Putin: Western elites exploit their own allies too!

"Western elites have abandoned the principles of market economy," Russian President Vladimir Putin said, noting that elites in Western countries are economically exploiting their allies. Putin made statements on the global economy at the "Russia Calls" investment forum organized in the capital Moscow.

Stating that Western countries are trying to hinder the economic development of other countries, Putin said: "To do this, they are trying to maintain their dominance, resorting to sanctions, undermining the political situation in some regions and provoking conflicts.

Western elites have abandoned the principles of market economy. They closed their borders as soon as competitors appeared. They also exploit their own allies in their economic activities," Putin said.

Emphasizing that the financial and commercial system is differentiated, Putin said, "The financial infrastructure based on the dominance of the dollar and the euro, where payments are made only through Western banks and the SWIFT system, is also discredited. It has been replaced by a system of payments in national currencies. Much remains to be done here. But the process is continuing and strengthening." Noting that "radical" changes are taking place in the world, Putin said, "The global system of economic relations is going through a stage of radical and irreversible changes. These (changes) are due to the replacement of the multipolar model of globalization," Putin said.