No More Financial Dictatorship From the West: Putin

On Wednesday, Russian President Vladimir Putin stated that the countries controlling the world's currencies are at the forefront of a "financial pyramid" that does not favor most of humankind.

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"I truly hope that, despite all the current difficulties in the international arena, we can ultimately reach some form of consensus. Let's not confine ourselves solely to the interests of the countries currently leading this financial pyramid," he said during the Third International Financial Security Olympiad.

Putin suggested that international trade based on the U.S. dollar "does not align with the current interests of the vast majority of humankind." As a result, there is a growing number of countries trading with each other using their national currencies.

"The world is gradually breaking free from the dictatorship of this financial and economic model," the Russian leader said, explaining that the hegemonic monetary system aims to increase the indebtedness of countries to the point of making them colonial servants.

"Therefore, the process of building a more democratic, honest, just, and multipolar world order is simply inevitable and historically necessary," Putin emphasized.

The Russian President explained that modern technologies provide new opportunities for economic interaction for citizens and the business community.

They also allow the State to support financial institutions that build more convenient and secure international payment systems, which also reflects the trend towards strengthening multipolarity in international relations.