Putin Addresses EEU's Growing Power, Frozen Reserves and Mideast Crisis at Summit in Minsk
16:54 GMT 26.06.2025 (Updated: 18:59 GMT 26.06.2025)
© Sputnik / Sergey Bobylev
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Russia's president spoke at the Eurasian Economic Forum in Minsk, Belarus on Thursday. Here are the highlights of his remarks.
EEU Growing Stronger
Eurasian Economic Union member countries are jointly making a concerted effort to integrate their financial infrastructure, Putin said.
"The five countries [Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, ed.] are jointly making efforts to integrate financial infrastructure. The concept of forming a common financial market of the union has been approved. The Eurasian Development Bank and the Eurasian Fund for Stabilization and Development have been established," Putin said.
The EEU's financial institutions also maintain contacts with the New BRICS Development Bank and the Asian Development Bank, the Russian president said.
"We are currently working on the creation of a digital investment platform within the framework of BRICS. And, of course, such ideas could be implemented in the EEU as well," Putin said.
Links to Western-Dominated Financial Order Grow Weaker
Russia's dialogue with the World Bank is growing more difficult due to the biases of Western-dominated financial institutions, Putin said.
"We are doing our best to reduce the dependence on Western financial institutions and minimize the use of foreign payment instruments and services," the president noted.
EEU in Good Economic Health
The unemployment rate in the EEU is 2.8%, Putin pointed out. "The unemployment rate, as Alexander Grigoryevich [Lukashenko, President of Belarus] said, has decreased to 2.8% in the Eurasian Union. In Russia, it is 2.3%. This is one of the best indicators in the world today."
"Trade with third countries has increased by 38% and amounts to $800 billion. This is quite a comparable trade turnover between the world's leading economic powers," Putin said.
The EAEU is making a real contribution to creating a space for partnership and economic growth, he added.
"Our integration association makes a real contribution to the creation of a large area of partnership, cooperation and economic growth on our common Eurasian continent. Spaces where the rights of each state to its own development model are respected and the interests of all participants are taken into account. We are convinced that cooperation in the new multipolar world should be built on such a fair and equitable basis," Putin said.
Russia will take into account all the useful ideas and recommendations made at the Eurasian Economic Forum in Minsk in its work to strengthen the EAEU, according to Putin.
"Let me remind you that on January 1, the Eurasian Union turned 10 years old. During this time, it has certainly strengthened and established itself as a successful integration association. The overall economic potential of the five countries has significantly strengthened, and the EEU has rightfully established itself as one of the key centers of global development," Putin said.
The EAEU is open for cooperation with all interested partners, he added.
Consequences of Theft of Russian Reserves
The movement towards alternative regional financial institutions will only accelerate globally if frozen Russian assets aren't returned, Putin warned.
"By the way, as we all know well, it is no secret that a significant amount of our Russian gold and foreign exchange reserves are frozen in Western banks. And they are constantly saying that they are going to steal our money, as soon as this happens, the movement towards the regionalization of payment systems will certainly accelerate and become irreversible, and this is generally beneficial for the global economy," Putin said.
The freezing of Russia's gold and foreign exchange assets by Western countries constitutes robbery, pure and simple, Putin emphasized.
On the Crisis in the Middle East
"God willing, the situation in the Middle East is calming down. The conflict between Israel and Iran is also in the past, thank God. This means it will be possible to develop relations with all countries in the region, including Iran," Putin said.
