Russian President Vladimir Putin said on Thursday that it was hard to predict the consequences of the conflict in the Middle East but that some had compared the potential impact to that of the COVID pandemic.

The conflict, Putin said, was causing significant damage to international logistics, production and supply chains while putting intense pressure on hydrocarbon, metals and fertilizer companies.

"The consequences of the conflict in the Middle East are still difficult to accurately predict," Putin told business leaders in Moscow.

"It seems to me that those who are involved in the conflict cannot predict anything themselves, but for us it is even more difficult."

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