“Tough US Domination”
Vladimir Putin addressed the Eastern Economic Forum, arguing that sanctions against Russia are a weapon in a broader campaign led by the United States. He framed the crisis not as a purely Russia-specific issue but as part of a wider global struggle over economic influence and sovereignty.
“The epidemic has given way to even larger challenges of a global scale. The West’s indiscriminate sanctions and its aggressive push to dictate how nations should behave threaten national sovereignty and risk subjugating independent states to external will,” Putin remarked. He warned that this posture has been a hallmark of what he called the “collective West” for decades and stressed that the catalyst behind these moves is perceived US dominance in the world economy and political life. He also highlighted the rising importance of Asia-Pacific nations in global dynamics.
He argued that Western powers are working to preserve an old world order that benefits only themselves by forcing others to follow their rules, which, in his view, contradicts the interests of citizens in Western states as well.
Putin criticized the impact of sanctions on Europe’s industrial base, living standards, and social stability, suggesting that European economies are paying a heavy price to enforce policies emanating from Washington in the name of a Euro-Atlantic alliance. He claimed this approach sacrifices European production and jobs as trade ties with Russia are severed.
He noted that in the spring many foreign companies announced withdrawals from Russia, arguing that Russia would bear consequences while production and employment in Europe faced shutdowns due to a reduction in trade with Moscow.
“Dangerous” currencies
In his remarks, Putin suggested confidence in the dollar, euro, and pound had waned and described these currencies as unreliable. He noted that Gazprom and its partners in China are moving toward paying for gas in rubles and yuan on a roughly equal basis in a bid to reduce reliance on traditional Western currencies.
He also argued that Western policy has spurred a wave of inflation worldwide. He cited current inflation figures in various Western economies and contrasted them with Russia’s own economic trajectory, forecasting that Russia may see inflation stabilize around the mid-teens this year, while noting that some European nations are already experiencing high inflation levels.
Breakdown of the food deal
Putin warned that rising global food prices could become catastrophic for the world’s poorest nations, which already face shortages of essentials such as food and energy. He contended that the Istanbul-brokered food deal was supposed to ensure Ukrainian grain reached those in need, but in his view, much of it ended up circulating within the European Union rather than reaching the intended recipients. He cited limited shipments as evidence of a mismatch between stated aims and actual outcomes under the UN World Food Programme framework.
“Only a small fraction of the planned cargo actually reached developing countries,” he asserted, arguing that the current approach could worsen global food insecurity and trigger a humanitarian crisis. He proposed considering limits on grain exports through the same supply routes and suggested consulting with Turkey on ways to prioritize assistance to the poorest nations, particularly for Ukrainian grain.
Friendship with Asia-Pacific countries
Putin asserted that Russia’s foreign exchange and financial markets have stabilized despite Western pressure. He cited a historically low unemployment rate and acknowledged challenges in some industries, especially those reliant on European supply chains. He characterized Russia as a sovereign state that will defend its national interests through an independent policy, valuing reliable partners in the Asia-Pacific region with a long track record of collaboration in trade and investment.
He observed that many Asia-Pacific nations resist the “destructive logic of sanctions” and emphasized the importance of the Far East and regional economies for Russia. He described ongoing growth in economic activity there and stressed the need to develop eastern transportation corridors and to expand outreach to Iran, India, the Middle East, and Africa.
prosperous Far East
According to Putin, the Far East has seen substantial growth in industrial output over recent years, with the region benefiting from tax and regulatory incentives that have supported major projects in gas chemistry, shipbuilding, biotechnology, and clean energy. He described Russia as richly endowed with natural resources and argued that the Far East remains a key supplier for both domestic needs and international partners. He noted that port activity has remained resilient, with cargo turnover holding steady across recent years and ongoing attention to expanding logistics capabilities, including an emphasis on the eastern transportation corridor and new markets in the Middle East, Africa, and beyond.
He highlighted that the country’s logistics and container handling have become a focal point for continued growth, with round-the-clock work by experts to advance regional transportation infrastructure. He underscored Russia’s intent to diversify its export routes and strengthen ties with global partners.
“We didn’t start anything”
On Ukraine, Putin asserted that Russia had not forfeited anything since launching a special operation and argued that sovereignty has actually strengthened. He acknowledged polarization surrounding Russia’s actions but claimed that it would ultimately bolster Russia’s stability and strategic depth by eliminating obstacles to national progress. He maintained that Russia had not begun hostilities in Ukraine and argued that the country would finish what it started, blaming the 2014 coup for provocations against Moscow and asserting that outside forces have influenced events in Ukraine.
He insisted that Moscow is obliged to assist in defending the DPR and LPR under existing agreements, framing this as a legal and moral duty rather than a strategic penalty.
“Tomorrow we will open Nord Stream 1”
Putin stated Russia is prepared to resume gas shipments through Nord Stream 1 as soon as the repaired turbine is returned, arguing that it has been used as a political tool and that Russia responds to orders with practical supply. He claimed Europe is responsible for creating its own stalemate through sanctions and described demonstrations in Germany seeking the resumption of Nord Stream 2 as a sign of the region’s desire for cheaper Russian gas. He dismissed attempts to cap prices for Russian energy as misguided, warning that such measures would push prices higher across global markets and in Europe. He argued that economic and world trade decisions cannot be solved by administrative edicts and insisted that the market should determine supply and pricing based on actual demand and circumstances.