{"id":12490,"date":"2026-06-05T15:02:08","date_gmt":"2026-06-05T15:02:08","guid":{"rendered":"https:\/\/siliconvalleymovingpost.com\/?p=12490"},"modified":"2026-06-05T15:02:08","modified_gmt":"2026-06-05T15:02:08","slug":"putin-slams-western-sanctions-as-damaging-to-the-global-economy","status":"publish","type":"post","link":"https:\/\/siliconvalleymovingpost.com\/?p=12490","title":{"rendered":"Putin slams Western sanctions as damaging to the global economy"},"content":{"rendered":"

ST. PETERSBURG, Russia (AP) \u2014\u00a0Russian President Vladimir Putin\u00a0said Friday that developing countries have gained an increasingly important role in the global economy, while the share of output by Western countries has shrunk.<\/p>

Read more HOA Homefront: Tips for emergency special assessments<\/a><\/p>\n

In a speech to the annual\u00a0St. Petersburg International Economic Forum,\u00a0Putin accused the West of undermining the global economy and finances with unilateral sanctions.<\/p>\n

By freezing Russian assets abroad through sanctions, Western nations eroded trust in their own currencies, he said.<\/p>\n

\u201cThe sanctions and blocking of Russia\u2019s sovereign reserves have irreversibly impacted the standing of international currencies, the dollar and the euro,\u201d he said. \u201cJust like Russia, any other country could lose access to their legitimate assets in dollars or euros, as well as Western financial and payment systems.\u201d<\/p>\n

He alleged that high state debt had helped undermine global trust in Western institutions.<\/p>\n