Putin is delivering an "extremely important" speech today

Created: 06/17/2022, 09:05

By: Fee Halberstadt

Vladimir Putin would like to explain at the economic forum how things should continue in view of the sanctions.

(Archive photo) © Mikhail Metzel/dpa

The international economic forum is just around the corner.

Putin wants to explain to the world how things should continue – despite sanctions.

• International Economic Forum will be held in St. Petersburg on June 17th

• Russian President Vladimir Putin blames inflation on 'years of mistakes by western countries'

• Russian oil and gas supplies increasingly diverted from the EU to other regions of the world

St. Petersburg – This year the 25th International Economic Forum will be held in St. Petersburg.

As the host, Kremlin chief Putin sees himself isolated from the West, but he smiles at the sanctions of the EU and the USA in the wake of Russia's war against Ukraine.

He sees the raw material superpower on the road to success.

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The 1920s were to become a time of "consolidation of economic sovereignty for Russia," Putin wrote in a welcoming address to the participants of the economic forum.

This Friday (June 17), the Russian President wants to explain how the sanctions should continue.

At the beginning of the week, a Kremlin spokesman announced that Putin would give an "extremely important" speech.

Ukraine-News: Putin shifts blame for inflation – “Years of mistakes by western countries”

"The anniversary meeting is taking place at a difficult time for the world community," said Putin.

The West sees the 69-year-old responsible for numerous crises and the high prices for energy and food.

The Kremlin chief rejected this: "Years of mistakes by Western countries in economic policy and the illegal sanctions have led to a wave of global inflation, the destruction of usual supply and production chains and a sharp increase in poverty and a food deficit."

Putin has repeatedly made it clear that Russia will not be impressed by EU and US sanctions.

At the same time, he said the situation offered new perspectives.

Under the motto "New World - New Opportunities", representatives from more than 100 countries are expected in St. Petersburg.

In view of the massive tensions with the West, Russia is increasingly orienting itself economically towards Asia, above all towards China and India, but also towards Africa and South America.

News about the Ukraine war: Putin at the economic forum - oil and gas is diverted to other countries

Russia is increasingly redirecting its oil and gas supplies from the EU to other regions of the world.

The country is currently generating particularly high income due to the high prices for oil and gas on the world market.

The national currency, too, has now recovered significantly after losing value against the dollar and euro at the beginning of the Ukraine conflict almost four months ago.

The ruble is now stronger than it has been for years.

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Because of the sanctions, numerous Western companies, including German companies, had left Russia.

Putin explained that other companies filled the gaps.

For example, after the departure of the US chain McDonald's, new burger restaurants were opened in the branches.

In Moscow, queues have been forming at the bars for days.

Ukraine News: Participants from 115 countries at the Economic Forum – Putin will also be there

The organizers of the economic forum speak of participants from 115 countries this year.

In the record year 2020, there were 19,000 participants from 145 countries.

A number of participants was not mentioned this time.

Entrepreneurs have the opportunity this year to participate anonymously in the forum.

This is intended to offer them protection so that they are not penalized as part of the West's sanctions policy.

According to media reports, participants from France, Italy, Canada and the USA are also registered.

There are also a number of guests of honor this year.

Among others, the President Kassym-Jomart Tokayev of Kazakhstan, the authoritarian former Soviet republic, is expected.

The Taliban from Afghanistan and the separatist leaders from the Russian-recognized People's Republics of Luhansk and Donetsk, who are being pursued as terrorists by Ukraine, are also expected to take part.

Egyptian President Abdel Fattah al-Sisi is said to be connected via video.

Putin will also meet with Russian media representatives, including war reporters.

(fh/dpa)