Major global transformation and Western trade losses: Putin’s SPIEF address

ST. PETERSBURG, June 5. /TASS/. The race for sovereignty has not only unfolded but is gaining momentum, Russian President Vladimir Putin said at the plenary session of the St. Petersburg International Economic Forum (SPIEF-2026).

He stressed that Russia’s sovereign debt level stands at 16.4% of GDP, which is significantly lower than in the eurozone.

The Russian leader also noted that the West has lost interest in trade rules when it started losing in competition.

The race for sovereignty "is in full swing and is gaining momentum." "This is not only about the ability to resist external pressure and protect national interests."

The state’s ability to "ensure its own sovereignty" is a key factor determining its position in the global economic system and its leadership.

"Sovereignty means being stronger and, I would like to emphasize, smarter, which means managing resources more precisely and investing more efficiently, including in technological development. True sovereignty requires efficiency," Putin said.

Sanctions and the West’s theft of Russia’s international reserves "have irreversibly affected the positions of global currencies — the dollar and the euro."

Any country, including Russia, can at any moment lose access to its lawful assets in dollars and euros: "All countries, without exception, like Russia, can at any moment lose access to their lawful assets."

The reasons for seizing foreign assets in the West can be varied, from conflicts to LGBT issues (LGBT movement recognized as extremist and banned in Russia): "Reasons can vary; they will always be found."

The world needs a modern, flexible financial architecture, free from prohibitions and barriers and providing incentives for sovereign development: "Its instruments should reduce costs, accelerate settlements, expand access to financing, and, of course, properly counter tax evasion, fraud, and money laundering -- these issues always require attention."

Russia is always open to those interested in cooperation and ready for equal partnership: "We are always open to those interested in working with our country, ready for equal and mutually beneficial cooperation."

Pressure on Russia continues, but its "room for maneuver" has expanded: new partners, financial solutions, and technological approaches have emerged.

Aggressive European bureaucratic policies are short-sighted and "not only lead to further loss of Europe’s position" in the global economy but also undermine "regional and global security."

"European elites are provoking chaos," which they try to draw more and more countries into