Putin: The world has lost faith in Western currencies
According to Tasnim news agency, quoted by Tass news agency, Russian President Vladimir Putin pointed to the Western sanctions regime on Friday and emphasized: The world's mistrust of the financial system based on Western reserve currencies is increasing.
In a meeting with officials of the Russian Foreign Ministry, he said: At present, distrust in the financial system based on Western reserve currencies is increasing. There has been a huge outflow of capital from the securities and debt obligations of Western governments, as well as some European banks, which until recently were considered a reliable place to store capital.
Putin also stated: All Western sanctions against Russia should be lifted as part of the peaceful settlement of the Ukraine conflict based on Russia's new proposal.
He said: (This proposal) naturally includes the cancellation of all Western sanctions against Russia.
In another part of his remarks, Putin said: “The United States has actually rejected the World Trade Organization as a regulator of international trade, everything is blocked, meanwhile they are not only putting pressure on their competitors, but also on their own little ones, just take a look.” How they drain European economies.
He added: With its actions, the West not only reduces the military-political stability of the world, but also weakens the key institutions of the market by using the International Monetary Fund, the World Bank, sanctions and trade wars.
According to this report, after the start of the Ukraine war in 2022, the Group of 7 and the European Union led by the United States imposed an unprecedented sanctions regime against the Russian energy sector.
In response to these restrictions, Russia has sent most of its energy exports to Asian countries, especially India and China, where its oil has been sold far above the price ceiling set by the West.
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