The blockade of the Strait of Hormuz has already triggered a global energy crisis and could lead to higher food and fertilizer prices and a recession of the entire global economy.

Russian finance minister Anton Siluanov on Wednesday said that all countries were suffering from this situation already and it would be worst in the near future.

In his opinion, the countries most affected by the consequences of the Strait of Hormuz blockade will be energy-importing nations in Asia and Europe, as well as the poorest states in Africa.

He noted that the situation in the Strait of Hormuz allows Russia to replenish its budget through rising energy prices, but at the same time, it leads to disruptions in supply chains and higher logistics costs.

“All of this is weakening global economic growth, having a negative impact on countries’ finances and increasing inflationary pressure,” Mr Siluanov said.

He restated that Russia advocates for predictable and stable conditions for the development of the global economy.

He callied for pragmatic solutions aimed at supporting economic growth and the incomes of its citizens.

(Xinhua/NAN)