New Delhi : Comparing BRICS with the G7 group of developed nations, Russian President Vladimir Putin stated that BRICS makes a larger contribution to the global economy. Speaking at the BRICS Business Forum, Putin emphasized the importance of the group which has now expanded to 21 members by citing figures previously mentioned by PM Modi.

Putin noted that over the past five years, BRICS nations have generated more than 40 percent of the global GDP, whereas the contribution of the so-called G7 stands at only 29 percent.

Speaking in Russian, Putin remarked that the world is constantly changing, a fact confirmed by concrete data from the last five years. He stated that profound structural shifts are currently underway globally; new engines of growth are replacing the so-called “old leaders” who once spearheaded economic development.

Putin also accused the West of obstructing the growth of other economic powers. He observed that while the importance of competition has long been preached, Western competitors are striving to regain their former dominance sometimes resorting to unsavory tactics in the process. He noted that a colleague from Iran had also addressed this issue.

Without explicitly naming the US, he clearly alluded to the crisis in the Strait of Hormuz amidst the US conflict with Iran. He pointed out that measures involving physical action such as destroying pipelines, attempting to block international transport corridors, or seizing maritime vessels are sometimes employed.

He subsequently referred to the sanctions imposed on Russia due to the war in Ukraine and other factors. Putin stated that illegal sanctions are being imposed, and there is also the threat of so-called ‘secondary sanctions’ against those who wish to prioritize their own interests rather than deferring to the interests of others.

He noted that more than 30,000 sanctions have been imposed on Russia double the total number of sanctions levied against all other countries in the world combined.

Despite these challenging circumstances, Russia is actively moving forward relying on its business sector, science, education, engineering institutions, its people, and its citizens and has succeeded in achieving significant success. We have strengthened our national sovereignty.

Report – Abhijit Tushar Bhatt (Political Editor)