Putin says that the destabilization of the Middle East is impacting the global economy.

On March 9th, Russian President Putin chaired a meeting at the Kremlin to make a series of statements on energy transport security, market trends, and Russian strategic adjustments. Putin stated that the oil production relying on transit through the Hormuz Strait could soon be completely disrupted - Russia has repeatedly warned that attempts to destabilize the Middle East would lead to an increase in oil and gas prices. The supply disruptions caused by Middle East conflicts are impacting the entire international economic relationship system. However, Putin also pointed out that price increases may only be temporary. He stated that Russia should proactively adjust its direction, target new markets that need to increase oil and gas supply, and secure a foothold, instead of waiting for Europe to "demonstratively close the door to energy cooperation with Russia." Putin also emphasized that Russia is willing to cooperate with European countries on oil and gas supply, but Europe needs to send clear signals indicating a willingness to provide stability for cooperation.