Creation of Multipolar World Inevitable, Necessary - Putin

The creation of a multipolar world, more honest and fair for the majority of people, is inevitable and historically necessary, Russian President Vladimir Putin stated, addressing the Third International Olympiad on Financial Security in the Sirius federal territory near Sochi on Wednesday, October 4.

"The process of building a multipolar world order - more democratic, more honest, fair for the majority of mankind - is simply inevitable and historically necessary. This fully applies to the creation of strong economic foundations of such a world order," Putin stressed.

In addition, the Russian president emphasized that those who seize other people's assets are apparently not exceptionally intelligent.

During his speech, Putin spoke about a joint project between a number of central banks in Asia and the Middle East that allows them to issue and exchange digital currencies.

"That is, no third party has any possibility for abuse and for interfering with payments. Including blocking, for example, a transaction, arresting accounts, appropriating someone else's money or assets. And this, unfortunately, happens in the modern world. These are very young people sitting here. But I can tell you that such things are done by self-confident adults, uncles and aunts, who, apparently, are not very clever, if they commit such erroneous actions that ultimately harm themselves," the president stressed.

Moreover, the world is gradually getting rid of the dictatorship of an economic model where entire regions of the world are driven into bondage and loans, Putin said.

"The world is gradually getting rid of the dictatorship of such a financial and economic model, the purpose of which is only to drive into debt, into bondage, turn into economic colonies, deprive entire regions of the world of resources for development," the president highlighted, adding that "few people will like such a future."

In addition, Putin emphasized that mutual trust and respect for each other's interests are extremely important in terms of international economic cooperation.

"You are well aware that the financial sphere is now undergoing rapid development of advanced solutions, advanced technologies. This is digital currency, digital financial assets, new payment services and financial settlement models. This includes the use of blockchain technologies, the so-called distributed ledger. I would like to say once again that in this area, especially when it comes to international economic cooperation, mutual trust and respect for the interests of partners and each other's interests are extremely important," the president said.