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Middle East conflict

Middle East crisis will increase inflationary pressure globally — Russian PM

Mikhail Mishustin noted that a number of countries are forced to limit exports to protect their domestic markets and the interests of their consumers

Russia's Prime Minister Mikhail Mishustin Dmitry Astakhov/POOL/TASS

Russia's Prime Minister Mikhail Mishustin

© Dmitry Astakhov/POOL/TASS

MOSCOW, April 7. /TASS/. Inflationary pressure will increase globally due to the situation in the Persian Gulf, Russian Prime Minister Mikhail Mishustin said at the strategy session "Development of the Fuel and Energy Complex."

"Oil prices have surged by several tens of percent, and gas prices even more significantly, almost doubling, both in Asia and Europe. This has all led to significant imbalances in global trade," Mishustin said.

He noted that a number of countries are forced to limit exports to protect their domestic markets and the interests of their consumers.

"Gasoline, diesel fuel, jet fuel, and ship charter prices are rising globally. Rising oil and gas contract prices will inevitably lead to a significant increase in the burden on related industries. This will also impact transportation services, logistics, and electricity. Industrial costs will rise, and, accordingly, inflationary pressure will increase," he warned, pointing out that the consequences extend far beyond the international fuel and energy complex.

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Mikhail Mishustin

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