From June 15th to 18th the St. Petersburg International Economic Forum will take place. In the absence of Western figures normally present at this “Russian Davos,” Russian President Vladimir Putin’s speech came under scrutiny at a time when his country is being hit by major international economic sanctions.
His speech was eagerly awaited. While leaders of major economic powers are exceptionally absent from the St. Petersburg International Economic Forum due to the conflict in Ukraine, Russian President Vladimir Putin spoke an hour later than expected due to a cyberattack that delayed his speech.
As France24 reports, the Russian President mentioned the special operation in Ukraine in the preamble, calling his decision “difficult to make but inevitable” and assuring that “all goals will be achieved”.
Russian economic sovereignty
In particular, Vladimir Putin has reconsidered the economic sanctions imposed on his country. These are “ruthless” and “a double-edged sword”.
“Those who start them are also victims,” he said, according to a translation of BFMTV, citing the significant inflation currently affecting many Western countries. “Global losses from these sanctions could exceed $400 billion this year. Inflation has exceeded 20% in some regions.”
Vladimir believes these sanctions were based on “an incorrect prognosis” that Russia would not have “economic sovereignty”.
“Kyiv blocks the wheat”
“Russia will continue to look for partners among those who want to continue working with Moscow. These partners represent the majority of countries in the world,” he continued, referring in particular to exports “to Africa”.
“Countries that want to work with us are under pressure from outside. But nations led by a great leader don’t care,” he said.
Finally, Vladimir Putin rejects any responsibility with regard to the looming world food crisis due to the difficulties of Ukrainian grain exports. “Kyiv blocks wheat. We do not prevent Ukrainian exports.”