Russian finance minister warns Hormuz blockade could trigger global recession
Siluanov said that all countries are suffering from this situation. 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. Kenya breaking news |..
✨ Key Highlights
Russian Finance Minister Anton Siluanov has warned that a blockade of the Strait of Hormuz has already caused a global energy crisis and could lead to a worldwide recession, increased food and fertilizer prices.
- The blockade is contributing to disruptions in supply chains and higher logistics costs, weakening global economic growth.
- Anton Siluanov, Russian Finance Minister, stated that energy-importing nations in Asia and Europe, along with the poorest states in Africa, will be the most affected.
- Russia, while benefiting from rising energy prices to replenish its budget, is also experiencing supply chain disruptions and increased logistics costs due to the situation.
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US Inflation Jumps to 3.8pc as Energy Costs Surge from Iran War - May 2026
US inflation surged to 3.8% in April, the fastest rate since May 2023, primarily driven by escalating energy costs linked to the conflict in Iran. Russian Finance Minister Anton Siluanov warned that a blockade of the Strait of Hormuz has already caused a global energy crisis and could lead to a worldwide recession, increased food and fertilizer prices. Indian Prime Minister Narendra Modi ordered a significant reduction in his motorcade to conserve fuel as part of broader efforts to address rising energy prices amidst the Middle East crisis.
