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President Vladimir Putin on Thursday said the consequences of the Middle East conflict are unforeseeable and could be long-term due to its widespread impact.
The war is inflicting significant damage on international logistics, production, and supply chains, Putin said at the 35th Congress of the Russian Union of Industrialists and Entrepreneurs.
Putin decried how different sectors, including the extraction and processing of hydrocarbons, metals, fertilizers, and other goods and commodities, have been badly affected.
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“I suspect even those directly involved in the conflict cannot foresee its course, and for us, the uncertainty is even greater,” he told the gathering.
The President repeated his condemnation of the “illegal sanctions” imposed on Russia, saying the actions “are unlawful, as they were never endorsed by United Nations resolutions.”
President Donald Trump recently issued a waiver for countries to buy sanctioned Russian oil as part of the United States’ efforts to alleviate the disruption triggered by the Iran war.
Russia is earning more than $750m a day as the war drives up demand for its oil, according to The Telegraph, which quoted the Kyiv School of Economics.
The report reckons Kremlin oil and gas revenues could double in March, from $12bn to nearly $24bn, enhanced by rising prices and U.S. sanctions waivers.
The projection says even if the war ends soon, Russia’s oil and gas earnings could reach $218.5bn in 2006, vastly higher than pre-conflict estimated figures.
Vice President of the European Commission, Kaja Kallas, noted that the oil price hike is giving Russia “the possibility” to fund its military operation in Ukraine.
Speaking at the G7 Foreign Affairs Ministers’ Meeting in France, the EU official also called for an end to the Iran war, warning that “the consequences for everybody around the world are quite severe.”
Iran has told intermediaries that a halt to Israel’s military campaign against Hezbollah in Lebanon is a non-negotiable condition for any ceasefire agreement with the United States, six regional sources familiar with Tehran’s position said Wednesday, as the broader diplomatic effort to end a war now entering its fourth week remained deeply uncertain.
The disclosure expands the known scope of Tehran’s demands beyond a bilateral halt to strikes on Iranian territory. One of the regional sources told Reuters that Hezbollah had received direct Iranian assurances of its inclusion in any wider deal, and that Tehran had communicated this condition to mediators as early as mid-March.
“Iran is prioritizing Lebanon. It will not accept Israeli violations in Lebanon like what happened after the 2024 ceasefire,” the source said, a reference to Israel’s sustained strikes against Lebanese territory in the months following the November 2024 truce that ended the previous round of fighting between Israel and Hezbollah.
Iran’s Foreign Minister Abbas Araghchi said in a state television interview Wednesday that his government had not engaged in formal negotiations to end the war and did not plan to.
“Exchange of messages via mediators does not mean negotiation with the United States,” he said. Tehran’s public posture nevertheless appeared to leave some interpretive room. A senior Iranian official separately confirmed to Reuters that the government was still reviewing the U.S. proposal transmitted through Pakistani intermediaries, stopping short of issuing a definitive rejection.
Iran’s state broadcaster Press TV, citing an anonymous senior official, reported that Tehran had formally dismissed Washington’s 15-point proposal. Iran simultaneously published a five-point counter-proposal, which included the cessation of targeted killings of Iranian leaders and military officials, and financial reparations for damage caused by U.S. and Israeli strikes. According to the Wall Street Journal, Iran’s demands also include the lifting of all sanctions and the closure of all U.S. military bases in the Persian Gulf. Separately, Iranian officials have asserted a sovereign claim over the Strait of Hormuz. None of these positions were confirmed by Iran’s Foreign Ministry.
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The White House rejected the framing of a stalled process. Press Secretary Karoline Leavitt said on Wednesday afternoon that while the United States remained prepared to negotiate, President Trump was ready to “unleash hell” on Iran’s energy infrastructure if a deal was not reached within a four-day window. A senior Trump administration official told Reuters that dismantling Iran’s support for regional proxy forces and disarming Hezbollah were “crucial to ensuring peace and stability in Lebanon and across the region,” a position directly at odds with Tehran’s demand that those same groups be shielded by any agreement.
The conflict began on February 28, when the United States and Israel launched joint strikes on Iran. Those strikes killed Supreme Leader Ali Khamenei, whose death was confirmed by Iran on March 1. Hezbollah responded by firing on Israel on March 2, the first time the group had done so since the 2024 ceasefire. Israel then launched an air campaign against Lebanon, followed by ground operations in the south that began on March 16. Lebanese authorities say Israeli strikes have killed more than 1,000 people in Lebanon and displaced more than a million since fighting resumed.
Iran’s insistence on covering Hezbollah in any deal reflects the group’s foundational role in Tehran’s regional strategy. According to four Lebanese sources, Hezbollah’s decision to enter the current war was based on two calculations: that Iran’s clerical leadership would survive, and that any eventual ceasefire would extend to the Lebanese group. Founded by Iran’s Islamic Revolutionary Guard Corps in 1982, Hezbollah has long served as the primary instrument of Iranian power projection across the Levant.
