Russian dictator Vladimir Putin called on Russian officials from the economic bloc to "take advantage of the opportunities that arise in the global economy due to market turbulence and the intensification of trade wars." This is reported by UNN with reference to Reuters.
Details
It is noted that Russia, whose trade with the United States and the European Union has fallen sharply due to sanctions imposed due to the war against Ukraine, has not been affected by US tariffs on many countries announced by US President Donald Trump.
The Russian economy has performed better than it expected during the three years of the conflict, despite sanctions, but the country is now preparing for a prolonged period of falling oil prices ... and declining budget revenues.
According to Putin, the global economic situation is complicated as commodity and financial markets are experiencing significant fluctuations due to increased global competition.
It is necessary not only to track these factors and predict their change, but also to use the opportunities that appear to develop domestic production, trade relations and exports to strengthen the national economy as a whole.
The authors add that Putin's comments were the first on the global economic situation since the announcement of new US tariffs.
"Both the central bank and the Ministry of Finance, whose heads were present at the meeting with Putin, warned about the consequences of global turbulence for the Russian economy," the publication emphasizes.
Let us remind you
According to Bloomberg, Russia has worsened its forecast for exports this year and lowered expectations for the price of its oil. These developments may force the government to invest in its National Welfare Fund to cover the costs of the war.