Russia Boosts Mineral and Oil Supplies to ASEAN Amid Hormuz Crisis

KAZAN, June 17. /TASS/. Amid the crisis in the Strait of Hormuz, Russia increased supplies of mineral resources and crude oil to ASEAN countries by 40% in the Q1 of 2026 and intends to conclude long-term contracts with these states, Economic Development Minister Maxim Reshetnikov said at the Russia-ASEAN Business Forum.

"Our country remains a reliable supplier of energy resources to ASEAN countries. Amid the crisis in the Strait of Hormuz, Russia increased deliveries of mineral resources and crude oil by 40% in the first quarter of this year," Reshetnikov said.

He noted that the next step should be the conclusion of long-term energy supply contracts and the joint development of storage and distribution infrastructure. "This will ensure energy security and competitive prices for our ASEAN partners over the long term," the minister stressed.

Reshetnikov added that trade turnover between Russia and ASEAN has increased by 58% over the past 10 years, reaching $21 bln, while Russian exports have grown by 44%. In addition to energy resources, Russia has been expanding supplies of agricultural products: exports of meat products have increased 50-fold over the past decade, while fertilizer exports have more than tripled.

TASS is the information partner of the Russia-ASEAN Business Forum.