Vladimir Putin to Extraordinary G20 Summit: “Dramatic transformation processes are underway in the world. New powerful global economic growth centres are emerging and gaining strength”

11:20 23.11.2023 •

Photo: Kremlin.ru

The President of Russia Vladimir Putin took part in the extraordinary G20 summit, held via videoconference. The summit participants reviewed India’s presidency in 2023 and discussed the situation in the global economy and finance, the climate agenda, the digitalisation and other issues.

Speech by the President of Russia:


First of all, I would like to express my gratitude to the Prime Minister of India, Mr Modi, and all our Indian colleagues for their productive work during India’s G20 presidency this year.

They have done a lot to focus the activity of the G20 member states on finding solutions to truly pressing issues on the international socioeconomic agenda. This was the purpose the G20 was created for, as an important multilateral governance tool in the global economy and finance.

In our view, there is an increasing need for this kind of consolidating approach today, especially because various confrontational attempts continue to be made.

Some of our colleagues here have mentioned that they are shocked by “Russia’s ongoing aggression in Ukraine.” Indeed, military operations are always a tragedy for specific people, specific families, and the country as a whole. And we must certainly think about how to stop this tragedy.

Russia has never refused to negotiate peace with Ukraine. It is not Russia, but Ukraine that has publicly announced that it is withdrawing from the negotiation process. Moreover, the country’s leader signed an executive order prohibiting such negotiations with Russia.

I understand that this war and the loss of life are shocking and could not be otherwise. But what about the bloody coup in Ukraine in 2014, which was followed by the Kiev regime’s war against its own people in Donbass? Did that not shock you? Are you not shocked by the extermination of civilians in Palestine and the Gaza Strip today? Is it not shocking that doctors have to operate on children – do abdominal surgeries – and use a scalpel on a child’s body without anaesthesia? Did it not shock you when the UN Secretary-General said that Gaza has turned into a huge children’s cemetery?


The state of affairs in the global economy and the world at large require collective, consensus-based decisions that reflect the views of the overwhelming majority of the international community, including both developed and developing countries.

Dramatic transformation processes are underway in the world. New powerful global economic growth centres are emerging and gaining strength. A significant portion of global investment, trade and consumer activity is shifting to the Asian, African and Latin American regions, which are home to the majority of the world’s population.

Market turbulence is on the rise. Chronic issues in the international financial sector, as well as energy and food security challenges, are intensifying. By the way, Russia is fulfilling all its commitments in this area and remains one of the largest food exporters. I am here to let you know that the first ships with free Russian grain have been sent to African countries in need.

President Vladimir Putin with Deputy Prime Minister Alexei Overchuk during the extraordinary G20 Summit (via videoconference).
Photo: Kremlin.ru

I would also like to note that the enormous stress on the global economy is a direct consequence of the ill-considered macroeconomic policies of some countries. These actions were justified by the need to fight the pandemic, among other reasons. Trillions of dollars and euros injected into the economy and the banking system have triggered a surge in global inflation and a rapid increase in food and energy prices. 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.

Unlawful trade restrictions and the climate agenda pursued by some countries in order to improve their own competitiveness, continue to have a negative impact.

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. The explosion at the Nord Stream gas pipeline under the Baltic Sea is a glaring example.

Russia advocates restoring the spirit of open and mutually beneficial international economic cooperation based on the UN Charter and the principles of collegial and mutually respectful joint work. It is important to achieve an effective optimisation of the global economic governance system, in particular, to restart the WTO in its entirety, including its arbitration function.

We need to enhance the role of developing economies in international financial institutions, including the IMF and the World Bank, and to use those bodies’ resources to promote the development of countries and regions that really need it, and not for opportunistic political purposes.

We are ready to work together to address these urgent issues at the G20 and other international institutions, including BRICS, an association that is gaining weight and influence – this much is obvious, especially considering its ongoing expansion.

Our country will certainly continue to contribute to the balanced achievement of the Sustainable Development Goals, and to work on preserving the climate and biodiversity of our planet, the digital transformation of the global economy, and ensuring food and energy security.

I would like to note that Russia prioritises the development of digital public infrastructure and strengthening information security. In fact, most of our public services are already available digitally.

As a responsible participant in global efforts to combat climate change, Russia plans to achieve carbon neutrality no later than 2060. For this purpose, we are using every available and effective tool to reduce greenhouse emissions: nuclear energy, hydropower, increasing carbon sequestration in forests, and using environmentally friendly technologies in all sectors of the economy.

I would also like to mention some tangible steps Russia has been taking to promote women’s economic empowerment and greater role in other spheres. Women have a secure and significant presence in Russian government and business today; they head many leading companies, research institutes and public organisations.

In conclusion, I would like to once again highly praise the efforts of India’s presidency and wish success to our Brazilian friends, who will take over the G20 presidency on December 1.


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