Russian President Vladimir Putin has harshly criticized the West, emphasizing that the world is going through a phase of radical change, post-war Ukraine will be different from the past, and the era of unipolarity is over.
Putin – speaking at length in front of the St. Petersburg International Economic Forum on Friday – said the US saw itself as God’s messenger on earth when it declared victory in the Cold War, while Western elites cling to the ghosts of the past and see the West as economic dominance is a factor in the stability of the world.
In a 73-minute speech ahead of the annual meeting, Putin noted that when the West cannot control those who resist it, it tries to isolate those who resist it, adding: “We must be independent, we must be strong. , we can face any challenge.”
Regarding the economic situation in Russia, Putin said that Russia has got rid of the inflation wave and the financial system is stable. The main goal now is to increase production and supply and restore demand.
Putin said his country needed more borrowing tools to boost the economy and could cut the benchmark interest rate to 7 percent.
Europe completely lost its sovereignty
In his speech on Friday, Putin stressed that the EU had lost its “political sovereignty”, and he criticized economic policies such as “money printing” adopted by the bloc in response to high inflation.
At the same time, Putin also stressed that the economic war against Russia was doomed from the start and that the West was hurting its own economy, as seen in the high prices in the US and Europe.
Putin said that although Europe is not at war, inflation is high, and the direct losses suffered by the EU due to sanctions are 400 billion US dollars.
Putin said the EU had completely lost its sovereignty because it carried out everything ordered from above to the detriment of its citizens and economy, adding that the current situation in Europe would lead to the rise of radicalization and elite change in the future.
Responsibility for rising global prices
Putin slammed the West, blaming it for its economic problems and rising global prices, and said Russia’s actions in Ukraine — which Moscow called a “special military operation” — had nothing to do with high inflation in the developed world.
Putin accused the US of raising food prices by printing money and “hunting” food on the world market.
At the same time, Putin also said that Russia is ready to increase grain and fertilizer exports, and said that it will export grain to Africa and the Middle East.
Putin added that despite looming economic turmoil and recession, Moscow would adhere to a “comprehensive and responsible economic policy” in what is expected to be Russia’s biggest contraction in at least 20 years.
Putin urged Russian companies to increase domestic investment to help tap the country’s “huge potential” and counter what he called Western attempts to undermine Russia’s economy, adding that some global currencies were “killing themselves” amid an unprecedented freeze on Russian foreign exchange Reserves are about $300 billion.
ukraine war
Regarding Russia’s war in Ukraine, Putin said Russia’s decision to launch what Moscow called a “special military operation” in Ukraine was difficult but necessary, and said the purpose of the operation was to protect the people of the Donbas region.
He added that Russia will expand cooperation with all parties it wishes to cooperate with and will get along with Western companies.
Russia said it had sent troops to Ukraine on February 24 to disarm and rid itself of threats from Russian-speaking nationalists there, while Ukraine and the West said Russia’s allegations were just baseless pretexts to justify the attack.
Russia-China Relations
At the same time, Chinese President Xi Jinping said that China-Russia cooperation in various fields is showing a good momentum.
The comments were made in a pre-recorded video speech Friday at the St. Petersburg International Economic Forum in Russia.
Chinese President Xi Jinping added that he has full confidence in the strength of the Chinese economy.
In contrast, Putin said that Russia’s strong relationship with China has nothing to do with geopolitical events.
Putin – speaking shortly after Chinese President Xi Jinping’s videotaped speech at the forum – added that Russia’s cooperation with Beijing was driven by China’s potential rather than “recent geopolitical events”.
Russia has sought to strengthen ties with China after the West imposed sanctions on Moscow over the war in Ukraine.