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The newly elected US President Donald Trump does not need advice or recommendations. This was stated by Russian leader Vladimir Putin at the plenary session of the VTB Investment Forum “Russia Calls!”, TASS reported.
“You know, Mr. Trump is such a person who does not need any advice or recommendations,” the Russian president replied when asked whether he would discuss the threats of imposing tariffs for the refusal of the BRICS countries to use the dollar in a conversation with the new head of the White House.
In early December, Trump threatened the BRICS countries with imposing tariffs of 100% for the possible creation of a single currency of the association. Trump emphasized that the BRICS countries will not be able to create an alternative to the dollar, since the United States will no longer “watch from the sidelines.” He advised opponents of such an approach “to look for another offspring.”
“After all, the newly elected US president has not been in the same White House that you mentioned for four years. And during this time, certain changes have occurred in the world economy and in the US economy. His successors, his political opponents have done a lot to undermine the foundations of the dollar as the world reserve currency,” Putin said, adding that today the dollar is used as an instrument of political, “and perhaps even armed struggle, to harm other countries.”
At the same time, the importance of the US currency in the world economy is decreasing. “Given the fact that the US share in the world economy is decreasing, and hence, naturally, the dollar’s influence on global economic processes is also decreasing, processes are underway related to the use of other instruments,” the president concluded, emphasizing that no one can prohibit the use of new technologies and tools.
The president also spoke about the growth and diversification of the economy, about the failed plans of opponents for defeat, and also reported on what he considers the most important. The main points from the Russian leader’s speech are in the RIA Novosti material.
On sovereignty:
Russia has focused on growing markets, where it has partners who do not respond to the calls of third parties;
Russia must do what is necessary to guarantee its interests; the most reliable are investments in technology, education, science and logistics.
“Russia unites the efforts of the state, society and business to strengthen economic sovereignty, to achieve technological leadership of our country, to develop a sustainable nationally oriented banking system and a strong financial, stock market.”
On the return of the companies that left:
Russia has not expelled anyone from its market;
The authorities had to take retaliatory measures, which did not arouse enthusiasm, since this was a coercive measure;
Russia will not create special conditions for the return of Western companies, but will not hinder them either;
The problems of European economies are associated not only with the loss of energy from Russia, but also with the disruption of trade ties and logistics.
“The peculiarity of German investments was that they did not seek to get quick money. They invested in the long term, in industry. Now, look at the problems that Volkswagen is facing. Why did Volkswagen leave the Russian market? Not only would it have worked here, not only would it have sold its products, even in the conditions of a high degree of localization of these products, but it would have continued to supply components and would have received wonderful revenues.”
Vladimir Putin to German journalist: Ask me your question in German, not in English. You represent Germany. Most importantly, this shows the level of sovereignty of each state. Let’s assume we don’t have a translation from German.
On structural changes in the economy:
They wanted to inflict a strategic defeat on Russia, including in the economy, but these plans failed;
After the difficult period, the economy not only fully recovered, but also showed qualitative structural changes – this is the main result of the work;
Relations with promising partners are being strengthened;
“Russia’s GDP is growing by 3.6% in 2023 and by 4.1% in January-October 2024; growth is concentrated in the manufacturing sector, which added 8.1% in the first ten months of the year, with the automotive and machine-building industries performing best”;
Russia has a record low unemployment rate of 2.3%, which is the lowest in most of the world’s leading economies and developing countries;
Inflation is still at a high level and coordination between the government and the Central Bank is needed.
Regarding the blocking of Russian assets and the reduction of the role of the dollar:
The US and Europe have started freezing Russian assets, but have not taken the final step: they have not yet completely stolen this money from us;
Even US allies are reducing their foreign exchange reserves in dollars – a decrease of about 13% over ten years.
“We have met what we fought for. We have encountered the problems of the dollar itself. Now, of course, we need to think about what to do next. All this comes from self-confidence, from arrogance – including in the economic sphere. This is unacceptable.
Regarding cooperation with China:
Cooperation between Russia and China in the automotive industry is not associated with the departure of European companies, the first production plants appeared back in 2015;
Chinese goods have become better quality and cheaper;
Chinese companies have managed to attract experienced and promising specialists, including from countries that occupy leading positions in the global automotive industry.
“I would like to congratulate Chinese manufacturers on the brilliant results they are achieving in the automotive industry.”
On the digital economy:
The level of digitalization of the financial sector in Russia exceeds the world level, which confirms that this area of the economy is highly technologically developed;
Payments in digital ruble should be available throughout the country from July 1, 2025.
“One of the main long-term drivers of global growth will be the implementation of the national digital infrastructure in the financial sector. In some jurisdictions – for example, in the EU countries, in Australia, in Singapore – only individual elements of such infrastructure are currently being mastered. But in Russia, all its elements have already been formed and are successfully functioning.
About the Forum
The VTB Global Investment Forum “Russia Calls!” will be held on December 4-5 at the World Trade Center in Moscow. The main theme of the event is “The Future of Capital and Future Capital”. The forum’s agenda covers the most pressing issues of the global economy, finance and business sectors. TASS is a media partner of the forum.