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On Thursday, President Vladimir Putin stated that the repercussions of the Middle East conflict are unpredictable and may be long-lasting because of its extensive effects.

At the 35th Congress of the Russian Union of Industrialists and Entrepreneurs, Putin stated that the war is causing considerable harm to international logistics, production, and supply chains.

Putin condemned the adverse impact on various sectors, such as the extraction and processing of hydrocarbons, metals, fertilizers, and other goods and commodities.

“I suspect even those directly involved in the conflict cannot foresee its course, and for us, the uncertainty is even greater,” he told the gathering.

The President reiterated his denunciation of the “illegal sanctions” placed on Russia, stating that the actions “are unlawful, as they were never endorsed by United Nations resolutions.”

As part of the U.S. efforts to mitigate the disruption caused by the Iran war, President Donald Trump recently granted a waiver allowing countries to purchase sanctioned Russian oil.

According to a quote from the Kyiv School of Economics in The Telegraph, Russia’s war has increased demand for its oil, allowing it to earn over $750 million daily.

The report estimates that Kremlin oil and gas revenues could double in March from $12 billion to nearly $24 billion, boosted by increasing prices and U.S. sanctions waivers.

The projection indicates that even if the war concludes quickly, Russia’s revenue from oil and gas could amount to $218.5 billion in 2006, which is significantly greater than the estimates calculated before the conflict.
Kaja Kallas, the Vice President of the European Commission, pointed out that the increase in oil prices is providing Russia with “the possibility” to finance its military actions in Ukraine.

During the G7 Foreign Affairs Ministers’ Meeting in France, the EU official urged an end to the Iran war and cautioned that “the consequences for everybody around the world are quite severe.”

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