{"id":1981,"date":"2026-06-05T21:34:31","date_gmt":"2026-06-05T21:34:31","guid":{"rendered":"https:\/\/denvermovingchronicle.com\/?p=1981"},"modified":"2026-06-05T21:34:31","modified_gmt":"2026-06-05T21:34:31","slug":"putin-slams-western-sanctions-as-damaging-to-the-global-economy","status":"publish","type":"post","link":"https:\/\/denvermovingchronicle.com\/?p=1981","title":{"rendered":"Putin slams Western sanctions as damaging to the global economy"},"content":{"rendered":"<div>\n<div>\n<div>\n<ul><\/ul>\n<\/div>\n<\/div>\n<p><strong>ST. PETERSBURG, Russia<\/strong> | Russian President Vladimir Putin said Friday that developing countries have gained an increasingly important role in the global economy, while the share of output by Western countries has shrunk.<\/p>\n<p>In a speech to the annual St. Petersburg International Economic Forum, Putin accused the West of undermining the global economy and finances with unilateral sanctions.<\/p>\n<p>By freezing Russian assets abroad through sanctions, Western nations eroded trust in their own currencies, he said.<\/p>\n<p>\u201cThe sanctions and blocking of Russia\u2019s sovereign reserves have irreversibly impacted the standing of international currencies, the dollar and the euro,\u201d he said. \u201cJust like Russia, any other country could lose access to their legitimate assets in dollars or euros, as well as Western financial and payment systems.\u201d<\/p>\n<div><\/div>\n<p>He alleged that high state debt had helped undermine global trust in Western institutions.<\/p>\n<p>\u201cThe roots of the current global turbulence lie in the transition from a vertical, hierarchical model, which served the interests of a small number of states, to a more complex, distributed and multipolar one,\u201d Putin said. \u201cRussia views global changes not only as a threat but also as immense opportunities. And to capitalize on them, we aim to act swiftly and pragmatically.\u201d<\/p>\n<p>The Russian leader said the world needed a \u201cmodern, flexible and responsible financial architecture \u2014 free from risks, bans and barriers.\u201d<\/p>\n<p>Putin played down Russia\u2019s economic slowdown and sought to emphasize its macroeconomic stability. He noted that Russia\u2019s state debt is a fraction of that in Western countries and its budget deficit is considerably smaller, compared with the West.<\/p>\n<p>The forum comes at a time when Russia\u2019s economic outlook has clouded amid the conflict in Ukraine. The government raised taxes and increased domestic borrowing to keep its budget deficit under control.<\/p>\n<p>On Thursday, Putin told heads of international media at a question-and-answer session that it was an exaggeration to say Russia\u2019s economy was struggling. He noted that his government had taken deliberate steps to cool the economy to keep inflation under control.<\/p>\n<p>Putin has used the St. Petersburg forum, likened to the World Economic Forum in Davos, Switzerland, to showcase his country\u2019s economic advances and encourage foreign investment. While Western officials and business leaders have stayed away after Putin sent troops into Ukraine in 2022, Russia has sought guests from elsewhere to underline its declared goal of promoting a \u201cmultipolar world.\u201d<\/p>\n<p>Saudi Arabia sent a large delegation this year, and the presidents of Uzbekistan and Tanzania and vice president of China also are present. A U.S. official, Rodney Mims Cook Jr., head of the U.S. Commission of Fine Arts, is attending for the first time in years.<\/p>\n<p>Also on Thursday, he acknowledged damaging Ukrainian drone attacks inside Russia and pledged to bolster its defenses.<\/p>\n<p>\u201cTo our regret, some of them break through,\u201d Putin told the media session in talking about the drone strikes. \u201cRussia has an air defense system, we need to improve it, strengthen it, and we will do that.\u201d<\/p>\n<p>Hours before the forum opened on Wednesday, a Ukrainian drone attack set ablaze an oil terminal in the city and also hit a nearby naval base.<\/p>\n<p>Putin said Russia is open for a compromise on Ukraine in line with understandings reached at his last year\u2019s summit with U.S. President Donald Trump in Anchorage, Alaska, adding that Ukraine needs to accept them to make a deal to end the conflict, now in its fifth year.<\/p>\n<p>On Thursday, Ukrainian President Volodymyr Zelenskyy proposed face-to-face negotiations in a public letter addressed directly to Putin. Zelenskyy acknowledged shifting U.S. priorities, saying it would be wrong to wait for the U.S. to return its attention to Ukraine while it remains heavily focused on the Iran war.<\/p>\n<p>In Washington, Trump said it \u201cwould be great\u201d if Putin and Zelenskyy meet.<\/p>\n<p>Kremlin spokesman Dmitry Peskov said Putin hadn\u2019t seen the letter yet and repeated his statement that Zelenskyy could come to Moscow if he wants talks, an offer that Zelenskyy pointedly rejected. Putin said last month he doesn\u2019t exclude a meeting in a third country, but only when there is a deal to sign.<\/p>\n<p>Speaking Thursday, Putin again rejected Zelenskyy\u2019s push for an immediate ceasefire, arguing that Moscow wants a comprehensive settlement, not a temporary truce.<\/p>\n<p>\u201cNaturally, the Ukrainian side would like us to suspend the advances made by Russian troops,\u201d he said. \u201cBut it would be better to end the war by agreeing to the compromises that were discussed in Anchorage.\u201d<\/p>\n<p>Read more <a href=\"https:\/\/denvermovingchronicle.com\/?p=1975\">As Ebola spreads in Congo, a radio station tries to stop health misinformation<\/a><\/p>\n<\/p>\n<\/p>\n<\/p>\n<\/p>\n<\/p>\n<p>Read more <a href=\"https:\/\/denvermovingchronicle.com\/?p=1977\">Broncos linebacker Jonathon Cooper arrested on domestic violence charges<\/a><\/p>\n<\/p>\n<\/p>\n<\/p>\n<\/p>\n<\/p>\n<p>Read more <a href=\"https:\/\/denvermovingchronicle.com\/?p=1979\">A federal judge strikes down Trump administration immigration policy affecting 39 countries<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>ST. PETERSBURG, Russia | Russian President Vladimir Putin said Friday that developing countries have gained an increasingly important role in the global economy, while the share of output by Western countries has shrunk. In a speech to the annual St. Petersburg International Economic Forum, Putin accused the West of undermining the global economy and finances [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1980,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1101,1093,1094,1133,1134,67,1103,63,1144],"tags":[3138,3139,426,239,240,3140],"class_list":["post-1981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-0-no-apple-publish","category-0recent-headlines","category-0trending","category-1gridnation","category-1gridnationandstate","category-nation","category-uncategorized","category-world","category-z-ntl-galley","tag-dollar","tag-euro","tag-united-states","tag-vladimir-putin","tag-volodymyr-zelenskyy","tag-western-countries"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Putin slams Western sanctions as damaging to the global economy - Denver Moving Chronicle<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/denvermovingchronicle.com\/?p=1981\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Putin slams Western sanctions as damaging to the global economy - Denver Moving Chronicle\" \/>\n<meta property=\"og:description\" content=\"ST. PETERSBURG, Russia | Russian President Vladimir Putin said Friday that developing countries have gained an increasingly important role in the global economy, while the share of output by Western countries has shrunk. 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