Russia has warned that the ongoing blockade of the Strait of Hormuz could significantly worsen the global energy crisis, drive up inflation, and increase the risk of a worldwide economic slowdown.
Finance Minister, Anton Siluanov, said on Wednesday that the disruption to one of the world’s most important shipping routes is already affecting global markets, with consequences expected to intensify if the situation continues.
Siluanov said countries that rely heavily on energy imports,particularly in Asia, Europe, and parts of Africa,are likely to face the most severe economic pressure due to rising fuel, transport, food, and fertilizer costs. He noted that while higher global oil prices may temporarily increase Russia’s export revenues, the wider impact includes disrupted supply chains, higher logistics costs, and weakening global trade.
Recent international reports also indicate that the blockade has contributed to sharp volatility in global oil markets, with prices surging and inflationary pressures spreading across both advanced and developing economies.
“All of this is weakening global economic growth, having a negative impact on countries’ finances and increasing inflationary pressure”, Siluanov said.
He reaffirmed Russia’s position that the global economy requires stable and predictable conditions, urging coordinated and pragmatic international steps to restore energy security and support economic stability.
