MOSCOW, September 29. /TASS/. The modern global financial system is designed to serve the interests of the "golden billion," and developing countries are forced to pay a "quitrent," Russian President Vladimir Putin believes.

"Modern global financial and credit relations are designed in such a way so as to serve the interests of the so-called golden billion exclusively," he said speaking at the Russia-Latin America parliamentary conference.

"And this, of course, is something to think about," he said.

The Russian President drew attention to the fact that loan obligations for developing markets are similar to "some kind of quitrent." "This is some kind of contribution. This should not happen. Therefore, all of us together, joining forces, must change the rules in this international sphere," Putin said.

According to the Russian President, "the leaders of the countries of the golden billion are exploiting nearly every country in the world, abusing their position - in technology, the media, and finance."

He pointed out that although everything looks benign on the surface, there is something more sinister beneath, as global financial institutions and their policies are structured in such a way that they "serve the interests of this golden billion."

Putin recalled the Russia-Africa summit that was recently held in St. Petersburg.

"[At that summit], African leaders, as if casually, said that the total debt burden on Africa is over $1 trillion. It is simply impossible to pay, bearing in mind the level of economic development of these countries," he noted.