Putin blames worldwide ‘colossal economic stress’ on bad global policies
Russian President Vladimir Putin has blamed the global economic crisis on the “ill-thought macroeconomic policies” of some countries, and denied that his invasion of Ukraine was the cause of the financial turmoil.
Speaking at a virtual G20 summit on Wednesday, Putin said that the world economy was experiencing “colossal stress” due to the “unprecedented” scale of stimulus measures taken by some major economies in response to the COVID-19 pandemic. He argued that these policies had led to inflation, currency devaluation, and increased debt burdens, and threatened the stability of the international financial system.
Putin also accused some countries of using “unfair” trade practices, such as imposing sanctions, tariffs, and other barriers, to gain an advantage over their competitors. He said that these actions violated the principles of free trade and undermined the multilateral trading system. He called for a “constructive dialogue” among the G20 members to address these issues and restore confidence in the global economy.
The Russian leader also defended his decision to launch a military operation in Ukraine, which he said was a “forced measure” to protect Russia’s security interests and the rights of the Russian-speaking population in the eastern Donbas region. He claimed that Russia did not intend to occupy or annex any part of Ukraine, but only to “demilitarise” and “de-Nazify” the country, which he accused of being under the influence of “radical nationalists” and “Western puppets”.
Putin said that he was ready to engage in peace talks with Ukraine and the international community, but blamed Kyiv for the lack of dialogue. He said that Ukraine had adopted a law that prohibited any negotiations with Russia or the separatist forces in Donbas, and had refused to implement the Minsk agreements, which were signed in 2015 to end the conflict. He also warned that any foreign intervention to support Ukraine would be met with a “devastating” response from Russia.
Putin’s remarks were met with criticism and condemnation from other G20 leaders, who expressed their solidarity with Ukraine and demanded that Russia withdraw its troops and respect Ukraine’s sovereignty and territorial integrity. They also vowed to impose tough new sanctions on Russia to punish its aggression and deter further escalation.
The G20 summit, which was hosted by India, was the first time that Putin addressed the group of the world’s major economies since he ordered the attack on Ukraine on February 24, 2023. The war, which has killed hundreds of people and displaced thousands more, has sparked the worst crisis in Europe since World War II and triggered a sharp decline in global markets.
