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29 Feb, 2024 15:17

West destroying its own financial system – Putin

Policies enacted by the US and EU have discredited Western banking and its currencies, according to the Russian president
West destroying its own financial system – Putin

The West is discrediting its own currencies and banking system, while established monopolies in the global economy are crumbling, Russian President Vladimir Putin said in his annual address to the Federal Assembly on Thursday.

Russia together with so-called ‘friendly’ nations will focus on creating new financial infrastructure that will be free from politics as it seeks to unite efforts in the face of global challenges, he said. 

“The West itself is discrediting its own currencies and banking system. They’re sawing off a branch they’ve been sitting on for decades,” Putin said.   

The president was referring to the growing global trend of using national currencies in trade rather than the US dollar, which has gained significant momentum since Russia was cut off from the Western financial system and had its foreign reserves frozen in 2022.  

A number of Russian and foreign officials have repeatedly warned that the US dollar has long been used as a weapon, noting that such actions have prompted countries around the world to reduce their dependence on the greenback.  

Putin emphasized that Moscow is working with its allies on the basis of equality and respect of mutual interests. Because of this, he said, more and more countries are seeking to join groups such as BRICS, the Eurasian Economic Union, and Shanghai Cooperation Organization.   

Together with its partners Russia will continue building “safe” transport corridors based on new technology and create a new global financial network “free from political interference” at a time when the world economy, trade and finance are undergoing rapid changes, the president noted.

For more stories on economy & finance visit RT's business section

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