MOSCOW, April 7 - Russian Prime Minister Mikhail Mishustin told a government meeting that the global supply interruptions tied to the war in the Middle East have created fresh commercial opportunities for Russia, while stressing that maintaining price stability at home is paramount.
Noting Russia's position as the world's second-largest oil exporter, the largest wheat exporter, and a significant producer and exporter of fertilisers, Mishustin said the current international situation could bolster the finances of export-oriented industries and generate additional revenues for the federal budget.
"For our country, the current situation - if we consider exclusively the economic aspects - creates new opportunities to improve the financial position of export-oriented industries and to provide additional budget revenues," Mishustin said.
He added that Russia has capacity to increase overseas shipments of resources that have become scarce because of the Middle East crisis, or that could become scarce in the near term, specifically citing food-related supplies.
Beyond oil and gas, Mishustin pointed to disruptions in global supplies of urea, sulphur, and helium - commodities for which Russia is a major producer. He framed these supply gaps as potential openings for increased exports.
At the same time, Mishustin emphasized that the government must shield domestic consumers from external price shocks. He cited recent bans on gasoline and nitrogen fertiliser exports as examples of measures taken to protect the domestic market.
The prime minister's comments present a dual policy focus: pursuing expanded export opportunities where global shortages exist while preserving domestic market stability through targeted restrictions when necessary.
Summary
Global supply disruptions linked to the Middle East war have created export opportunities for Russia in commodities like oil, wheat, fertilisers, urea, sulphur, and helium. However, the government prioritizes protecting the domestic market from price shocks, as shown by recent export bans on gasoline and nitrogen fertilisers.
Sectors impacted
- Energy - oil and gas exporters and domestic fuel markets
- Agriculture - wheat and fertiliser production and distribution
- Industrial gases and chemicals - helium, urea, sulphur markets