Putin said at the BRICS summit, that politically motivated Western sanctions increased economic challenges
Russian President Vladimir Putin said on Wednesday that politically motivated Western sanctions on his country have created global economic challenges. This has led to a decrease in business activity, increased unemployment, a shortage of raw materials, and difficulties in ensuring global food security. Addressing a BRICS trade conference hosted by Chinese President Xi Jinping, Putin also said that Russia was in the process of resuming its trade and oil exports to countries from the grouping, including Brazil, Russia, India, and China. and South Africa.
politically motivated sanctions imposed
State news agency TASS quoted him as saying, "politically motivated new sanctions are repeatedly imposed, the mechanism of pressure on competition is being strengthened." Collaborative ties are being broken, and transport and logistics chains are being torn down. All this, contrary to common sense and economic logic, harms business interests on a global scale and negatively affects the well-being of people in all countries.
Putin said without mentioning Russia's invasion of Ukraine, it adds to the problems in the global economy. This leads to a reduction in business activity, an increase in unemployment, a shortage of raw materials and components, and increasing difficulties in ensuring global food security. The prices of crops and other basic agricultural products increase continuously.
Russia imposed severe sanctions for the invasion of Ukraine
Putin ordered a special military operation against Ukraine on 24 February. US-led Western countries have imposed severe sanctions on Russia for its invasion of Ukraine. Ukraine is one of the world's top grain producers along with Russia but is unable to export to global markets because of the blockade of its Black Sea ports. Putin said that the BRICS countries are developing trade under difficult conditions.
Putin said that together with BRICS partners, we are developing credible alternative mechanisms for international settlements. The Russian Financial Messaging System is open to linking with the banks of the BRICS countries. The Russian business community, in coordination with the business communities of the BRICS countries, takes prompt steps to develop transport infrastructure. Logistics routes are re-adjusted, and new production chains are created.
I would like to emphasize that Russia's strategy has not changed. We are ready to work openly with all genuine partners based on the principles of mutual respect for each other's interests while strengthening our economic, technical, and scientific potential.