MOSCOW: While expressing concerns over the situation in the Red Sea, Russia’s Deputy Prime Minister, Alexander Novak, on Thursday said that Moscow is closely monitoring the consequences of escalating tensions in the Red Sea on the worldwide energy market.
Alexander Novak, who oversees Russia’s energy policy, stated that the series of attacks by Houthis on commercial shipping and naval vessels in the Red Sea have largely disrupted trading relations and logistics chains. The Pentagon reported more than 30 such attacks since November 19, prompting heightened global concerns.
Container shipping in the Red Sea, a vital conduit linked to the Suez Canal, has witnessed a nearly 30 percent decrease this year due to the continuous attacks, according to the International Monetary Fund (IMF).
Novak emphasized the importance of constant monitoring of the situation to facilitate urgent joint decisions. He stressed the need for adjustments and coordinated actions to correct and balance the market in response to the evolving crisis in the Red Sea.
The Red Sea crisis has already had a noticeable impact, with global oil prices surging approximately 10 percent since early December.
Red Sea Attacks
Earlier on Wednesday, Houthis launched multiple naval missiles at the American destroyer USS Gravely in the Red Sea, according to a statement by the Houthi forces.
The incident occurred shortly after the US military reported successfully intercepting a Houthi missile aimed at the USS Gravely. In response to the Houthi attack, the US Central Command stated that the missile was shot down by USS Gravely, resulting in no injuries or damage.
The Pentagon reported that the Houthis have carried out over 30 attacks on commercial and naval vessels since November 19. The Houthis claim these actions in solidarity with the Palestinians and as a protest against the Israeli strikes in the Gaza Strip.
These attacks have led some shipping companies to alter routes, avoiding the Red Sea, a critical maritime trade route accounting for about 12 percent of global shipping. In response, joint strikes by US and British forces have targeted Houthis’ missile sites and military facilities.
