Russia is open to cooperation and doing business with “the whole world,” President Vladimir Putin has said. This includes both Western economic powers – despite what he described as their “ugly forms of competition” – and the growing economies of the Global South and East.
“We are ready to cooperate with all our partners,” Putin told the BRICS Business Forum panel at the 18th BRICS summit in India, adding that they could be “old or new.”
Putin said that the shared goal is to unlock the development potential of Russia and its partners through “business diplomacy,” making it easier for companies and entrepreneurs to cooperate.
“We do not want to impose any restrictions on ourselves or turn inward – whether at the national, corporate, or even the broader level of our partnership,” he stated. “We are not building our cooperation against anyone. We stand for ourselves and our interests.”
Russia is seeking to expand practical business cooperation with its partners in industry, trade, and tourism, Putin said, noting that Moscow has established a national business cooperation committee bringing together more than 40 of the country’s largest companies.
He also highlighted plans to develop major logistics routes, such as the Trans-Arctic and North-South transport corridors, and proposed creating a new investment platform based on the BRICS New Development Bank to attract private capital and boost competitiveness.
“Together with our partners, we stand ready to contribute to global energy and food security,” Putin said.
Putin noted that the world is undergoing “deep structural shifts,” with traditional economic powers being displaced by new engines of growth – a natural process that he insisted “cannot be stopped.” He argued, however, that Western economies facing growing competition increasingly resort to unsavory methods.
“Sometimes competition takes ugly forms,” he said, citing the destruction of pipelines, attempts to block international transport routes, unilateral “illegal restrictions,” and secondary sanctions against countries “unwilling to follow others’ interests.”
Russia has faced more than 30,000 sanctions since the escalation of the Ukraine conflict – twice as many as all other countries combined, Putin said. Moscow nevertheless weathered the unprecedented pressure by relying on domestic business, science, and engineering while redirecting trade toward “reliable partners,” he stated. Russia’s economy has become more resilient, with growth outpacing the global average over the past three years, he added.
The president noted that against expectations the sanctions had instead hurt those imposing them, pointing to rising budget deficits, public debt, and industrial decline. Leading eurozone economies have seen industrial output fall by around 8% in recent years, he claimed.
Speaking of BRICS, Putin described the group as an increasingly powerful force in the global economy.
“Through our combined efforts, BRICS is building a resilient and viable platform for global growth,” he said. “This is not being imposed on us from the outside by the so-called ‘golden billion’, nor are we trying to impose anything on anyone else.”
Putin noted that BRICS countries generated more than 40% of global GDP over the past five years, compared with 29% for the G7, while contributing more than half of global economic growth against just 18% for the G7. He attributed the momentum to the grouping’s vast population, dynamic domestic markets, and rapidly expanding national companies with global ambitions.
The 18th BRICS Summit in New Delhi runs through Sunday, bringing together leaders of the expanded grouping to discuss economic cooperation, energy and food security, global governance, and geopolitical challenges. Putin, who arrived in India on Friday, has already held talks with Prime Minister Narendra Modi on the sidelines of the gathering. He is also expected to hold talks with other leaders attending the gathering.