Putin hopes the Middle East conflict will end within weeks, warns that the consequences are comparable to COVID-19.

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Russian President Putin stated on Thursday, the 26th local time, that the Middle East conflict is causing "serious damage" to global production and supply chains, and the severity of its consequences may rival the COVID-19 pandemic. 

Putin said during a speech at the annual meeting of the Russian Union of Industrialists and Entrepreneurs on Thursday that the consequences of the Middle East conflict are difficult to predict accurately. "I believe that even the parties involved in the conflict themselves cannot predict anything, and for us, predicting is even harder,"

Putin said, "The armed conflict in the Middle East is increasingly deeply affecting the current situation and causing serious damage to international logistics, production, and supply chains. Entire industries—including those involved in the extraction and processing of hydrocarbons, metals, fertilizers, and many other commodities—are being hit."

Putin pointed out that some assessments believe the consequences of this conflict could be comparable to the COVID-19 pandemic, which plunged the global economy into chaos for several years. "I want to remind everyone that the pandemic relentlessly slowed the development pace of every region and continent around the world."

According to Xinhua News Agency, citing Russian media reports, Alexander Shokhin, president of the Russian Union of Industrialists and Entrepreneurs, revealed that President Putin met with business representatives that day, expressing hope that the fighting in the Middle East will end within the next few weeks.

According to the report, Putin explicitly stated that the Middle East conflict has brought windfall profits to Russia as a major energy exporter, but this situation will not last long. The Russian Ministry of Finance and related companies should not expect long-term "unexpected gains."

Xinhua mentioned, citing other Russian media, that Kremlin spokesman Peskov stated on Thursday that the Russian government hopes the turmoil in the Middle East will stop as soon as possible.

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