the current situation - if we consider exclusively the economic aspects - creates new opportunities to improve the financial position of export-oriented industries and to provide additional budget revenues,” Mishustin told a government meeting.

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“Our country has the capacity to increase overseas shipments of resources that are currently scarce due to the Middle East crisis, or that may become scarce in the near term, including food-related supplies,” Mishustin said.

Apart from oil and gas, Mishustin noted that global supplies of urea, sulphur, and helium had been disrupted. Russia is a major producer of all three commodities.

Russia must protect its own domestic consumers from external price shocks, he said, citing recent bans on gasoline and nitrogen fertiliser exports as examples of protective measures.

“Our top priority remains protecting the domestic market,” he said.