Russia: The situation in the Strait of Hormuz has exposed the world to an energy crisis

Samim Wed May 2026 4 months ago 558

In an interview with the RIA Novosti news agency, Siluanov warned that energy-importing countries in Asia and Europe, along with Africa's poorest nations, will suffer the most from this situation; since rising food prices will bring heavy repercussions for these countries.


He also stated that the price of chemical fertilizers has risen by about 30 percent so far, which will cause food prices in global markets to become more expensive and access to affordable products more difficult.


Russia's Finance Minister added that oil-exporting countries in the Persian Gulf have also been affected by this crisis, with parts of their infrastructure damaged. According to him, this situation has had dual consequences for Russia as well; on one hand, export revenues and the budget have increased; but on the other hand, disruptions in production chains and rising transportation costs have intensified economic pressures.


Siluanov emphasized that the continuation of this situation could undermine global economic growth, increase inflationary pressures, and impact financial stability. He warned that the current price increases should not be viewed as a sustainable source of revenue; because conditions could change rapidly.

Anton Siluanov, Russia's Finance Minister, says that the current situation in the Strait of Hormuz has triggered a global energy crisis, and its consequences could lead to higher prices for food, chemical fertilizers, and even a global economic recession.

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