© Stanislav Krasilnikov/TASS

On September 5 to 8, Russia’s Vladivostok, namely the campus of its Far Eastern Federal University on Russky Island, is hosting the VII Eastern Economic Forum (WEF 2022). This year’s theme is On the Path to a Multipolar World. The event has brought together over 5 thousand guests from 68 countries, with the Chinese delegation being the biggest. The forum also features delegations from several unfriendly countries, particularly Japan and South Korea.

The heads of nearly 700 Russian and 27 foreign companies are engaged this time, and the scheduled 90 business events are going to be attended by some 330 speakers and moderators. The landmark is covered by more 1,700+ Russian journalists, and 175 foreign media representatives.

Russian President Vladimir Putin delivered traditional greetings to those present at the forum the day before its official opening ceremony. He noted, among other things, its international prestige and contribution to strengthening business ties with countries of the Asia-Pacific region, attracting investment and technological innovation, as well as fully revealing the rich economic and social potential of the Russian Far East.

The Russian leader took a personal part in WEF, too. In particular, on September 6, he spoke to moderators of the key sessions via videoconference, and the next day had meetings with some foreign leaders who arrived to the forum. Their list is shorter than it used to be in previous years, but still rather impressive. It includes Prime Ministers of Armenia and Mongolia Nikol Pashinyan and Luvsannamsrain Oyun-Erdene, Myanmar leader Min Aung Hlaing, Chairman of the Standing Committee of the National People's Congress Li Zhanshu. Prime Ministers Narendra Modi of India, Ismail Sabri Yaakob of Malaysia and Pham Minh Tinh of Vietnam sent their video greetings.

Indeed, because of what is happening in Ukraine, many eminent guests who had previously visited the WEF did not come this year. However, the platform’s importance is only increasing amid sanctions, and the presence of businessmen from Russia’s neighboring countries indicates their wish to keep dealing with our country. The WEF 2022 revealed whom Moscow can rely on in Asia.

However, one of the most watershed moments was Vladimir Putin's address at the plenary session of September 7. It lasted 37 minutes to become the longest one against those he delivered previously. He mainly focused on processes taking place around the world, as well as developing the Russian Far East. Its industrial production growth rate exceeds the country’s average by approximately a third, he said.

Touching upon Russia’s general economic climate, Vladimir Putin noted it has stabilized, although there are still problems related to overseas procurements. The currency and financial markets are also stable; the unemployment rate is at an all-time historical low of less than 4 percent; and the annual inflation rate will account for 12% by the end of this year. Moreover, Putin expects “a downward trend of about 5 or 6 points, maybe even the planned target number of 4 percent by the end of the first quarter”.

At the beginning of his speech, Vladimir Putin stated that the coronavirus pandemic had been replaced by other global challenges. "I am referring to the Western sanctions frenzy and the open and aggressive attempts to force the Western mode of behavior on other countries, to extinguish their sovereignty and to bend them to its will," the head of state stressed. The United States ceases to dominate the world, which has become a catalyst for sanctions policy. "The waning dominance of the United States in the global economy and politics, as well as the stubborn unwillingness or even inability of the Western elites to see, let alone recognize objective facts, acted as a catalyst for these processes," Putin said.

According to him, this entailed eroding credibility of the dollar, the euro and the pound, with even US allies reducing their USD reserves. The President recalled that the day before, Gazprom and its Chinese partners decided to switch to 50/50 transactions in rubles and yuan with respect to gas payments. "An absolute majority of Asia Pacific countries reject the destructive logic of sanctions. Their business relations are focused on mutual advantage, cooperation and the joint use of our economic capabilities to the benefit of our countries’ citizens," the Russian leader said.

Putin further noted that the West simply "screwed" Russia with the grain deal. He called the situation with grain exports from Ukraine not reaching those in need "another audacious deceit" and con job. According to the President, the Europeans continue to act as colonizers, deceiving the poorest countries. Only 3% of grain exported from Ukrainian ports reaches the developing countries, the rest goes to Western ones. Therefore, the head of state believes it is worth limiting the export of Ukrainian grain to Europe. Moscow will insist that grain exports from Ukraine and Russia be aimed at improving the situation on world markets and at lowering prices. Putin said the scale of global food problems will only increase due to the Western policy to entail an unprecedented humanitarian catastrophe.

In his Forum address, President Putin mentioned certain tectonic shifts in the entire system of international relations and the ever-growing role of Asia-Pacific countries.  In this regard, the President urged domestic businesses to rebuild logistics with those ready to collaborate. In his opinion, the logic of cooperation will definitely prevail amid challenges the “modern global economy and the entire system of international relations is going through”. Russia is always going to pursue an independent policy and appreciates the same quality among the partners, primarily in the Asia-Pacific countries.

Referring to the Ukrainian crisis, Vladimir Putin said Russia has not lost anything since February 24, but strengthened its sovereignty. "I am sure – that we have not lost anything, nor will we lose anything. As to our gains, I can say that primarily we have strengthened our sovereignty, which is the inevitable result of what is happening now," he said. " Indeed, there is a certain polarization happening – both in the world and within Russia. I believe this will benefit us, if anything, because we will shed everything unnecessary or harmful, and anything that hinders our forward progress. We will gain momentum, accelerate the pace of development". Russia will fulfill its duty to help the residents of Donbass to the end, which will ultimately make the country stronger, he emphasized.

In conclusion, let’s note the following statement by President Putin: "No matter how much someone might like to isolate Russia, it is impossible to do it, as we have always said so. It is enough just to look at the map. We will use natural competitive advantages.”