Global market turmoil creates economic opportunities for Russia – Putin

The Russian government will provide favorable conditions for businesses in the country to minimize risks amid global economic turmoil and guarantee the safety of national and foreign investments, said President Vladimir Putin.

Speaking to investors on Wednesday, the Russian leader said he is “confident that Russia will go through this turbulent period with dignity and calm.”

According to Putin, “there is every chance for key Russian industries to come out of this situation much stronger and ready for further, very serious competition.”

He said the turmoil in global markets, including energy, creates not only problems, but also opportunities.

Global crude prices collapsed this week after Saudi Arabia threatened to dramatically boost its oil output in response to the failure to reach a deal between Russia and OPEC to cut production. Falling oil prices caused a brief global market sell-off and the depreciation of the Russian ruble.

According to Putin, the government and the Central Bank of Russia have sufficient resources to maintain stability and macroeconomic sustainability.

The president stressed that the task of the government and the Central Bank is to ensure that all the negative effects “associated with these processes are minimized for the country’s citizens.”

On Tuesday, Russia's Finance Ministry said that it did not expect a recession in the Russian economy, amid falling oil prices and the depreciation of the national currency.

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