RUSSIA (OBSERVATORY) – The neglect of legal norms and the loss of confidence in the world economy lead to a systemic economic crisis that the world has not yet come across, Russian President Vladimir Putin said at the St. Petersburg International Economic Forum on Friday.
“The launched spiral of sanctions and restrictions only spins up and beats in an increasing number of countries and companies, including those who were sure that the regime of trade restrictions will never be applied to them, that such problems will bypass them,” Putin said.
“But arbitrariness and lack of control inevitably lead to the temptation to use the instruments of restrictions – again and again, ever wider and broader, to the right and left, on any occasion, regardless of political loyalty, to talk about solidarity, to previous agreements and long-term cooperative ties,” stressed President of the Russian Federation.
“There are many representatives of business in this hall, and you are well aware that the withdrawal of one of the contract parties from the legal field, failure of agreements always means significant risks and costs.” This is the axiom of business practice. “Globally, such behavior of whole states, especially power centers, is fraught with the most negative, if not destructive, consequences, especially now that disregard for existing norms and the loss of mutual trust can be superimposed on unpredictability, the turbulence of colossal technological changes “- said the Russian leader.
“Such a confluence of factors can lead to a systemic crisis that the world has not yet encountered or has not experienced for a long time, it will affect all participants in world economic relations without exception,” the Russian president said.