Putin: Russia should take advantage of the trade war to strengthen its economy

Russian President Vladimir Putin has urged his economic officials to seize the opportunities presented to the global economy by market turmoil and the intensifying trade war. Russia's trade with the United States and the European Union has fallen sharply due to sanctions, but has not been affected by Trump's tariffs. The country is now facing a prolonged period of falling oil prices and declining budget revenues. "The global economic situation is becoming more complex due to increased global competition, commodities and financial marekts have experienced significant fluctuations," Putin told officials. "It is necessary not only to monitor these factors and predict their changes, but also to take advantage of emerging opportunities to develop domestic production, trade relations and exports in order to strengthen the national economy as a whole," he added. This is Putin's first comment on the global economic situation since the United States announced the imposition of tariffs.