Russian President Vladimir Putin said on Thursday that the consequences of the Middle East war are difficult to predict, noting that some estimates compare its potential impact to the COVID-19 pandemic.

Speaking at a meeting with business leaders in Moscow, Putin said the conflict is causing serious disruptions to global logistics and supply chains, while placing heavy pressure on sectors such as oil, gas, metals, and fertilizers.

“The consequences of the conflict in the Middle East are still hard to assess accurately,” he said, adding that even the parties involved cannot predict how events will unfold.

He added that some assessments suggest the war’s impact could be comparable to the pandemic, which led to a significant global economic slowdown.