MOSCOW, November 7. /TASS/. The countries of the collective West virtually live on credit, with an increasing number of states abandoning the dollar and the euro, Russian Security Council Secretary Sergey Shoigu said at a meeting of secretaries of security councils of CIS countries in Moscow.

"The Western economy model based on colonial principles, which was built over the past several centuries, is becoming a thing of the past. Competitiveness is falling. The countries of the collective West virtually live on credit now. <…> An increasing number of countries are abandoning the dollar and the euro as instruments of mutual payments. Western elites are clearly not satisfied with such a situation," he said.

The West is losing its economic, political and moral leadership, Shoigu added.

"The collective West is losing its economic, political and moral dominance. Its average share in the global GDP is steadily falling, with them [Western countries] accounting for more than half of total debt and the US for one-third of it," he said. "They do not need the remaining countries of the world to be able to develop independently, peacefully and freely in their own interests, they need obedient suppliers of cheap resources," the official stressed.