Putin: Upcoming revolution in banking sector to change world economy

Russian President Vladimir Putin announced a possibility of a real revolution that may happen in world economy in the coming years to put an end to the monopoly of large Western banks.

"As we can already see, they are not in their best state already, some of them are not for sure," Putin said speaking at Russia Calling VTB Investment Forum. The president did not specify what banks he was referring to, RIA Novosti reports.

At the same time, Russian financial organisations maintain their stable activities despite Westerns sanctions, he added.

The global system of economic relations is going through the stage of fundamental and irreversible changes, when the multipolar model is replacing globalisation.

Foreign businesses still want to work in Russia

Foreign businesses still want to work in the Russian market despite pressure from Western countries. Foreign companies are forced to change their names to be able to work in the Russian Federation, Putin also said.

As many as 1,500 foreign companies entered the Russian market from March 2022 to November 2023. Working with Russia and directly in Russia "was profitable, remains profitable now and will be profitable," he said.

"Did they think everything would collapse or something? Others took over and moved forward,” the president said speaking about the departure of a number of foreign companies from the Russian market.

The West has failed in its attempts to restrain the development of the Russian economy. On the contrary, the Russian economy could handle external pressure successfully, the president said.

In addition, the leaders of a number of powerful countries do not succumb to pressure and nagging from the West, Putin said.

"Despite all the external pressure, table knocking and ear whispering, there are people who do not succumb to this pressure and remain guided primarily by their own national interests,” the Russian leader said.

The authorities of Western countries wanted to make ordinary Russians suffer when they forced Visa and Mastercard to leave the Russian market. However, Russian citizens could hardly notice the “seamless” transition to the national payment system - Mir (translates from Russian as 'peace' or 'world' - ed.), Vladimir Putin said. 

Businesses also adapted to new conditions and switched to the Russian payment system after the Western giants left. In general, the Russian economy managed to withstand large-scale pressure from Western countries thanks to “the margin of safety that has been developing in the country over the past 20 years.”