The 29th St Petersburg International Economic Forum (SPIEF) brought together political leaders, business executives and policymakers from more than 130 countries under the theme "Pragmatic Dialogue: The Path to a Stable Future."
By INR International Desk
The forum's central message was clear: many nations now view the world as moving away from a Western-dominated economic order towards a more distributed, multipolar system built around new centres of economic growth, trade and technology.
Speaking alongside Uzbekistan President Shavkat Mirziyoyev, Tanzania President Samia Suluhu Hassan and Chinese Vice President Han Zheng, Russian President Vladimir Putin argued that the global economic model that dominated recent decades is undergoing a fundamental transformation.
Putin: The Old System Became A Tool Of Political Pressure
President Putin described the previous global economic architecture as one centred on a limited number of financial, technological and logistical hubs.
According to Putin:
"In reality, however, it was increasingly used as a tool to exert political pressure and promote unfair competition, where settlements, technologies, logistics, or even access to information could be cut off at a moment's notice in order to punish those who chose to act in their own national interests."
He argued that many countries now see risks in relying heavily on external financial and technological infrastructure and are increasingly building alternative institutions, payment systems and trade corridors.
Putin said:
"The roots of today's global turbulence lie in the ongoing transition from a vertical, hierarchical model... to a far more complex, distributed, and multipolar international order."
BRICS Growth Outpaces The G7
One of the major themes of Putin's address was the growing economic weight of BRICS nations.
Citing IMF and World Bank data, he noted that BRICS countries accounted for approximately 49 percent of global economic growth over the past five years, compared with 18 percent for the G7.
According to Putin:
"Today, the BRICS share of global GDP, measured in purchasing power parity terms, stands at approximately 40 percent, while the corresponding figure for the G7 is below 29 percent."
He argued that the centre of global trade and finance is steadily shifting toward the Global South as economic growth, industrialisation and population expansion increasingly occur outside the traditional Western economies.
The "Race For Sovereignty"
Perhaps the most significant statement of the session came when Putin framed global developments as a contest for national sovereignty.
"It is no exaggeration to say that the race for sovereignty has begun – and it is gaining momentum."
According to Putin, sovereignty is no longer limited to political independence.
Instead, he argued it increasingly depends on:
- Technological independence
- Domestic manufacturing capability
- Financial infrastructure
- Digital platforms
- Artificial intelligence
- Human capital development
- Energy security
He warned that countries lacking their own technological ecosystems risk becoming dependent on foreign-controlled platforms.
"Major countries – true civilisations – face a historic choice: either they create their own platform and technological ecosystems, or they become a digital periphery."
Alternative Financial Systems Continue To Expand
A major focus of Putin's address was the continued shift toward national currency settlements and alternative financial infrastructure.
He argued that sanctions and the freezing of Russian reserves had accelerated efforts by many nations to reduce dependence on traditional Western financial systems.
According to Putin:
"Every country without exception understands that, like Russia, it could at any moment lose access to assets lawfully held in dollars or euros."
He stated that approximately 65 percent of Russian export transactions are now conducted in rubles and said countries worldwide are increasingly exploring alternative payment systems, digital financial assets and central bank digital currencies.
Technology As The New Foundation Of Sovereignty
Putin identified three technologies that he believes will define future national power:
- Artificial Intelligence
- Autonomous systems
- Digital platform ecosystems
He argued that countries possessing independent capabilities in all three areas will become major centres of influence in the emerging world order.
"Without these technologies, genuine sovereignty will be unattainable in principle."
Russia, he said, intends to strengthen domestic capabilities while expanding technological partnerships with countries including China and India.
Uzbekistan Positions Itself As A Eurasian Connector
Uzbekistan President Shavkat Mirziyoyev focused heavily on Central Asia's growing role within the evolving global economy.
Mirziyoyev described Uzbekistan as:
"An independent centre of economic growth."
He argued that Central Asia is becoming a critical junction linking North and South as well as East and West.
According to Mirziyoyev, Uzbekistan's economy has expanded from approximately US$50 billion in 2016 to US$147 billion in 2025.
He highlighted extensive cooperation with Russia across energy, manufacturing, logistics, agriculture and digital technology.
Among his major proposals was the creation of a:
"Eurasian Technological Industrialisation Belt"
which would integrate industrial clusters, digital platforms and technological cooperation across the region.
Mirziyoyev also proposed building a shared Russia-Uzbekistan digital ecosystem involving e-commerce, employment platforms and AI-based services.
Tanzania: Africa's Century Is Approaching
Tanzanian President Samia Suluhu Hassan presented Africa as one of the defining growth stories of the coming decades.
She told delegates:
"By 2050, one in four human beings on this planet will be African."
The President argued that Africa's demographic growth, expanding middle class and developing free trade area position the continent as a major future economic centre.
She highlighted several major Tanzanian infrastructure projects including:
- Standard Gauge Railway expansion
- Port developments
- Hydropower projects
- East African oil pipeline infrastructure
- Broadband and digital network expansion
Hassan also invited international investment into Tanzanian mining, agriculture, tourism and future nuclear energy development.
Her message was straightforward:
"Tanzania is open for business."
China Calls For Reform Of Global Governance
Chinese Vice President Han Zheng focused on what Beijing describes as reforming the international governance system.
He referenced President Xi Jinping's Global Governance Initiative and argued that international institutions should better reflect a changing world.
Han stated:
"We must adhere to genuine multilateralism."
He called for:
- Greater representation for developing nations
- Opposition to unipolar systems
- Stronger multilateral institutions
- Expanded South-South cooperation
- Greater coordination through BRICS, the Shanghai Cooperation Organisation and Belt and Road initiatives
Han also highlighted the recent China-Russia declaration supporting what both countries describe as a multipolar international order.
The Bigger Picture
The SPIEF 2026 plenary session revealed a growing confidence among many non-Western nations that the balance of economic and political influence is changing.
While the speakers came from different regions and pursued different national interests, several common themes emerged repeatedly:
- National sovereignty
- Economic self-reliance
- Alternative financial systems
- Technological independence
- Multipolar governance
- Regional integration
- South-South cooperation
For Russia, China, Uzbekistan, Tanzania and many nations represented at the forum, the central argument was that the future international system will be shaped less by a single dominant centre and increasingly by multiple centres of power operating through trade, technology, infrastructure and regional partnerships.
As President Putin summarised:
"A strong and sovereign country cannot be isolated."
Instead, he argued that sovereignty in the modern era depends on strengthening domestic capability while simultaneously expanding international partnerships built on what he described as mutually beneficial cooperation.
Source: SPIEF 2026 Plenary Session transcript.