Putin accuses West of destroying world's system of trade and financial ties

Russian President Vladimir Putin has said that the West itself has destroyed the system of the world's trade and financial ties.

"We can see how the global economy has changed and continues to change in recent years, including due to the fact that some countries, primarily Western ones, of course, are destroying the system of financial, trade, and economic relations with their own hands, which they themselves created in many ways," Putin said, according to TASS.

At the same time, the Russian president noted that in this situation the importance of genuine business cooperation of truly independent states, which follow their own national interests and do not submit to external pressure, is growing.

Putin also cited figures: trade turnover with Asia-Pacific countries grew by 18.3 per cent in the first half of 2023 and by 13.7 per cent last year.

He added that Russia has already earned twice as much as its frozen foreign exchange reserves.

"I know that our gold and foreign currency reserves are frozen. Yes, we have already earned twice as much. But it's not even about this 300 billion, it's about undermining confidence in those who did it," the head of state believes.

About $300 billion of Russia's foreign exchange reserves were frozen under the sanctions. In 2022, they decreased by 8.4 per cent. Since March 2023, the Central Bank has again started to report on the structure of international reserves. As of the end of August, Russia's gold and foreign exchange reserves reached $580.5 billion.

As for the lunar programme, Russia is not going to end it after the Luna-25 spacecraft crash, Putin said.

"It's a pity, of course, that the moon landing didn't take place there. But it does not mean that we have finished this programme. We will work earlier," he added.