Russian President Vladimir Putin warned on Thursday that the ongoing US-Israel war against Iran could produce consequences as severe as the COVID-19 pandemic, disrupting global supply chains and slowing economic development worldwide.

Speaking at the plenary session of the Russian Union of Industrialists and Entrepreneurs congress in Moscow, Putin addressed business leaders about the mounting toll of the Middle East conflict. "The consequences of the conflict in the Middle East are still difficult to accurately predict," he said. "It seems to me that those who are involved in the conflict cannot predict anything themselves, but for us it is even more difficult."

He highlighted damage to international logistics, production, and supply chains, with intense pressure on industries tied to hydrocarbons, metals, fertilizers, and other goods. "Entire industries related to the extraction and processing of hydrocarbons, metals, the production of fertilizers, and many other goods have come under attack," Putin stated.

Putin noted existing assessments likening the fallout to the coronavirus outbreak. "However, there are already estimates that they can be compared with the coronavirus epidemic," he said. "Let me remind you that it has dramatically slowed down the development of all regions and continents, without exception."

The conflict began on February 28, 2026, when the United States and Israel launched strikes on Iranian targets, citing aims including regime change and preemptive action against threats. Now in its fourth week, the war has escalated with Iranian missile salvos, Israeli assassinations of IRGC leaders, and disruptions to the Strait of Hormuz, sparking an energy crisis and supply chain breakdowns.

Global trade faces its worst disruption in 80 years, according to the World Trade Organization chief, prompting countries to ration energy and reinstate remote work policies. Oil prices have surged, benefiting Russian exports, but Putin cautioned against complacency. He urged the government and energy firms to exercise "moderate conservatism" in spending windfall profits, warning of potential market reversals.

Russia maintains close ties with Iran and has denied accusations of providing military support, while emphasizing ongoing dialogue with Tehran. Putin stressed the need for national sovereignty to safeguard interests amid such volatility, underscoring Russia's macroeconomic stability despite external pressures.

As the war continues, with reports of today's Iranian missile attacks and Israeli responses, Putin's remarks underscore fears of broader economic paralysis rippling far beyond the region.