Putin warns Iran war economic consequences could equal COVID pandemic — 'significant damage' to global supply chains

Speaking to business leaders in Moscow on 26 March 2026, Russian President Vladimir Putin said the consequences of the conflict in the Middle East were 'still difficult to accurately predict' but warned of major economic damage already underway. 'The conflict is causing significant damage to international logistics, production and supply chains while putting intense pressure on hydrocarbon, metals and fertilizer companies,' Putin said. He noted that some analyses compare the potential impact to the COVID-19 pandemic: 'Let me remind you that it dramatically slowed down the development of all regions and continents, without exception.' Putin added: 'It seems to me that those who are involved in the conflict cannot predict anything themselves, but for us it is even more difficult.' The Kremlin separately denied FT reporting that Russia is delivering drones to Iran.