Russian President Vladimir Putin said on Monday that a "new, fairer, and more democratic system of international relations meeting the needs of the world majority is emerging."

In a publication by the Kremlin, Putin highlights the uselessness of the model of globalization set by Western governments to serve their own interest, and adds that it is in "deep crisis".

Consequently, Putin said that "a certain group of countries, accustomed to dominating the world, stop at nothing to maintain their waning influence, practicing outright blackmail and forceful pressure, replacing the system of international law with a certain "rules-based order". 

A new world order: Economic ramifications

Despite the West's heavy sanctioning of Russia and the conflict in Ukraine, Russia has had the ability to maintain the stability of its economy, underscoring its capacity to adjust and adapt to various external pressures, particularly exhibited in trade growth, budget surplus expectations, and effective management of economic resources.

Russian Prime Minister Mikhail Mishustin provided an economic update that estimated a 2% growth this year, showcasing that it has outperformed the German economy, as Germany spent over 102.7 billion dollars in support of Ukraine, reporting that "the Ukraine war and the associated explosion in energy prices cost Germany almost 2.5 percent, or 100 billion euros in economic output in 2022," with costs continuing to accumulate in the coming years.

Read more: Germany: Imports from Russia increased by 32.6% in 2022

China and Russia as peacekeepers 

Lithuanian and Finnish ministers have foreseen the tilting of the global power towards Russia and China for their support of the Palestinian people as the genocide unfolds and intensifies with each Israeli attack. 

According to The Wall Street Journal, the current Israeli bombardment of Gaza enables Moscow and Beijing to stand in solidarity with Palestine and take advantage of the US distraction and involvement in the ongoing aggression on Gaza. 

Antoine Bondaz, a China expert at the Foundation for Strategic Research in Paris, expressed that Beijing will keep its interest in mind, and with what is occurring in Palestine, the US will inevitably look like a key player in the instability; something that will bolster China’s image as a peacekeeper.

Read more: China calls for UNSC meeting to discuss war on Gaza