Western policies caused the crisis

Putin Hosts St. Petersburg International Economic Forum: Western Policies Caused Crisis

June 8, 2022 (EIRNS) — The St. Petersburg International Economic Forum (SPIEF) will hold its 25th annual meeting from June 15-18, and Russian President Vladimir Putin (in Russian) has sent an initial greeting to attendees setting the framework of the coming discussions. SPIEF is a high-level international conference held in St. Petersburg, Russia, frequently attended by thousands of business, political and financial leaders from around the world.

Putin noted that this year the meeting would come at a “difficult time for the entire international community.” He pointed out, as he has stated several times recently, that “the mistakes of Western countries in economic policy for many years and illegitimate sanctions have led to a wave of global inflation, the disruption of the chains supply gaps and a sharp rise in poverty and food shortages. Yet, as may be the case, alongside these challenges, new opportunities are emerging. This is why the Forum’s slogan – New Opportunities in a new world – seems so relevant.

Putin said that Russia, in the future, would proceed with “the establishment of an independent and efficient financial system”, noting that “it is in our common interest to strengthen trade and investment, to encourage the joint development of technologies, to strengthen the financial and stock markets”. , and increase the share of settlements in national currencies. It is crucial to introduce and develop truly mutually beneficial integration models, as is already happening in the Eurasian Economic Union.

China’s CGTN, in its coverage of Putin’s remarks, pointed out that “Russian President Vladimir Putin said on Monday that many years of mistakes made by Western countries in economic policy and sanctions have led to global inflation, an increase in poverty and food shortages”.

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Melvin B. Baillie