Private investors are actively investing in the Russian economy, Putin said, emphasizing that there are almost 30 million retail investors in the country, with their total assets amounting to more than 9 trillion rubles ($100 bln)

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The BRICS countries are working on their own payment infrastructure, independent of the Western one, Putin said, adding that the BRICS has great potential for the addition of new participants.

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Those who missed the plenary session of the forum are watching the speech of the Russian President at the Sber stand.

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🗣 "Russia is somewhere near Germany and Japan [in terms of GDP]. Ahead, but not by much. The leading positions need to be confirmed!” said Putin

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Visitors to Sputnik's stand are watching Vladimir Putin's speech at the plenary session

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In 2024, a new instrument will be entrusted – a “savings certificate,” and it will allow citizens to save money at a more favorable interest rate than even in a deposit, although now the interest on deposits is very attractive, Putin said

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Vladimir Putin's main statements from the SPIEF plenary session:

◾️ Russia remains a key player in global trade despite all obstacles and illegitimate sanctions. States friendly to Russia account for three-quarters of its trade turnover;

◾️ There has been a real race between countries in the world to strengthen their sovereignty. Countries that were leaders are trying to maintain leadership by hook or by crook;

◾️ Northern Sea Route infrastructure will be developed further. Last year, 36 million tons of cargo passed through the Northern Sea Route, and in the future, cargo turnover could exceed 150 million tons;

◾️ Russian economic growth rates exceed the world average. Russia is already in 4th place in terms of GDP at purchasing power parity;

◾️ Western countries themselves undermined trust in their own payment infrastructure. The share of settlements for Russian exports in ‘toxic’ currencies has halved and the ruble's share in transactions is growing, approaching 40 percent;

◾️ BRICS countries are working on their own payment infrastructure, independent of the West’s. The grouping has great potential for new members to join;

◾️ The share of imports in Russia's economy should fall to 17% by 2030 through the development of its own industries.

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🇧🇴 Key statements by Bolivia’s President Luis Arce during the SPIEF plenary session:

◻️ The world order is moving towards a more balanced state based on multipolarity.

◻️ We believe that the opportunity to belong to the Brix is ​​an excellent prospect.

◻️ The BRICS economies have broken the hegemony of the USA and are the hope for cooperation between countries.

◻️ It is not acceptable for one country to become the global central bank and determine the monetary and credit policy in the world.

◻️ The establishment of alliances like BRICS needs to be promoted in the world as soon as possible.

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🇿🇼 Latest statements by Zimbabwean President Emmerson Mnangagwa during the SPIEF plenary session:

◾️ It is necessary to create centers of economic growth in the world, redistribution of power between states;

◾️ Advancing multipolar world has great potential for Zimbabwe and Africa as a whole;

◾️ Zimbabwe calls for removal of illegal sanctions that stifle economic development.

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Russia slams US for peddling ‘pseudo-peace conference’ while fueling Ukraine proxy inferno

Washington needs to decide whether it is “for peace,” or intent on fueling the proxy “inferno” in Ukraine, Russian Foreign Ministry spokeswoman Maria Zakharova said. Pointing to the new military aid package unveiled by the Biden administration while simultaneously press-ganging countries to attend the so-called peace conference in Switzerland, Zakharova remarked:

“Well, sorry, but either you are in favor of the peace conference – and I am now addressing Washington – or you keep on ramping up the arms supplies. There’s no such thing as being for peace, while pouring fuel on this terrible inferno of carnage.”

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Putin’s SPIEF speech a showcase of Russia’s Economic strength and resilience - analyst speech

"In an extraordinarily confident, wide-ranging and detailed speech, President Putin set out the reality of a Russian economy which has defied sanctions, is growing faster than Western economies and is now the fourth largest economy in the world," Rodney Shakespeare, a visiting professor at Trisakti University and co-founder of the Global Justice Movement told Sputnik after the Russian president's speech at the 27th St Petersburg International Economic Forum's plenary session.

Putin stressed the importance of developing national economic and technological sovereignty, notably referring to Russia’s growing international insurance industry which helps overcome sanctions on Russian shipping.

“The overall message was one of an offer of partnership with the countries of the world which have suffered from forms of neo-colonialism,” Shakespeare said.

Putin also touched upon the need for increased profit-sharing and employee involvement in industries, painting a picture of success and promising global leadership.

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"The center of economic development in Russia is shifting," stated Putin, calling for the development of Siberia and the Far East, separately highlighting the Arctic.

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💸 The US owes the global economy $54.3 trillion, which is not backed by anything — Putin said

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Putin on the US economy during the plenary session of the SPIEF:

◻️ There is no other guarantee today than trust in the American economy; the US significantly benefits from it.

◻️ The US's share in the global economy is shrinking, a step towards multipolarity in the global financial system.

◻️ The US is pushing participants in global economic activities away from the dollar with its own actions.

◻️ By leveraging the dollar monopoly, the USA extracts resources from other countries, which is neo-colonialism in modern terms.

◻️ The US consumes $1 trillion more per year than it produces.

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"Right now, the major means of production is human brains. We need to develop technologies," said Putin.

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The centres of the world development right now are shifting towards Asia — Putin.

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"It seems we are dealing with a usurpation of power in Ukraine," Putin stated.

"Russia is ready for negotiations with Ukraine, but on the conditions that were discussed in Minsk and Istanbul," Putin added.

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