Russian President Vladimir Putin has called on state officials in the economic sphere to take advantage of the opportunities that arise in the global economy as a result of market turmoil and the intensification of trade wars, "Reuters" and BTA reported.
Russia, whose trade with the US and the European Union has significantly decreased due to sanctions imposed in connection with the more than 3-year-old war in Ukraine, has not suffered from the US tariffs imposed on a number of countries.
Russia's economy has performed better than expected during the three years of the conflict, despite the imposed sanctions. But now the country is bracing for a prolonged period of lower oil prices - its main export - and correspondingly lower budget revenues, Reuters also reported.
"The global economic situation is becoming more complicated, as commodity and financial markets are experiencing significant fluctuations due to increased global competition," Putin said in a speech to government officials. "It is necessary not only to monitor these factors and predict changes in them, but also to use emerging opportunities for the development of domestic production, trade relations and exports to strengthen the national economy as a whole," he said.
It was Putin's first comment on the global economic situation since the announcement of the US tariffs. Putin, who is leading diplomatic talks with Washington in search of peace in Ukraine, has repeatedly praised Trump and his policies, Reuters notes.
Putin's meeting with government officials took place a day before a meeting of the board of the Central Bank of Russia, which will decide on the key interest rate, which is currently 21% - its highest level since the first years of Putin's rule.
The Central Bank and the Finance Ministry, whose heads attended the meeting with Putin, warned of the consequences of global turmoil for the Russian economy. Yesterday, Finance Minister Anton Siluanov said Russia must increase its fiscal reserve to ensure three years of budget spending coverage if oil prices remain low for a prolonged period.
Putin acknowledged that budget spending rose by 25% in the first quarter of 2025, but said this was done intentionally to ensure that all recipients of budget funds receive their money on time.
Russia has cut its forecast for oil and gas export revenues for 2025-2027, a major source of financing for the state budget, due to lower oil prices, expecting revenues to fall by 15% this year, according to an Economy Ministry document seen by "Reuters".
The country's economic growth rate is expected to slow from 4.3% last year to at least 2.5% this year, which Putin described as a "soft landing", saying it was part of a plan to combat inflation, which is still above 10%.