Putin addresses SPIEF plenary session: Live updates

Russia’s GDP growth for 2023 stood at 3.6% and reached 5.4% in the first quarter of this year, which exceeds the global average, Putin has said. He noted that this trend has been defined by non-commodity industries, such as manufacturing, production, logistics, communications, agriculture, and power generation, as well as auxiliary industries such as trade, hospitality, finance, and other services.

From 2021 to 2023, ruble payments for Russian exports have tripled, Putin said, adding that Moscow will continue to increase the use of national currencies in trade with its international partners, including those in BRICS. He said that would boost the safety and efficiency of such operations and contribute to developing an independent payment system free of political pressure, abuse, and external interference.

The president said it is an “open secret” that trust in the reliability of Western payment systems has been undermined. He added that this was done by the Western countries themselves, noting that payments for Russian exports last year in the “toxic currencies” of “unfriendly countries” were halved.

Russia’s approach to cooperation based on equality and technology sharing, instead of striving for monopolization, allows more resilient ties between nations to be built and greater robustness of Russian businesses in the global market, giving them the opportunity to play “the long game” with foreign partners, Putin said.

Despite illegitimate Western sanctions, Russia remains one of the key participants of global trade and continues to develop logistics, expanding the countries it works with and strengthening relations with Asian countries, Putin told the forum.

Russia has proven its ability to be receptive and to quickly adapt to technological changes. It has already seen changes in the financial sector, electronic trade, transportation services and systems of state governance. Similar advancements are also being seen in the military sphere, where high rates of technological adaptability are required, Putin said.

Leading economies such as China and India, as well as other nations in Asia and Africa that have high economic growth rates, are set to define the global economic landscape by the middle of this century, Putin has said, citing experts.

The Russian president says a race has started among countries to strengthen their sovereignty in three key areas: the state, cultural values, and economy. At the same time, the countries that used to be the leaders of global development until recently are trying to maintain their hegemony.

Putin has begun his speech by greeting the participants of the forum, noting that this year’s event has been attended by more than 12,000 people from over 100 countries, including stakeholders and heads of the world’s leading businesses, experts, analysts, and political and social figures.

The St. Petersburg International Economic Forum (SPIEF) plenary session has started. Russian President Vladimir Putin is being joined on stage by his Bolivian counterpart Luis Arce and Zimbabwe’s Emmerson Mnangagwa.