Russia’s Putin Blames Major Economies for Global Economic Woes in G20 Virtual Address

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In a virtual address to the G20 meeting hosted by India, Russian President Vladimir Putin asserted that the stress in the global economy is primarily linked to the actions of major countries, rather than Russia’s endeavours to seek “justice” in Ukraine. Putin, who had skipped the in-person G20 summit in New Delhi in September due to the “special military operation” in Ukraine, addressed the disruption caused by Russia’s invasion in February 2022, emphasizing its impact on global supply chains, food security, and fuel prices.

Putin attributed the current economic challenges to the “ill-considered macroeconomic policy of certain states.” He criticized the trillions of dollars and euros injected into the economy and banking system under the pretext of fighting the pandemic, noting that this had led to a surge in global inflation and a rapid increase in food and energy prices. Putin contended that Russia’s actions in Ukraine were not responsible for the economic stress, but rather the policies of the world’s largest economies.

The Russian President pointed out the adverse effects of unlawful trade restrictions and certain countries’ climate agenda, which, in an attempt to enhance competitiveness, negatively impact global dynamics. He accused some nations of employing “dishonest methods of competition,” including the destruction of transport and logistics chains and acts of state terrorism, exemplified by the explosion at the Nord Stream gas pipeline under the Baltic Sea.

Putin highlighted the ongoing transformation in the world, with new global and economic centers emerging. He acknowledged the shift of a significant share of trade activity to Asian, African, and Latin American regions, where the majority of the world’s population resides.

Indian Prime Minister Narendra Modi’s reference to the inclusion of the African Union into the G20 was noted, emphasizing the G20’s role in increasing confidence in multilateralism and global governance reforms.

Putin called for an increased role for developing economies in international financial institutions such as the International Monetary Fund and the World Bank. He advocated for using the resources of these organizations for the genuine development needs of countries and regions, rather than for opportunistic political goals.

Expressing readiness to collaborate within the Group of Twenty and other international institutions, Putin mentioned the growing influence of the BRICS association. He underlined the importance of collective decisions based on consensus, particularly given the radical transformation the world is undergoing.

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