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SPIEF 2024 - Sputnik International

LIVE UPDATES: Plenary Session in Full Swing at SPIEF 2024

The 27th annual St. Petersburg International Economic Forum (SPIEF) is running from June 5 to 8 drawing over 17,000 participants from 130 countries throughout the globe.
On June 7, Russian President Vladimir Putin will be speaking at the forum's plenary session, which is one of the key events.
According to Kremlin Spokesman Dmitry Peskov, prominent participants of the session will discuss the global changes occurring in politics, the economic realm, and in international relations.
In addition to the Russian leader, Bolivian President Luis Arce and Zimbabwean President Emmerson Mnangagwa will also be attending today's event. Furthermore, the leaders will participate in a Q&A following the formal part of the session.
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Table of contents
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16:00 GMT 07.06.2024
West losing war on four fronts after picking a fight with Russia
“The growth in the Russian economy (outpacing Western economies) is spectacular and it shows that the 15,000 sanctions applied by the West have blown back on them,” British academic and author Rodney Atkinson told Sputnik, commenting on his takeaways from President Putin’s speech at the plenary session of the St. Petersburg International Economic Forum on Friday.
“The West is losing four wars in one - economically (in trade and debt), financially (de-dollarization and international payment systems), militarily (in Ukraine in battle and in a comparison of weapons systems) and geopolitically with a massive loss of influence around the world,” Atkinson explained.
“Even before the 20-year expansion towards Russia and the 2014 Maidan-instigated war, European imperial ambitions and US neocon aggression were unpopular. Now that the Global South has witnessed recent events and the BRICS offer an alternative and the US has descended into record debt and industrial weakness it is very difficult for the West to recover its influence. Plagued by geopolitical ignorance, financially irresponsible policies and weak leadership, the US and its allies may not even survive as one of the poles of the multi-polar world,” the observer predicted.
Atkinson stressed the madness of the West’s logic of slapping sanctions against a country as large as Russia with its abundance of food, mineral and energy resources. What’s worse (for the West, that is) is that Moscow has been trailblazing a path to independence which can be emulated by other nations.
“Import substitution by Russia and the unwillingness of Western companies to leave Russia (1,600 international companies have left Russia since 2022 but there are more than 2,100 left) and the substitution of national currencies for dollar-based trade (i.e. rupee, yuan, ruble) all show the Global South that there are alternatives to a Western-based system based on sanctions,” Atkinson said.
15:48 GMT 07.06.2024
Putin Concludes SPIEF Discussion with a Vision for a Harmonious Multipolar World
President Vladimir Putin concluded his remarks at the St. Petersburg International Economic Forum (SPIEF) by affirming Russia's commitment to being part of a harmonious multipolar world. He emphasized that while Russia will continue to draw on European cultural heritage, it will also respect the traditions of its diverse peoples, stating, "in this unity lies our strength."
15:41 GMT 07.06.2024
Inevitable Pivot to the East
Russian President Vladimir Putin emphasized that Russia began its pivot to the East well before the recent events in Ukraine. He highlighted that the combined GDP of BRICS nations now surpasses that of the G7 countries, and these trends are not just persisting but strengthening. "This is an inevitable course of events," noted the president.
Vladimir Putin participates in 2024 SPIEF plenary session - Sputnik International
15:40 GMT 07.06.2024
On Hosting Summits and Technological Advancements
Zimbabwean President Emmerson Mnangagwa emphasized that BRICS should establish favorable conditions for hosting summits, stating that "with the summits come the technologies." He also suggested organizing a Russia-Zimbabwe summit.
15:39 GMT 07.06.2024
On Investments in Bolivia
Bolivian President Luis Arce announced that Bolivia welcomes direct investments, especially in state-owned enterprises. Additionally, there are opportunities to invest in sectors such as tourism and agriculture.
Arce highlighted that the new BRICS bank presents an excellent opportunity for financing. He noted that while the IMF has its conditions, many regional financial institutions offer much more favorable terms.
15:31 GMT 07.06.2024
Putin: Russia Not Supplying Long-Range Weapons to Countries Under Pressure
Russia so far is not supplying long-range weapons to countries that are under pressure, but reserves this right, President Vladimir Putin said.
