Russia says Middle East conflict disruption creates new trade opportunities

The war in the Middle East has caused global supply disruptions, which have created new trade opportunities for Russia. However, price stability on the domestic market is still a top priority, said Russian Prime Minister Mikhail Mishustin.

Many experts believe that Russia is one of the major economic beneficiaries of the conflict. It is the second largest oil exporter in the world, the biggest wheat exporter and a major producer and supplier of fertilisers.

Mishustin said at a government gathering that the current economic situation in our country creates opportunities for improving the financial 'position' of export-oriented industries and generating additional budget revenue.

Mishustin stated that "our country has the capability to increase overseas shipment of resources which are currently scarce because of the Middle East Crisis, or?which may become scarce near term including food-related supply."

Mishustin also noted that the global sulphur and helium supplies had been disrupted. Russia is the largest producer of these?three commodities.

He said that Russia should protect its own domestic consumers from external shocks. Recent bans on?exports of nitrogen fertiliser and gasoline are examples of such 'protective measures.

"Our top priority is to protect the domestic market," said he. (Reporting and writing by Vladimir Soldatkin, editing by Andrew Osborn).

(source: Reuters)