Putin Criticizes Western Sanctions and Financial System
Russian President Vladimir Putin has strongly condemned what he calls the “discriminatory” nature of Western sanctions and labeled the current global financial system as an instrument of neo-colonialism. The remarks were made during an interview with China’s state-run Xinhua news agency, ahead of his four-day state visit to China, which begins this Sunday.
Putin emphasized that the sanctions imposed by Western countries have wounded the Russian economy, which is showing signs of slipping into a recession. These economic penalties, combined with the financial strain of the ongoing war in Ukraine, have significantly impacted Russia’s fiscal stability.
Call for a New Global Financial Order
In the interview, Putin announced his support for overhauling international financial institutions such as the International Monetary Fund (IMF) and the World Bank. He asserted that the current system does not reflect the realities of the modern global economy and instead serves the interests of a select few Western powers.
“It is essential to end the use of finance as an instrument of neo-colonialism, which runs counter to the interests of the Global Majority,” Putin stated. He added that Russia and China are aligned in their pursuit of a new financial system built on openness and true equity.
Putin proposed that an updated system should ensure equal and non-discriminatory access for all nations, and better represent the economic standings of its member states. He expressed confidence that Russia and China would continue to collaborate on this ambitious goal.
Unprecedented Visit to China
Putin’s upcoming trip to China has been described by the Kremlin as “unprecedented.” The Russian president will be in the country from Sunday to Wednesday, attending a series of high-profile events and meetings. His visit underscores the growing strategic partnership between Moscow and Beijing amid escalating tensions with the West.
The first leg of Putin’s visit will take him to Tianjin, a northern Chinese port city, where he will participate in the two-day Shanghai Cooperation Organisation (SCO) summit. The SCO, founded in 2001, now has 10 permanent members, including India and Iran, and focuses primarily on regional security and economic cooperation.
Following the summit, Putin will proceed to Beijing for bilateral talks with Chinese President Xi Jinping. He is also scheduled to attend a large-scale military parade commemorating the end of World War II, marking Japan’s formal surrender.
Strengthening Economic Ties with China
Putin praised China for its continued support since the onset of the Ukraine conflict. After Western nations imposed sanctions and cut diplomatic and economic ties with Russia, China stepped in as a critical ally. Beijing has significantly increased its purchases of Russian oil and has provided consumer goods ranging from automobiles to electronics.
In 2024, bilateral trade between Russia and China soared to a record $245 billion, making China Russia’s top trading partner by volume. According to Putin, most of this trade is now conducted in Russian roubles and Chinese yuan, reflecting both nations’ desire to reduce reliance on the US dollar and euro.
“We are working together to reduce trade barriers and enhance economic cooperation,” Putin noted. He also highlighted Russia’s role as a major supplier of oil and gas to China, further solidifying their economic interdependence.
A Strategic Alliance with No Limits
The relationship between Russia and China has strengthened significantly over the past decade. Putin and Xi have met over 40 times, and in 2022, the two leaders declared a “no-limits” strategic partnership. Their cooperation spans various sectors including defense, energy, and infrastructure.
Putin’s remarks and his visit aim to reinforce this alliance, presenting it as a counterweight to Western influence. Both countries have expressed shared interests in reshaping global governance to better reflect the multipolar nature of the current international landscape.
As the world watches closely, the outcome of Putin’s visit could have profound implications for future geopolitical alignments and the structure of global financial institutions.
This article is inspired by content from Original Source. It has been rephrased for originality. Images are credited to the original source.