"We are not yet supplying weapons to those states or even to some structures that are experiencing certain pressure — including of a military nature — from those countries that are supplying weapons to Ukraine and urging them to use them against our Russian territory. If they are supplying the war zone and calling for these weapons to be used on our territory, then why don't we have the right to do the same," Putin said at the plenary session of the St. Petersburg International Economic Forum (SPIEF), adding that Russia reserves such right.
The Russian leader added that the country will not start supplying long-range weapons abroad "tomorrow."
15:30 GMT 07.06.2024
On a Unifying Idea
President Putin emphasized that, according to Russia's Constitution, there should be no dominant ideology in the country.
Although the USSR had such an ideology, it did not prevent its collapse. He remarked that people's belief in their homeland has varied over time. The faith in communism was lost by many, but not by everyone.
Putin suggested that the best unifying idea today could be genuine patriotism, not a superficial kind. He highlighted that the participants in the special operation in Ukraine exemplify this true patriotism.
15:23 GMT 07.06.2024
The More the West Tightens its Grip, the More Countries Will Slip Through its Fingers
“Western countries have long relied on their technological advance and their superiority in the use of violence to impose their domination on other countries,” Professor Alexis Habiyaremye, a political analyst and senior researcher at the University of Johannesburg’s School of Economics, told Sputnik, commenting on his takeaways from Russian President Vladimir Putin’s speech at the plenary session of the St. Petersburg International Economic Forum on Friday.
“With the considerable technological catch up observed since the second half of the 20th century, but above all, with the technological sophistication of the Russian defense industry, Western countries are no longer able to impose their domination without challenge,” Habiyaremye said.
The West has traditionally also “used the Bretton Woods institutions to dominate and discipline developing countries,” according to the academic, but “with the emergence of alternative sources of development finance (e.g. the Asia Infrastructure Investment Bank or the New Development Bank), the financial grip on developing countries has been loosened as well. The significance of the West in the world economy and in the world population is in inexorable decline, and no matter how much violence they are deploying to keep their domination, the world has already changed. The Global South won’t accept abusive and traumatic domination, and it is already showing it in different parts of the world.”
The multipolar “new world order” being constructed by Russia and other BRICS countries, “by providing alternative poles of economic and diplomatic power, will certainly benefit countries from the Global South and lower the pressure of the current hegemon,” Habiyaremye emphasized.
With that said, “for counties in the US ‘backyard’, such as Bolivia, Venezuela or Cuba, it will remain extremely difficult to extricate themselves from the stifling influence from Washington. That is why they need more support from the other emerging poles,” he added.
15:09 GMT 07.06.2024
On Russian Tactics in the Special Military Operation Zone
Putin remarked that the current contingent is insufficient for the swiftest resolution of issues, yet Russia adheres to a different, more restrained and precise approach, which does not require mobilization.
In 2024 alone, over 160,000 people signed contracts for military service, the President said. He asserted that the character of Russian citizens enables victory without the use of nuclear weapons.
Regarding Ukraine, Putin noted that forced mobilization in that country might, at best, only replenish recent losses, rather than increase troop numbers.
15:09 GMT 07.06.2024
On Possible Russian Response to Western Hostility
Regarding arms supplies to friendly countries as a countermeasure to the West, Putin mentioned that Russia has not yet taken such steps. However, Moscow reserves the right to do so. He highlighted that Russia could reciprocate Western unfriendly actions in this area.
15:08 GMT 07.06.2024
On the Consequences of Nuclear Strikes
If nuclear strikes were to occur, both Russia and the US have highly developed early warning systems for such attacks. Swift escalation along the "nuclear ladder" would not reduce the number of casualties, President Putin emphasized.
He expressed confidence that the world will never reach the stage of nuclear missile strikes.
Vladimir Putin also stated that his decisions, as well as those of his colleagues, are not influenced by fluctuations. All decisions should be based on an analysis of the evolving situation, he noted.
Vladimir Putin participates in 2024 SPIEF plenary session - Sputnik International
15:04 GMT 07.06.2024
Nuclear Doctrine of the State
Putin emphasized that Russia has never initiated rhetoric about the use of nuclear weapons. The country has a nuclear doctrine where everything is detailed, he added. The doctrine stipulates the use of nuclear weapons only in exceptional circumstances, particularly in the event of a threat to Russia's sovereignty. Currently, such conditions do not exist, the President stated. Nevertheless, changes to the nuclear doctrine are possible.
