PM Mishustin: Global market turning back to Russia

Russian Prime Minister Mikhail Mishustin has said that global markets are “returning” to Russia as a reliable supplier amid heightened instability in the Middle East, suggesting new opportunities for export-oriented sectors.

Speaking at a strategic session on the development of the country’s fuel and energy complex, Mishustin stressed that protecting the domestic market remains the government’s top priority, Caliber.Az reports.

He said authorities are seeking to prevent external price shocks from being passed on to Russian consumers, noting that a range of mechanisms have already been introduced to stabilise the situation.

These include the fuel damping mechanism and a moratorium on its suspension, as well as temporary restrictions on exports of petrol and mineral fertilisers.

Mishustin also pointed to the economic impact of escalating tensions in the Middle East, saying they are creating conditions that could strengthen the financial performance of export-focused industries and generate additional budget revenues.

He noted that the discount on Russian crude oil has narrowed in recent periods, adding that periods of global turbulence tend to increase demand for stable suppliers.

According to Mishustin, Russia has the capacity to expand exports not only in oil and gas, but also in other resources that are currently in short supply or could become constrained due to the Middle East crisis, including agricultural products.

By Aghakazim Guliyev