Putin Rejects Russian Financial Collapse Predictions — Highlights Energetic BRICS, SCO Cooperation

Russian President Vladimir Putin says Russia is actively cooperating with main worldwide organizations, together with the BRICS group, the Shanghai Cooperation Group (SCO), the Affiliation of Southeast Asian Nations (ASEAN), the Gulf Cooperation Council (GCC), and multilateral organizations in Latin America and Africa. Putin additionally rejected predictions in regards to the “complete collapse” of the Russian financial system.

Russia ‘Actively’ Cooperating With BRICS, SCO, ASEAN

Russian President Vladimir Putin spoke on the plenary session of the Eurasian Financial Discussion board on Wednesday. Among the many subjects he mentioned had been the state of Russia’s financial system, the consequences of Western sanctions, and cooperation with main worldwide organizations, together with the BRICS bloc and the Shanghai Cooperation Group (SCO). The BRICS group contains Brazil, Russia, India, China, and South Africa.

“I take into account the theme of the discussion board ‘Eurasian integration in a multipolar world,’” Putin described the annual discussion board of the Eurasian Financial Union (EAEU). The Russian president mentioned:

We see that basically profound, elementary modifications are happening within the international enviornment. An increasing number of states are taking a course in the direction of strengthening nationwide sovereignty, pursuing unbiased home and international insurance policies, and adhering to their very own growth mannequin.

Noting that these international locations help the creation of a brand new, extra simply worldwide financial order, Putin detailed that they’re dedicated to constructively influencing international affairs and increasing the community of partnerships which can be primarily based on “mutual profit, respect and consideration of one another’s pursuits.”

He added that international locations that don’t assume and act this manner are solely exacerbating the downward pattern of their very own growth, stating that they’re capturing themselves within the foot. Emphasizing the significance of solidarity amongst international locations globally, Putin mentioned:

We actively cooperate with main worldwide associations reminiscent of BRICS, the Shanghai Cooperation Group [SCO], the Affiliation of Southeast Asian Nations [ASEAN], the Gulf Cooperation Council [GCC], and multilateral organizations in Latin America and Africa.

Putin Insists Russian Financial system Will Not Collapse

Putin additionally mentioned predictions concerning the potential collapse of the Russian financial system. The Wall Avenue Journal, for instance, revealed an article in March claiming that “Russia’s financial system is beginning to come undone.”

The Russian chief opined: “The numbers communicate for themselves: regardless of the large-scale disaster within the international financial system and commerce, appreciable geopolitical dangers and uncertainties, the overall GDP of the Eurasian Union states for 2022 decreased, however decreased by 1.6 %.” He added that some specialists “predicted a totally completely different state of affairs, a collapse state of affairs.” Putin careworn:

Nothing like that is taking place and has not occurred and clearly is not going to occur once more.

“Let me remind you that each our specialists and worldwide specialists for Russia already present GDP progress. At first, they talked about 0.7 %. Let me remind you that within the main economies of the European Union specialists present a minus for the present 12 months. At first, we had been speaking about plus 0.7%, now they are saying plus 1.5%, and perhaps as much as two %. And that claims rather a lot,” he detailed.

The Worldwide Financial Fund (IMF) raised Russia’s GDP forecast in April to progress of 0.7% from 0.3% however lowered its 2024 forecast to 1.3% from 2.1%. The IMF expects labor shortages and the exodus of Western corporations to hurt Russia’s financial system.