President Putin accuses the West of destroying the global economic system

According to RT, specifically, speaking at the plenary session of the Eastern Economic Forum in Vladivostok, Mr. Putin said that the international economic landscape is changing partly because some countries, mainly Western countries, are destroying the system of financial, trade and economic relations with their own hands.

However, in the process, more and more countries have expanded genuine business cooperation. “These countries prioritize not temporary political events but the promotion of their own projects... that bring direct and long-term benefits to their people,” said President Putin. This has given rise to a new international model that is not based on Western standards and does not serve the elite, but serves all of humanity and the developing multipolar world, according to Putin.

President Putin's comments came after Russian Foreign Minister Sergey Lavrov said earlier this month that the BRICS grouping (Brazil, Russia, India, China, South Africa and six new members) and the Shanghai Cooperation Organization (SCO) were gaining more international influence as more countries sought to bypass Western-dominated international institutions that failed to address their grievances.

In June, Lavrov also estimated that one in four countries in the world were under some level of sanctions by the United States or European nations, which he said meant the West was using the global economy as a tool for coercion, blackmail and sanctions.

Western countries have imposed particularly harsh sanctions on Russia over the conflict in Ukraine, freezing Russia's gold and foreign exchange reserves worth about $600 billion.

Earlier, on June 21, the governments of the European Union (EU) member states agreed to impose a new package of sanctions against Russia related to the conflict in Ukraine with the aim of preventing third countries and businesses from "circumventing" the current EU sanctions. This is the 11th package of EU sanctions against Russia.

Sweden, which holds the rotating EU presidency, said the package includes provisions prohibiting the transit through Russia of goods and technology that could be used by the Russian military or support Moscow’s defense and security sector. It allows for restrictions on the sale of sensitive dual-use goods and technology to countries that could resell them to Russia and expands the list of restricted goods that could be used by the Russian military and defense sector.

The measures also extend the suspension of five Russian media outlets’ broadcasting licenses in Europe. The EU also added 71 individuals and 33 entities to its list of individuals whose assets are subject to freeze in the EU.