MOSCOW

Russian President Vladimir Putin said on Wednesday that, in view of the ongoing conflict in the Middle East, the security of supplies is becoming a determining factor.

The conflict between the US, Israel, and Iran led to a shift in priorities, Putin said in his address via video link at the 1st International Transport and Logistics Forum.

"Events in Iran directly impact the transportation of oil and gas through the Strait of Hormuz. More and more countries and companies are considering not only the cost and speed of transportation, but decisive factors are becoming security," he said.

Other factors that are coming to the forefront are the sustainability of transport routes and logistics chains and their smaller susceptibility to military conflicts, crises, and other external risks, he said.

The first International Transport and Logistics Forum began its work in St. Petersburg earlier in the day.

According to the Ministry of Transport, 73 high-level guests from 50 countries and 13 organizations have confirmed their participation in the forum, which will feature approximately 50 events.

Participants will discuss issues related to the development of the transport industry in Russia and Eurasia.