Jun 20, 2025
The Russian president emphasized that the unfair distribution of excess profits had already triggered a number of consequences
ST. PETERSBURG, June 20. /TASS/. The world, amid ongoing transformation, is in need of a completely new development model, not based on servicing the interests of the “golden billion,” Russian President Vladimir Putin said at the plenary session of the St. Petersburg International Economic Forum (SPIEF).
“A fundamentally new development model is necessary, not based on neocolonial rules when the so-called ‘golden billion’ is pumping resources out of other countries in the interests of the narrow circle of so-called elites,” the Russian leader said.
Putin emphasized that the unfair distribution of excess profits had already triggered a number of consequences. “If we take a look at how the funds were amassed, for instance, in the United States, over past decades, precisely the elites have been receiving the main profit. This is open information, after all. These excess profits did not reach ordinary people, the middle class. Therein may lie the foundation of the changes that are underway in the political sphere,” the Russian president noted.
The St. Petersburg International Economic Forum (SPIEF) is taking place on June 18-21. This year, the event is held under the theme “Shared Values: The Foundation of Growth in a Multipolar World.” Thematic zones such as the ‘Territory of Innovation’ and the national brand space ‘Buy Russian!’ will operate at the Forum.
The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform. As part of the cultural program, the Petersburg Seasons festival will be held, and the SPIEF Sports Games will take place.
The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its information partner.
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