At the St. Petersburg International Economic Forum, Russian President Vladimir Putin criticized Western sanctions, arguing they have damaged the global economy and eroded trust in Western currencies. He stated that the freezing of Russian assets abroad has negatively impacted the standing of the dollar and the euro, suggesting that any country could lose access to their legitimate assets in these currencies.

Impact on Global Economy

Putin accused Western nations of undermining global financial stability through unilateral sanctions. He highlighted that high state debt in these countries has further eroded trust in Western financial institutions. According to Putin, the world is transitioning from a hierarchical model dominated by a few states to a more distributed, multipolar system, which Russia sees as an opportunity rather than a threat.

The forum, which serves as Russia’s platform to showcase its economic achievements and attract foreign investment, comes amid a challenging economic outlook for Russia due to the ongoing conflict in Ukraine. Despite Western officials and business leaders avoiding the event, Russia has attracted delegations from countries like Saudi Arabia, Uzbekistan, Tanzania, and China.

Ukraine Conflict and Defense

Putin also addressed the conflict in Ukraine, acknowledging recent Ukrainian drone attacks within Russia and pledging to strengthen air defenses. He reiterated Russia’s openness to compromise based on previous understandings with the U.S., but emphasized the need for a comprehensive settlement rather than a temporary ceasefire.

Ukrainian President Volodymyr Zelenskyy proposed face-to-face negotiations in a public letter, but Putin’s spokesman indicated that Putin had not yet seen the letter. The Kremlin remains open to a meeting in a third country, but only when a deal is ready to be signed.

Original reporting: KTBS 3 (Shreveport) — read the source article.