Putin's Vision for Russia's Economic Leadership

During the flagship economic forum in St. Petersburg, President Vladimir Putin discussed the shift towards a multi-polar global economy, criticized U.S. financial dominance, and emphasized Russia's focus on trading with fast-growing, friendly nations. He also highlighted plans to increase the use of national currencies in foreign trade and double Russia's stock market capitalization.

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." "...The United States is exploiting its monopoly position in the global financial market. The United States owes the world economy $54.3 trillion."

"...Because it (the U.S. economy) is shrinking, its share in the world economy is shrinking, it is absolutely natural that the world economy and finance is moving towards a multi-polar system." "...The United States authorities are just like luddites in England who broke their own equipment. Today's U.S. authorities are modern luddites, they are destroying the tools of their own greatness."

"The dollar is one of a few tools of the United States' greatness today. They are driving global economic players away from the dollar." 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."