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

On Thursday, Russian President Putin urged his economic officials to seize the opportunities presented by market turbulence and the escalating trade war affecting the global economy. Trade between Russia and the U.S. and the EU has sharply declined due to sanctions but has not been impacted by Trump's tariffs. The country is now facing a long-term decline in oil prices and a decrease in budget revenues. Putin told officials: “Due to intensified global competition, commodity and financial markets have experienced significant fluctuations, and the global economic situation is becoming increasingly complex.” He added, “It is necessary not only to monitor these factors and predict their changes but also to seize emerging opportunities to develop domestic production, trade relationships, and exports to strengthen the entire national economy.” This is the first time Putin has commented on the global economic situation since the U.S. announced its tariffs.