Putin also discussed the global economy within the context of a new multipolar world order and outlined the necessary changes for the Russian economy to become more resilient. "The global economy has entered an era of serious, fundamental changes. A multipolar world is being formed with new centers of growth, new investment and financial ties between states and companies," he underlined.
"The Russian economy is able to respond to these challenges and is also changing dynamically, gaining greater strength and stability," he noted.
Putin outlined several significant structural changes that will be taking place in the country's economy, one of which concerns changes in Russia's export and import structure. In this context, Russia's primary focus will be on strengthening economic ties with friendly countries, which will shape the future of the global economy, he noted. These countries currently make up three quarters of Russia's trade turnover.
"We will increase the use of national currencies in foreign trade settlements, and improve the safety and efficiency of such operations," the president said, adding that the BRICS countries are currently working on the development of an independent payment system, which will not be subject to external interference.
Putin said that Russia welcomes a further expansion of the BRICS association, and "supports the desire of interested partners on different continents to foster contacts with BRICS."
"We will continue to develop relations within BRICS not only in the field of economics and finance, but also in the field of security, humanitarian cooperation, and other sectors," Putin said, adding that the bloc will take into account global challenges and the rising prospects of national economies.