Russian President Vladimir Putin strongly emphasised the growing economic weight of BRICS nations while taking sharp digs at the G-7 grouping during his address at the BRICS Business Forum in New Delhi.

He highlighted that BRICS countries now account for more than half of the world’s population and possess dynamic and vibrant domestic markets that are driving global growth.

Putin pointed out that in the last five years, BRICS nations have produced more than 40 per cent of the world’s GDP, while the so-called G-7 has contributed only 29 per cent.

He further noted that over half of global economic growth during this period has come from BRICS, compared to just 18 per cent from the G-7. He questioned why the G-7 continues to be labelled the “Great 7” despite its declining share in global growth.

He also criticised the sanctions regime imposed on Russia, particularly by the United States, in connection with the war in Ukraine. Putin revealed that Russia has been subjected to more than 30,000 sanctions, which is double the total number of sanctions imposed on all other countries combined. He described these measures as unfair and politically motivated, targeting Russia’s sovereignty and economic independence.

Putin condemned what he termed “ugly forms of competition” at the State level, including the destruction of pipelines, attempts to block international transport corridors, seizure of maritime vessels, and the imposition of illegal restrictions. He warned against secondary sanctions aimed at countries such as India that continue to import Russian oil, stressing that such measures undermine global trade and cooperation.

Despite these challenges, Putin asserted that Russia has achieved significant success in reinforcing its national sovereignty and building ties with reliable and predictable partners.

He claimed that Russia’s economic growth over the past three years has outpaced the world average, demonstrating resilience in the face of external pressure.

He also reflected on the broader structural shifts in the global economy, noting that the “old leaders” of growth from the second half of the 20th century are being replaced by new engines of growth.

While acknowledging that these older economies still retain strong infrastructure, technological advantages, and scientific expertise, he insisted that the nature of the global economy is constant change, and BRICS nations are now at the forefront of this transformation.

Putin’s remarks came after his bilateral meeting with Prime Minister Narendra Modi, ahead of the formal opening of the 18th BRICS Summit. His speech underscored Russia’s determination to resist Western pressure and align more closely with emerging economies, particularly within the BRICS framework.

ANI