Finland’s President, Alexander Stubb warned that the Iran war risks triggering a “self-inflicted global recession” potentially worse than the coronavirus pandemic.

Axar.az reports, citing Politico, that Stubb emphasized the interconnectedness of energy markets and geopolitics.

"Everything is linked to everything: Oil price to gas price, to food price, to fertilizer price, to price of pharmaceuticals, the list goes on.”

Criticizing the Trump administration’s transactional approach to foreign policy, Stubb stressed, “Diplomacy is rarely a transaction… we’re seeing the demise of international institutions or rules exactly at a time in history when we need them more than ever.”

He noted that while Ukraine and Iran conflicts are distinct, they are already connected, and urged efforts to prevent escalation: “We need to work 24/7 to de-escalate and make sure that these wars don’t spill over further… I would not like to talk about World War III — yet.”

Stubb also emphasized the strategic value of Ukraine’s drone expertise.

“I hope the Americans understand that they need the Ukrainians — more than they need the Russians. And that Russia is the nemesis for them.”

Cautioning that Europeans should avoid direct involvement in Iran, he suggested dialogue could follow if the U.S. seeks help securing the Hormuz Strait.

On transatlantic relations, he said, “We are probably seeing not a rupture, but a rift in the transatlantic partnership… the global north takes the role of defending the liberal world order, whereas the global west becomes the U.S. that is more transactional.”

Click to read the full exclusive interview on Politico.