Policies enacted by the US and EU have discredited the Western banking system and currencies, according to the Russian president
© Getty Images/Sergei Chuyko
The West is discrediting its own currencies and banking system, Russian President Vladimir Putin said in his annual address to the Federal Assembly on Thursday, adding that the established monopolies and stereotypes in the global economy are crumbling.
“The West itself is discrediting its own currencies and banking system. They’re sawing off a branch they’ve been sitting on for decades,” Putin said.
Meanwhile, Russia together with so-called ‘friendly’ nations will focus on creating new financial infrastructure that will be free from politics as it seeks to unite efforts in the face of global challenges, he said.
The president was referring to the global trend of moving toward using national currencies in trade rather than the US dollar that has gained significant momentum after Russia was cut off from the Western financial system and had its foreign reserves frozen in 2022.
A number of both Russian and foreign officials have repeatedly warned that the US currency has long been used as a weapon, noting that such actions have prompted countries around the world to reduce their dependence on the greenback.
READ MORE: BRICS overtaking G7 in economic might – Putin
Putin emphasized that Moscow is working with its allies on the basis of equality and respect of mutual interests. Because of this, he said, more and more countries are seeking to join groups such as BRICS, the Eurasian Economic Union, and Shanghai Cooperation Organization.
Together with its partners Russia will continue building “safe” transport corridors based on new technology and create a new global financial network “free from political interference” at a time when the world economy, trade and finance are undergoing rapid changes, the president noted.
For more stories on economy & finance visit RT’s business section
