Putin Navigates Economic Storms: Strategic Moves Amid Global Trade Wars

Russian President Vladimir Putin has called on his economic officials to capitalize on global market uncertainties and trade conflicts to boost the domestic economy. Despite sanctions affecting trade with the U.S. and EU, Russia is preparing for low oil prices and has revised its economic outlook.

Russian President Vladimir Putin urged key economic officials to seize opportunities amid global market turmoil and escalating trade wars. With U.S. and EU trade severely affected by sanctions over the Ukraine conflict, Russia braces for a period of lower oil prices impacting budget revenues.

Addressing officials, Putin remarked on significant fluctuations in commodities and financial markets due to global competition. He emphasized the need to harness emerging opportunities to enhance domestic production, trade relations, and exports, aiming to bolster Russia's economy.

Meeting with the central bank and Finance Ministry, Putin acknowledged increased budget spending and the predicted decline in oil and gas export revenues. Despite these challenges, he projects a 'soft landing' for economic growth, focusing on curbing inflation and ensuring fiscal stability.

(With inputs from agencies.)