Putin: Russia should use trade war as opportunity to strengthen economy

Russian President Putin urged his economic officials to seize the opportunities brought by the market turmoil and escalating trade wars to the global economy. Russia's trade with the United States and the European Union has sharply declined due to sanctions, but has not been affected by Trump's tariffs. The country is now facing a long-term decline in oil prices and decreasing budget revenues. Putin told officials, "Due to intensified global competition, commodities and financial markets have experienced significant fluctuations, and the global economic situation is becoming more complex." He added, "It is not only necessary to monitor these factors and predict their changes, but also to take advantage of newly emerging opportunities to develop domestic production, trade relations, and exports in order to strengthen the entire national economy." This is Putin's first comment on the global economic situation since the United States announced tariffs.