Russian President Vladimir Putin has urged his economic officials to seize the opportunities brought to the global economy by market turmoil and the intensifying trade war, Internet reports. Russia's trade with the United States and the European Union has dropped sharply due to sanctions, but has not been affected by Trump's tariffs. The country is now facing a long-term decline in oil prices and falling budget revenue. "The global economic situation is becoming more complex as global competition intensifies and commodity and financial markets have experienced significant fluctuations," Putin told officials. "Not only is it necessary to monitor these factors and predict their changes, but it is also necessary to take advantage of emerging opportunities to develop domestic production, trade relations and exports to strengthen the entire national economy," he added. This is the first time Putin has commented on the global economic situation since the United States announced the increase in tariffs.