https://sputnikglobe.com/20260605/putin-speaks-at-spief-economy-geopolitics-energy-and-more-1124267279.html
Putin at SPIEF: Western-Dominated Global Trade System Faltering, BRICS Rising
Putin at SPIEF: Western-Dominated Global Trade System Faltering, BRICS Rising
Sputnik International
The Russian president is participating in the plenary session of the St. Petersburg International Economic Forum for the 20th time. SPIEF has been Russia's flagship business and economic forum since 2006, attracting billions in investments annually. It's been dubbed the "Russian Davos" by some observers.
2026-06-05T13:16+0000
2026-06-05T13:16+0000
2026-06-05T14:30+0000
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vladimir putin
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Russia always remains ready to work with countries to engage in mutually beneficial cooperation on an equal footing, including to collectively resolve global problems such as energy, President Putin said.Europe's elites are fueling chaos and are interested in plunging more and more countries into it, even as the paradigm of global development shifts, Putin said.Western-dominated Global Trade System is FalteringThe existing "hierarchical model" of global trade and cooperation is undergoing profound changes, and while it was based on ideas about "universality", was actually designed to extract wealth and resources from certain countries, while excluding others when they start to pursue sovereignty, Putin said.This system is moving toward multipolarity led by developing countries, according to the Russian president. "The world is becoming more equitable, fairer, because economic growth" is extending to "new centers of growth." The BRICS countries alone account for nearly half of recent growth, compared to less than 20% among the G7.The North-South Corridor, Russia's new Arctic maritime route, and other new trade routes demonstrate that the global trade system "is ceasing to be centered around the West," Putin said. Trade between the BRICS bloc countries exceeds $1 trillion annually, and Central Asian countries like Uzbekistan are crucial in this process.West Itself to Blame for the Process It Triggered"The erosion of the World Trade Organization was set off by...the Western nations. When it benefited them they promoted the WTO, but when the West started to lose this competition...[its rules] became more of a burden," and they turned to sanctions, Putin said.In Russia's case, the pressure campaign has failed. Russia's debt-to-GDP ratio (15-16% of GDP) is extremely low compared to those of other advanced European economies, where it often tops 100%, Putin pointed out. The ruble's share in its exports is now 65%.The BRICS countries' high-tech sectors top 1/3 of exports, including AI, IT and nuclear technologies, led by China, India and Russia, Putin said. AI, autonomous systems promising to increase labor productivity and digital platform-based solutions are key to further development, he said.Technological Sovereignty and Development"Technological sovereignty" is critical, Putin said. Countries must come up with their own systems or be "relegated to the digital periphery," and there must be no illusions about this. "Russia has learned this lesson" after 2022, when politics seeped into economic relations.A new cycle of investment and tackling inflation are critical to Russia's future economic growth, he said. So are digitization, AI, autonomous systems, and ecommerce, where Russia is "one of the global leaders."High quality of life, regional development and high salaries for skilled professionals are also important, including for the nation's demography, Putin said. Salaries have risen 30% in real terms, accounting for inflation, over the past five years, and unemployment is just 2.2%, according to the president."Sovereignty" also means more private business, and improving state support for entrepreneurs via simplified regulation, tax schemes, digital solutions and platforms, foreign investment and "a predictable environment for businesses," Putin said.Major transport infrastructure like high speed rail, icebreakers and the trade fleet are also vital, and Russia aims to enter the global top ten in the latter sphere, Putin said.
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business, vladimir putin, russia, investment, st. petersburg international economic forum (spief)
Putin at SPIEF: Western-Dominated Global Trade System Faltering, BRICS Rising
13:16 GMT 05.06.2026 (Updated: 14:30 GMT 05.06.2026) The Russian president is participating in the plenary session of the St. Petersburg International Economic Forum for the 20th time. SPIEF has been Russia's flagship business and economic forum since 2006, attracting billions in investments annually. It's been dubbed the "Russian Davos" by some observers.
Russia always remains ready to work with countries to engage in mutually beneficial cooperation on an equal footing, including to collectively resolve global problems such as energy, President Putin said.
Europe's elites are fueling chaos and are interested in plunging more and more countries into it, even as the paradigm of global development shifts, Putin said.
Western-dominated Global Trade System is Faltering
The existing "hierarchical model" of global trade and cooperation is undergoing profound changes, and while it was based on ideas about "universality", was actually designed to extract wealth and resources from certain countries, while excluding others when they start to pursue sovereignty, Putin said.
This system is moving toward multipolarity led by developing countries, according to the Russian president. "The world is becoming more equitable, fairer, because economic growth" is extending to "new centers of growth." The BRICS countries alone account for nearly half of recent growth, compared to less than 20% among the G7.
"BRICS has already overtaken the G7...and this gap is increasing," Putin said. "The G7 is going to grow at best by 1.1% per year whereas BRICS nations are going to grow by 4.4%," per international institutions like the World Bank, he pointed out.
The North-South Corridor, Russia's new Arctic maritime route, and other new trade routes demonstrate that the global trade system "is ceasing to be centered around the West," Putin said. Trade between the BRICS bloc countries exceeds $1 trillion annually, and Central Asian countries like Uzbekistan are crucial in this process.
West Itself to Blame for the Process It Triggered
"The erosion of the World Trade Organization was set off by...the Western nations. When it benefited them they promoted the WTO, but when the West started to lose this competition...[its rules] became more of a burden," and they turned to sanctions, Putin said.
The West's "theft" of Russia's international reserves was just another "pretext" for trying to constrain a competitor, but is actively facilitating the transition to a new order. Sanctions, meanwhile, have caused lasting damage to the global standing of the US dollar and the euro, the president emphasized.
"I would like to underscore that just as Russia can instantaneously lose access to their legitimate assets denominated in USD or euro, [other countries] can also lose access to the Western financial and payment infrastructure," Putin said.
In Russia's case, the pressure campaign has failed. Russia's debt-to-GDP ratio (15-16% of GDP) is extremely low compared to those of other advanced European economies, where it often tops 100%, Putin pointed out. The ruble's share in its exports is now 65%.
The BRICS countries' high-tech sectors top 1/3 of exports, including AI, IT and nuclear technologies, led by China, India and Russia, Putin said. AI, autonomous systems promising to increase labor productivity and digital platform-based solutions are key to further development, he said.
Technological Sovereignty and Development
"Technological sovereignty" is critical, Putin said. Countries must come up with their own systems or be "relegated to the digital periphery," and there must be no illusions about this. "Russia has learned this lesson" after 2022, when politics seeped into economic relations.
The world is in a "race for sovereignty," according to Putin. "Sovereignty implies being smarter and being stronger," and requires things like efficiency and speed, investment, and capital expenditure.
A new cycle of investment and tackling inflation are critical to Russia's future economic growth, he said. So are digitization, AI, autonomous systems, and ecommerce, where Russia is "one of the global leaders."
High quality of life, regional development and high salaries for skilled professionals are also important, including for the nation's demography, Putin said. Salaries have risen 30% in real terms, accounting for inflation, over the past five years, and unemployment is just 2.2%, according to the president.
"Sovereignty" also means more private business, and improving state support for entrepreneurs via simplified regulation, tax schemes, digital solutions and platforms, foreign investment and "a predictable environment for businesses," Putin said.
Major transport infrastructure like high speed rail, icebreakers and the trade fleet are also vital, and Russia aims to enter the global top ten in the latter sphere, Putin said.
