MANAMA /Kingdom of Bahrain/, October 18. /TASS/. Russian Foreign Minister Sergey Lavrov will discuss regional tensions with his counterparts from the Gulf Cooperation Council (GCC) member states. The Russian Foreign Minister is set to participate in the ninth Russia-GCC Strategic Dialogue in Manama.
Bahrain will be the first stop on the minister’s Middle East tour, which aims to promote de-escalation in the region. The trip will conclude with a visit to Tehran for talks with Iranian Foreign Minister Abbas Araghchi.
Economic consequences of the crisis
Tensions in the Persian Gulf are mounting due to actions taken by the United States and Israel against Iran, as well as the ongoing conflict between the Yemeni Houthis and Saudi Arabia. This has led to a spike in oil prices and disrupted shipping through the Strait of Hormuz and the Bab el-Mandeb Strait.
According to IMF estimates, the crisis threatens to cause a 4.8% economic contraction in GCC countries this year. In the event of a large-scale war and the complete closure of these straits, experts predict that oil prices could surge above $200 per barrel, potentially triggering a global food crisis. Against this backdrop, Russia seeks to facilitate de-escalation while reaffirming its status as a reliable supplier of energy resources.
Postponement of the Summit with the European Union
The crisis has led to a breakdown in political ties between the region and the West. Brussels has indefinitely postponed the EU-GCC summit, which was scheduled to take place in Riyadh on October 24. This decision follows a recent attack by the Houthis on Riyadh’s airport, which resulted in at least 17 deaths.
The GCC comprises six countries in the region: Bahrain, Qatar, Kuwait, the UAE, Oman, and Saudi Arabia.