Image Credits - The Moscow Times
Russian President Vladimir Putin asserted that the world is entering a new era of a multipolar global economy, declaring that Russia’s economy is adapting and strengthening in response to these shifting dynamics.
In remarks made during a conference with government officials, Putin stated that the global economy has entered an era of major changes with rising economic centres beyond traditional Western powers.
Putin’s comments double down on the Kremlin’s narrative that the global balance of economic power is tilting away from the United States and its allies toward a more dispersed, multipolar distribution. Moscow has sought to deepen trade and financial partnerships with countries like China, India, and regional allies as its confrontation with the West has intensified over the war in Ukraine.
However, many Western analysts are sceptical that a fundamental restructuring of the global economy is underway. They argue that while China and some other emerging markets have gained greater sway, the United States and traditional Western powers backed by strong institutions and unified policies still dominate crucial sectors like technology, finance, and manufacturing supply chains.
There are also doubts about how resilient Russia’s economy can ultimately prove under the weight of harsh sanctions imposed by the West. The Kremlin claims these penalties have backfired, but data suggests the measures have exacerbated domestic economic turmoil by driving away foreign investment and disrupting trade.
Putin did not provide specific details about how Russia’s economy is supposedly changing dynamically. But the comments seem aimed at projecting confidence that Moscow can weather the economic storm from sanctions by cultivating deep-pocketed non-Western partners.
How sustainable that strategy may prove remains unclear. What is certain is that Putin views a fracturing of the global economic order originally shaped by U.S.-led institutions as beneficial for reviving Russia’s great power clout on the world stage.