Russia monitoring oil prices ‘closely’published at 12:33 British Summer Time
Steve Rosenberg
Russia editor
Image source, Getty ImagesKremlin spokesman Dmitry Peskov, (L) described the current global economy as “tense”
Russia may, so far, have escaped Donald Trump’s sweeping tariffs, but it’s experiencing the consequences of post-tariff turmoil on global markets.
Plunging oil prices are a big concern for an economy heavily reliant on its energy exports, including to finance its war in Ukraine.
“We are, of course, following the situation closely,” President Putin’s spokesman Dmitry Peskov told reporters today.
“It is extremely turbulent, tense and emotionally charged. It’s linked to America’s decision to impose tariffs on most countries.”
Peskov said the Russian authorities “are doing and will do everything to minimise the consequences of this international economic storm.”
Such concern is echoed in the Russian media.
“The fall in the energy markets will be very painful for Russia,” wrote today’s Nezavisimaya Gazeta newspaper.
“In spring 2025 the Russian economy was already somewhere between decline and recession.
Now a global trade crisis and a fall in demand in China could make the situation even worse for our economy.”
