Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian Prisoners' Information Office: Four of his ribs were broken
Palestinian Prisoners' Information Office: Marwan al-Barghouti lost consciousness after a brutal assault by Israeli occupation soldiers
Al Mayadeen's correspondent: Israeli violations in the Gaza Strip have not stopped, and just a short while ago, fishermen came under fire from boats
Al Mayadeen's correspondent: Israeli occupation forces carry out a large explosion in the eastern neighborhood of the town of Mays al-Jabal in southern Lebanon.
Israeli media: Israeli political leadership decides to open Rafah crossing “as planned” and transfer aid to Gaza Strip.
Palestinian media: Three Palestinians were killed after being targeted by Israeli drone fire in the al-Shujaiya neighborhood east of Gaza City
Nicolas Maduro: The Palestinian cause is the most sacred cause for humanity, and we propose sending teams of builders, farmers, and doctors to Gaza to help the people
Al Mayadeen's correspondent in Lebanon: IOF infiltrate Khallet Wardeh towards the municipality in the town of Aita al-Shaab, south of Lebanon.
Leaders of the United States, Egypt, Qatar, and Turkey sign a ceasefire agreement in Gaza.
Trump arrives in Sharm el-Sheikh

SPIEF headers: Putin discusses US economy, multipolarity, Ukraine war

  • By Al Mayadeen English
  • Source: News Websites
  • 7 Jun 2024 21:00
  • 1 Shares
4 Min Read

Russian President Vladimir Putin explains how the US monopoly in the global financial market is disintegrating and paving the way for a multipolar world and affirms Russia's victory in war with Ukraine.

Listen
  • x
  • Russian President Vladimir Putin attends a plenary session of the St. Petersburg International Economic Forum in St. Petersburg, Russia, on Friday, June 7, 2024 (AP)
    Russian President Vladimir Putin attends a plenary session of the St. Petersburg International Economic Forum in St. Petersburg, Russia, on Friday, June 7, 2024 (AP)

Russian President Vladimir Putin discussed several points, ranging from the disintegrating reliance on the US dollar, the United States' neocolonial behavior due to the monopoly of the global financial system, and the current war with Ukraine, at the plenary session of the St. Petersburg International Economic Forum (SPIEF), which is hosted by Russia from June 5-8. 

On the shrinking US economy

Putin made remarks on the state of the global financial market, saying the only guarantee in present times is trust in the US economy, with the United States making "serious" money on it. 

He gave an example of the Jamaican system, asking "What is the basis of the Jamaican system still in place today? Trust in the US economy. Look at what is happening today, in the realities of no other collateral than trust in the US economy in today's world financial system."

Discussing the United States' position, the Russian president stressed that the US was exploiting the fact that it is a monopoly in the global financial system, saying that it was making "serious money from this exploitation."

However, he pointed out how despite the drastic profits the US is generating, it still owed the global market $54.3 trillion "that is not backed by anything". 

US colonialism generates a multipolar world

Putin added that the US was "breaking its own tool of greatness", amid few left, referring to the US dollar. 

He explained that the US actively blows other countries away from the dollar until they decide not to rely on it anymore. 

Putin then draws comparisons between the US and Russia, saying his nation has "never behaved like colonialists or neocolonialists [referring to the US]." 

Related News

Pfizer CEO urges closer US-China collaboration in biopharma

Cuba confirms departure of Jose Daniel Ferrer to Miami

He said the US' current account trade deficit is a trillion dollars per year, which is tantamount to "neocolonialism in its modern edition." 

"Using the monopoly position of the dollar, the United States consumes a trillion dollars a year more than it produces, taking … these resources from other countries," he further stated, affirming that the US economy was shrinking in a way that harms countries that hold its currency, but also paves the way for a multipolar world. 

He further affirmed that Russia is not in a position to be colonialist because its position in the global financial system and its currency were not monopolistic. 

Zelensky 'usurping power'

The Russian President then discussed the war against Ukraine and explained that Ukrainian President Volodymyr Zelensky was "usurping" the power in the country. 

According to Putin, a Ukrainian law exists that is built on the essence of martial law, a legal framework that grants temporary extraordinary powers to the government and military during times of war, conflict, or national emergency, but that claims that elections are not held as per the martial law, yet are not prolonged. He said that "if they are not mentioned, then they do not exist".

He then noted that "There are relevant articles in the criminal code that speak of usurpation of power," which he says they [Russia] might be dealing with. 

As a result, he says the Ukrainian executive branch has lost credibility and legitimacy. 

'Russia will achieve victory'

Putin affirmed that the war would end with Russia victorious, as the Russian Armed Forces witnessed drastic enlistments without any public mobilization. 

According to Putin, over 300,000 men registered with the armed forces last year, although the country does not require nor seek military mobilization, as opposed to Ukraine. 

Russia reserves its right to export weapons to other countries

Moreover, Putin said his country reserved the right to supply countries under military pressure with arms. 

He clarified that Russia was not exporting arms to any country yet, but reserved the right to if said countries were to experience any military pressure from others that were supplying Ukraine with weapons and urging it to utilize them against Russian territories. 

"If they are supplying the war zone and calling for these weapons to be used on our territory, then why don't we have the right to do the same," he said. 

Putin emphasized that the country will not start supplying long-range weapons abroad "tomorrow."

  • United States
  • Russia
  • Volodymyr Zelensky
  • US dollar
  • de-dollarization
  • Ukraine
  • US economy
  • Vladimir Putin
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

Iran strikes secret Israeli-US bunker under Tel Aviv high-rise

Tel Aviv high-rise struck by Iran hid Site 81, secret US-Israeli base

  • Politics
  • 14 Oct 2025
Palestinian journalist Saleh al-Jaafarawi in an undated image in Gaza, occupied Palestine (Social media)

Gaza Palestinian journalist Saleh al-Jafarawi killed by collaborators

  • Politics
  • 12 Oct 2025
Taylor Swift: The Life of a Showgirl

The Life of a No-Girl: The one verse Taylor Swift refuses to sing

  • Arts and Culture
  • 8 Oct 2025
drop site

New report details extensive Israeli arson in Gaza after ceasefire

  • Politics
  • 13 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Freed Palestinian detainee al-Arida expresses gratitude to Al Mayadeen.
Politics

Freed Palestinian detainee Mahmoud al-Arida salutes Al Mayadeen

Prime Minister of Spain Pedro Sánchez gestures as he speaks at the Global Progress Action Summit, in London, Friday, September 26, 2025 (AP)
Politics

Spain to maintain arms embargo on ‘Israel’ despite ceasefire

Israeli excavators work in the Gaza Strip as the sun sets, seen from southern occupied Palestine, Tuesday, Oct. 14, 2025 (AP)
Politics

Palestinian clans condemn chaos in Gaza, back security forces

The sun sets behind buildings destroyed during the Israeli aggression in the northern Gaza Strip, as seen from southern occupied Palestine, Tuesday, October 14, 2025 (AP)
Politics

Israeli regime cuts Gaza aid to 300 trucks, blocks fuel and gas

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS