Putin's Vision: Redefining Global Leadership and Trade

President Vladimir Putin addressed the annual economic forum in St Petersburg, emphasizing the shifting dynamics of global leadership. He highlighted the necessity of fair practices, the importance of trade with friendly nations, and the strategic use of national currencies to boost Russia's economic resilience.

President Vladimir Putin spoke at Russia's flagship annual economic forum in St Petersburg on Wednesday.

Here are highlights from his speech. ON GLOBAL LEADERSHIP

"...Countries that until recently were the leaders of global development are trying to maintain their fleeting hegemony using all means, good and bad. There is nothing unusual about a country or a person trying to maintain and strengthen their positions. It is bad when then use unfair means to achieve it and good when they use fair means." ON FOREIGN TRADE

"Overall, countries friendly to Russia, those are the ones we need to pay most attention to, the countries that are growing fast and will shape the future of the global economy, those countries account for more than three quarters of our trade turnover." "Last year, the share of the so-called 'toxic' currencies of unfriendly nations in payments for Russian exports halved. Meanwhile, the share of the rouble in export and import payments is rising, it is approaching 40% now."

"Together with our foreign partners we will increase the use of national currencies in foreign trade settlements, increase the security and efficiency of such operations, including within the framework of BRICS. We are working on creating an independent payments system that would be immune to political pressure, abuse, and external interference through sanctions." ON THE FINANCIAL SECTOR

"The task has been set: the capitalisation of Russia's stock market must roughly double by the end of this decade and reach two-thirds of the gross domestic product."