14:49 GMT 07.06.2024
Putin: Russia Not Showcasing Nuclear Weapons
Russia is not showcasing nuclear weapons, Russian President Vladimir Putin said.
"We are not showcasing [nuclear weapons]," Putin said at the plenary session of the St. Petersburg International Economic Forum (SPIEF).
The president also has not ruled out changes to Russia's nuclear doctrine.
Putin said he did not think that there was a case that allowed the use of nuclear weapons.
14:48 GMT 07.06.2024
Ukraine's Power is Usurped, Negotiations Dependent on Trust and Legitimacy - Putin
Question on the Conflict in Ukraine: The Russian president's desire for negotiations to resolve the situation is commendable, but with whom should they be held? Karaganov emphasized that Zelensky is no longer legitimate.
Putin noted that it is necessary to achieve agreements that align with Moscow's interests. He pointed out that negotiating with the current Kiev authorities is quite problematic due to the lack of trust in them.
As for legitimacy, Ukraine's executive power has lost it, and there are confirmations of this in the country's constitution.
In the case of Ukraine, it is a matter of simple power usurpation, the president noted. However, if Kiev shows a willingness to negotiate, the question of "with whom" will become secondary.
14:37 GMT 07.06.2024
Putin Accuses US of Modern Neocolonialism Through Dollar Monopoly
Using the dollar's monopoly position, the US "consumes" a trillion dollars more than it produces, which is modern neocolonialism, Putin noted. Russia, on the other hand, realistically assesses its economic capabilities and does not adhere to the principles of neocolonialism.
14:27 GMT 07.06.2024
Trust in the US Economy Undermined
The US economy is shrinking, and its fundamental basis is showing cracks. This includes not only the national debt but also an inability to control inflation. Consequently, this undermines trust in the US economy, posing a significant problem for all holders of "dollar mass," President Putin emphasized.
Given this, the move towards multipolarity is entirely natural. In response, Russia, in partnership with BRICS countries, has established a new bank and developed its own currency tools. While Moscow plays a significant role in these efforts, everything must be done collaboratively, the president added.
Putin attends 2024 SPIEF plenary session - Sputnik International
14:25 GMT 07.06.2024
Collapse of the Old Global Economic System
The moderator noted that the old global economic system is now collapsing. This is both a positive and a negative development, as there are almost no new regulatory mechanisms in place and no master plan of action. Can Russia take the initiative in creating a new economic system by attracting "brains" from other countries?
President Putin emphasized that the foundation for the current Jamaican system, which is still in use, is trust in the American economy. Beyond this aspect, there are no other justifications for using this system. In turn, Washington takes advantage of this and actively exploits it.
14:22 GMT 07.06.2024
US Owes $54.3 trln to the Global Economy Without Any Backing – Putin
President Vladimir Putin stated that the United States has accrued a debt of $54.3 trillion to the global economy, a figure that he claims is not backed by any tangible assets.
14:20 GMT 07.06.2024
Russia Could Consider Creating a 'Third Capital'
President Vladimir Putin suggested that Russia might contemplate establishing a “third capital” to boost regional development. He emphasized that this idea should be pursued by creating favorable conditions for growth and development, ensuring that the new hub becomes an attractive location for economic and social activities.
14:16 GMT 07.06.2024
Development of Siberia and the Far East
The moderator emphasized the strategic importance of shifting the centers of spiritual, economic, and, partially, political development towards Siberia and the Far East. He suggested that these regions might be ideal for establishing enterprises, particularly in mechanical engineering and forest chemistry. Karaganov noted the urgency of beginning the development of Siberia as soon as possible.
President Putin highlighted the significant efforts that have been made in developing the Far East, a region that previously experienced substantial depopulation. In recent decades, there have been notable successes in preserving the population and enhancing the living standards in these areas. This progress extends to Siberia as well, he added.
Authorities acknowledged some miscalculations in their efforts, such as delays in developing the "Eastern Polygon." However, the region has since seen successful development. Putin stressed that current strategies must differ from those used during Stolypin's era or the Soviet Union. "Today, the priority is not the land but the minds," he emphasized.
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