Russia unveiled its new roadmap for a multipolar world during the St. Petersburg International Economic Forum.
The St. Petersburg International Economic Forum is not only the premier platform for discussing everything that matters in business and geoeconomics concerning Russia and the wider Eurasia.
It’s a privileged space where trends of the past, present and future are explored in detail: a microcosm of multipolarity at work.
The business program is usually an intellectual feast. It’s impossible to convey its breadth and reach in only a few lines, not to mention the exhilarating atmosphere of jumping from room to room in search of the perfect expose.
What follows could be regarded as a sort of incomplete Greatest Hits of the Thursday, June 15 sessions – packing enough punch to drive multipolarity-heavy debates for weeks if not months ahead.
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The heavyweight-laden panel How The Russian Economy Will Develop featured Governor of the Russian Central Bank Elvira Nabiullina, Minister of Finance Anton Siluanov and top Putin aide Maksim Oreshkin.
The unflappable Nabiullina stressed now “inter-operability” will help “the Russian paying system to be integrated in the global system”. She remains in favor of “selected privatization”, keeping “confidence in capital markets”, and low inflation.
Siluanov was keen on the “need to change the paradigm”; the importance of the State creating demand; and the need to reduce subsidies. Macro-stability is important – “but we should not overdo it.” Oreshkin agrees: the government should get rid of assets “it does not really need”.
A De-Dollarization panel debated the plausibility of transitioning from the US dollar towards a “fundamentally new supranational currency, overseen by a broad consortium of states operating on principles of partnership”. That’s essentially what’s being discussed at the heart of both the Eurasia Economic Union (EAEU) and BRICS.
The future of Russia was at the center of the Horizon 2040 debate. Andrey Bezrukov, president of the Technological Sovereignty Exports Association and a professor at MGIMO, stressed how in 2024 Russia holds the chairmanship of BRICS: it’s time, right now, to “turn it not only into an alliance of equal partners but also a financial, technological and economic force.”
Alexander Dugin engaged in a stunning presentation, explaining paths towards development in parallel to how Russians should understand identity.
That led to an inevitable critique of ethnocentrism: “The West chooses itself as the only subject. It holds a system of values deemed to be universal – that everybody else must follow.” That’s “the West as the whole of humankind”, coupled with a drive to “de-subjectify the rest. The global subjectivity of the West is built in”. Dugin described it as “a virus”, developed “over centuries.”
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