President Vladimir Putin of Russia said that many countries around the world are racing to “strengthen their sovereignty” amid Western nations’ efforts to “maintain their elusive role as hegemons.”
“We’re observing a real race between countries to strengthen their sovereignty,” Putin said in his plenary address at the St. Petersburg International Economic Forum (SPIEF) Friday.
The Kremlin leader sought to highlight BRICS — a bloc of countries comprising Brazil, Russia, India, China and South Africa — as a geopolitical counterweight to Western power and influence.
“Along the BRICS line, we’re working on developing an independent payment system not subject to political pressure, abuse and external sanctions interference,” Putin said. “BRICS has a large potential for attracting new members.”
Just before Putin took the stage, the audience at the plenary session was shown a dramatic video presentation that traced the history of European colonization, focusing on the exploitation and enslavement of Indigenous peoples and drawing parallels to modern-day relations between Western countries and the Global South.
Aside from global issues, Putin’s address largely focused on domestic topics such as state investment in higher education, record-low unemployment figures and the growth of homegrown brands after scores of Western companies left Russia over the invasion of Ukraine.
Once dubbed the “Russian Davos,” SPIEF has for years attracted leading Western businesspeople, investors and officials to Putin’s hometown, serving as a venue for major international deals like the Nord Stream gas pipeline.
