Moscow: Russian President Vladimir Putin categorically rejected the accusations that Russia’s military invasion in Ukraine led to stress in the global economy and blamed the actions of world’s largest economies for the high inflation rates and slow growth. Completely justifying his country’s military actions in Ukraine, Putin said that Russia’s aim is to obtain “justice” in Ukraine. While virtually addressing the G20 meeting hosted by India, the Russian president came down hard on the major world economies, saying that the “great stress” in the global economy is a result of the ill-considered macroeconomic policy of certain states. The United States and European countries blame Russia’s invasion of Ukraine in February 2022 for the disruption of the global supply chains and skyrocketing fuel prices. Putin’s veiled attack on US, European nations In a veiled attack on the US and European nations, Putin said during COVID-19 pandemic, major economies pumped in huge number of dollars and Euros into the economy that subsequently “triggered a surge in global inflation and a rapid increase in food and energy prices”. Also Read: India’s GDP likely grow by 7% in Q2, says report “This underlies the events that I mentioned above. It is not our actions, not our attempts to restore justice in Ukraine. No. It is the actions of the world’s largest economies. As a result, we saw an increase in key interest rates. The poorest countries were hardest hit by that, of course,” he said. Vladimir Putin raises unlawful trade restrictions issue Vladimir Putin also hit out at some countries for opting unlawful trade restrictions and accused them of pursuing a climate agenda in order “to improve their own competitiveness,” which leads to negative impact. Mentioning the explosion at the Nord Stream gas pipeline under the Baltic Sea, Putin said, “In order to eliminate competitors and to gain advantages, dishonest methods of competition are used, including the destruction of transport and logistics chains and international payment arrangements, and even acts of state terrorism.” Putin calls for more backing of BRICS, African Blocs The Russian President said countries should come together and make “collective decisions based on consensus” that would reflect the vast majority of the global community, of the developed and of the developing countries. Also Read: RBI Governor Das rules out stress buildup in banking sector; says all eyes on inflation Vladimir Putin stressed on increasing the role of developing economies in international financial institutions like the International Monetary Fund (IMF) and World Bank. He also pointed out the growing influence of BRICS – a grouping of Brazil, Russia, India, China and South Africa.

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