Russia says Middle East war disruption opens up new trade opportunities

MOSCOW, April 7 (Reuters) - ‌Global supply ​disruptions ​caused by the war in the Middle East have opened up new trade opportunities ‌for Russia, but price stability in the domestic ⁠market remains a priority, Russian Prime Minister Mikhail Mishustin said ‌on Tuesday.

Russia, the world's ‌second-largest oil exporter, the largest wheat exporter, and a major producer and exporter of fertilisers, is seen ​by many experts as one of the main economic beneficiaries of the conflict.

"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 told a government meeting.

"Our ‌country has the capacity to increase overseas shipments of resources that are currently ⁠scarce due to the Middle East crisis, or that may become scarce in the near term, including food-related ⁠supplies," Mishustin said.

Apart from oil and gas, Mishustin noted that global ​supplies of urea, sulphur, and helium had been disrupted. Russia is a major producer of all three commodities.

Russia must protect ‌its own domestic consumers from external price shocks, he said, citing recent bans ‌on gasoline and nitrogen fertiliser exports as examples ⁠of protective measures.

"Our top ‌priority remains protecting ​the domestic market," he said.

(Reporting by Vladimir Soldatkin; Writing by Gleb Bryanski; Editing by Andrew ‌Osborn)

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