ST. PETERSBURG, June 5. /TASS/. The race for sovereignty has not only unfolded but is gaining momentum, Russian President Vladimir Putin said at the plenary session of the St. Petersburg International Economic Forum (SPIEF-2026).

He stressed that Russia’s sovereign debt level stands at 16.4% of GDP, which is significantly lower than in the eurozone.

The Russian leader also noted that the West has lost interest in trade rules when it started losing in competition.

TASS compiled key statements from the head of state.

Importance of sovereignty

The race for sovereignty "is in full swing and is gaining momentum." "This is not only about the ability to resist external pressure and protect national interests."

The state’s ability to "ensure its own sovereignty" is a key factor determining its position in the global economic system and its leadership.

"Sovereignty means being stronger and, I would like to emphasize, smarter, which means managing resources more precisely and investing more efficiently, including in technological development. True sovereignty requires efficiency," Putin said.

Sanctions and Western theft

Sanctions and the West’s theft of Russia’s international reserves "have irreversibly affected the positions of global currencies — the dollar and the euro."

Any country, including Russia, can at any moment lose access to its lawful assets in dollars and euros: "All countries, without exception, like Russia, can at any moment lose access to their lawful assets."

The reasons for seizing foreign assets in the West can be varied, from conflicts to LGBT issues (LGBT movement recognized as extremist and banned in Russia): "Reasons can vary; they will always be found."

The world needs a modern, flexible financial architecture, free from prohibitions and barriers and providing incentives for sovereign development: "Its instruments should reduce costs, accelerate settlements, expand access to financing, and, of course, properly counter tax evasion, fraud, and money laundering -- these issues always require attention."

West provoking chaos

Russia is always open to those interested in cooperation and ready for equal partnership: "We are always open to those interested in working with our country, ready for equal and mutually beneficial cooperation."

Pressure on Russia continues, but its "room for maneuver" has expanded: new partners, financial solutions, and technological approaches have emerged.

Aggressive European bureaucratic policies are short-sighted and "not only lead to further loss of Europe’s position" in the global economy but also undermine "regional and global security."

"European elites are provoking chaos," which they try to draw more and more countries into: "These processes did not arise by themselves; they are a result of the world experiencing the largest structural transformation in decades."

Russia’s economy

Economic dynamics in Russia are currently "restrained."

Russia’s GDP grew 1.3% in April: "In April of this year, it grew 1.3%, and for January - April, it increased another 0.2%."

Russia’s sovereign debt stands at 16.4% of GDP, far lower than in the eurozone: "Eurozone debt in 2025 reached 81.7% of GDP. Worst cases are Greece - 146%, Italy - 137%, France - 115%, Belgium - 108%. Russia, by the way, [has] 16.4%."

Russia ranks highly globally in digital platform adoption and in sectors such as healthcare and education: "Russia holds high positions in adoption of digital platforms, e-commerce marketplaces, financial solutions, urban services, healthcare, and education. They improve quality of life in Russia and in dozens of countries where they successfully compete with foreign counterparts."

Russia’s budget deficit currently stands at 2.6% of GDP, and though it may rise slightly by year-end, it will still remain "lower than in other industrialized countries": "EU deficit in 2025 -- 3.1% of GDP. Highest deficits in countries such as Poland 3.7%, Belgium 5.2%, France 5.1%, the United States - 5.9%. In Russia -- 2.6%."

Investment growth is the most important "indicator of economic authorities’ effectiveness."

Inflation continues to decline, "and according to forecasts, it will approach 5.2% this year."

"Only with a high quality of life and high wages will our country be competitive and demographically successful."

Real wages in Russia increased "by 30% over five years," meaning adjusted for inflation.

Russia primarily uses national currencies in trade with leading partners: "Ruble share in our export transactions today stands at 65%, almost two-thirds."

Russia’s leadership

Russia leads in nuclear energy, "more than 80% of nuclear power plant construction projects globally involve Rosatom."

Russia has preserved the foundations of its macroeconomic policy, "and movement forward and upward will be ensured."

Relocation of major state companies from the capital to regions will not harm Moscow: "Sergey Semyonovich [Sobyanin], it will not harm the capital," Putin said, addressing the Mayor of Moscow.

Russia must produce critically important goods itself while continuing to expand ties with foreign partners.

AI and technology

Russia has "very good prospects" in artificial intelligence.

"Foreign services may initially seem convenient, but the cost of this dependence will inevitably appear. Russia has already learned this lesson."

Civilizations today face a historical choice: create their own technologies or become "digital peripheries."

Russia is among global leaders in e-commerce growth: "We see about 30% annual growth in e-commerce. Our country ranks among global leaders in this indicator."

Russia plans to strengthen its IT infrastructure and cooperate only with countries that respect mutual obligations: "We will strengthen our critical infrastructure and cooperate -- only with partners who respect mutual obligations."

Resource distribution

The world becomes fairer as economic growth spreads to more countries that were previously "on the sidelines of the global economy."

"It is very important that new growth centers want to determine their own development trajectory, capture a larger share of added value, and create their own brands, standards, and competencies."

The model of global development promoted by the West for decades "as universal, supposedly suitable for all, and supposedly neutral" was in fact a system designed to extract resources and create dependency.

Roots of today’s global turbulence lie in the shift from a "vertical" to a multipolar model.

Global economy

The so-called G7’s contribution to global economic growth is lower than BRICS: "Looking at global GDP growth over the past five years, nearly half of its annual increase, 49%, was provided by BRICS states, while the so-called G7 contributed 18%."

BRICS economic growth rates exceed those of the G7 and will continue rising: "They are higher now and will become even higher. This trend will persist."

The global trade system "is ceasing to be Western-centric," as evidenced by BRICS’ growing share of exports: "Last year, our union accounted for almost a quarter of global exports, and this figure continues to grow steadily."

"Internal BRICS trade already exceeds $1 trillion per year."

Erosion of the WTO was initiated by the same Western states that created it: "Erosion of the WTO was launched by those who created it -- namely Western states."

Western countries lost interest in general trade rules after they began losing in competition: "When it was profitable, they promoted WTO and invited other countries. But when the West started losing, universal trade rules implemented through WTO became uninteresting and burdensome."

Global trade architecture is "gradually moving away from WTO’s original principles."

Examples of countries like Uzbekistan leveraging ties with other centers of the multipolar world "will increase."

Directives and tasks

The government was tasked with preparing national strategies for autonomous systems and digital platforms: "I also ask the government to prepare such national strategies for autonomous systems and digital platforms."

The Russian government was tasked with returning "to sustainable domestic economic growth rates starting next year."

A "seamless transition" must be ensured for businesses moving from small to larger scales, with an appropriate framework developed.

It was proposed to postpone further lowering of the revenue threshold for businesses using the simplified taxation system: "I consider it possible to postpone further lowering of the revenue threshold."

The Russian government and Ministry of Transport were tasked with measures "to increase attractiveness of the national trading flag."

The government and State Duma were tasked with accelerating adoption of labor code amendments related to legally securing internship instruments and modernizing apprenticeship contracts: "I know that labor code amendments are prepared. I ask the government and State Duma to speed up their adoption."

The 29th St. Petersburg International Economic Forum (SPIEF-2026) is taking place on June 3-6. This year, the event is held under the theme "Pragmatic Dialogue: The Path to a Stable Future." Saudi Arabia is the guest country at SPIEF. The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.