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Middle East conflict

Global economy will not benefit from Israeli-Iranian conflict

Russian presidential envoy for relations with international organizations Boris Titov said that relations between Israel and Iran have been virtually non-existent for quite a while, because "both states are in a semi-war state"

Russia's Presidential Commissioner for Entrepreneurs' Rights Boris Titov Vladimir Smirnov/TASS

Russia's Presidential Commissioner for Entrepreneurs' Rights Boris Titov

© Vladimir Smirnov/TASS

ST. PETERSBURG, June 20. /TASS/. The global economy will not benefit from the conflict between Israel and Iran, and negative effects will be felt by both winners and losers, Russian presidential envoy for relations with international organizations Boris Titov told TASS in an interview.

He said that relations between Israel and Iran have been virtually non-existent for quite a while, because "both states are in a semi-war state."

"Generally speaking, any conflict does not add value, it deduces from both winners and losers. So it will be fair to say that they might create some sort of a new system of interaction from the strategic point of view, but there will be no benefits in the tactical sense," Titov said.

He added that the conflict has already had limited effect on the global economy as oil prices have started to grow.

The St. Petersburg International Economic Forum (SPIEF) is taking place on June 18-21. This year, the event is held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." Thematic zones such as the ‘Territory of Innovations’ and the national brand space ‘Buy Russian!’ will operate at the Forum.

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Foreign policy Iran Israel

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