Putin Warns of Increased Financial Crisis Risk — Says Russia Is Being Subjected to Hybrid War

Russia’s President Vladimir Putin has warned of increased “risks of a new global economic and financial crisis against the backdrop of an uncontrolled debt accumulation by developed countries.” He added that Russia is “being subjected to a hybrid war, with illegitimate anti-Russian sanctions that are unprecedented in scale.”

Putin on Financial Crisis and War

Russia’s President Vladimir Putin spoke about various issues at the virtual summit of the Shanghai Cooperation Organisation (SCO) Heads of State Council on Tuesday. The meeting was also attended by Chinese President Xi Jinping.

Besides pushing for increased use of national currencies in trade settlements, Putin stated that the SCO ”is strongly committed to creating a truly just and multipolar world order — an order based on international law and common principles of mutually respectful cooperation between sovereign states.” He added:

This is especially important today, when geopolitical discord grows bigger, the degradation of the international security system continues, [and] risks of a new global economic and financial crisis increase.

The Russian leader noted that all of these issues are happening “against the backdrop of an uncontrolled debt accumulation by developed countries, social divide and growth of poverty all over the world, deterioration of food and environmental security.”

In addition, he stressed that they are “complex and diverse” issues, warning that their collective impact could “lead to a significant increase in conflict potential.” Putin emphasized that Russia is currently grappling with all these challenges.

He detailed: “For a long time, external forces have been implementing a project near our borders to create from our neighbor, Ukraine, a de facto hostile state, an ‘anti-Russia.’ They funneled weapons into it for eight years, condoned aggression against the peaceful population of Donbass, and indulged in every way in planting neo-Nazi ideology.”

The Russian president claimed, “And all this was done in order to jeopardize Russia’s security and stifle our country’s development,” emphasizing:

We are now, in fact, being subjected to a hybrid war, with illegitimate anti-Russian sanctions that are unprecedented in scale.

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