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16 Jun, 2023 13:39

‘Ugly’ neocolonial system is dead – Putin

A new multilateral world order is inevitable, the president stated
‘Ugly’ neocolonial system is dead – Putin

Russia has significantly boosted trade with nations who do not bow to foreign pressure, thus once again proving that the world has abandoned the old neocolonial system, Russian President Vladimir Putin said on Friday. Humanity is now progressing towards a new multipolar arrangement, he added.

After being subjected to Western economic pressure, Russia did not choose self-isolation and instead boosted cooperation with some of the key drivers of the world economy, the Russian leader said in a speech at the St. Petersburg International Economic Forum (SPIEF) on Friday.

“Our trade with some of the nations, whose leaders would not submit to the oft-brazen foreign pressure and are guided by their own national interests rather than those of others, has grown by several times rather than by dozens of percent,” Putin stated, describing Russia’s current position in the world economy.

“This is yet further proof that common sense, business energy and objective market laws are stronger than political considerations,” he added.

This means that the ugly international system, which was neocolonial in nature, has ceased to exist. Meanwhile the multipolar world order is being reinforced. And this process is inevitable.

Putin’s speech was focused on the changes in the Russian economy since last year’s SPIEF, which he also attended. He provided his assessment that the government’s policy choices, which were made amid confrontation with the US and its allies, have proven to be correct. The president cited low inflation rates, record-low unemployment, positive changes in the structure of Russian export, among other indicators.

Western nations imposed an unprecedented number of economic sanctions on Russia after tensions in Ukraine escalated to open hostilities last year. Moscow perceives both the armed conflict and the restrictions to be elements of a proxy war waged against Russia by Washington.