Putin says multipolar world must build solid economic underpinnings

By Al Mayadeen English
Source: Agencies
5 Oct 2023 00:29

Russian President Vladimir Putin announces that the new multipolar world seeks to create more practical and secure global payment systems by leveraging modern technologies.

Russian President Vladimir Putin speaks at the final stage of the III. International Olympiad on Financial Security in the Sirius Science and Art Park outside Sochi, Russia, Wednesday, Oct. 4, 2023. (AP)

Russian President Vladimir Putin on Wednesday underscored that the world has been gradually eliminating isolated dictatorships "of a financial and economic model aimed at driving into debt and servitude, turning into economic colonies and depriving entire regions of the world of resources for development."

The Russian President explained that "therefore, building a multipolar world order that is more democratic, honest and fair for the majority of humanity is simply inevitable, historically necessary," adding that to succeed in doing so, the world must build solid economic underpinnings for such a global system.

According to Putin, the Russian government can now establish and support public and financial institutions that reflect the evolving reality of a multipolar world as well as create more practical and secure global payment systems by leveraging modern technologies, which also provide people and businesses new possibilities.

Given that the countries heading the management of the global currencies are considered to be at the top of a "financial pyramid", Putin emphasized, "I strongly expect that despite all the current complications at the international stage, we will eventually achieve a certain consensus, not being confined to only interests of countries that head, so to say, this financial pyramid at present. This is actually clear because these are apparently their national currencies. However, this does not correspond to today’s interests of the overwhelming majority of mankind."

Putin orders govt to stabilize retail fuel prices amid export ban

In an effort to ensure the stability of retail fuel prices, Putin last week ordered the government to follow through and seek additional measures to balance the domestic market following the ban on gas and diesel exports.

Putin also urged the competent authorities to act fast, giving them the option to review oil industry taxes.

Prior to that, the Russian government had introduced a temporary ban on gasoline and diesel exports to all countries outside a circle of four ex-Soviet states to stop an increase in domestic fuel prices.

"The measures have been taken, but the prices are rising... The consumer needs a result," Putin said, adding, "I'd ask you to react to events more promptly."