Russian President Vladimir Putin said that the ongoing structural changes in the global economy mark a new era for Russia. He noted that the rise of BRICS provides Moscow with an opportunity to strengthen its economic standing and enhance technological independence.
Speaking at the general session of the St. Petersburg International Economic Forum, Putin expressed that they view global turbulence not only as a threat but also as a significant opportunity. The Russian leader emphasized their efforts to act swiftly and pragmatically in response to this situation.
Focus on Global Economy and BRICS
According to Putin, the model built over decades on a limited number of financial centers, logistics hubs, and reserve currencies in the West has ultimately turned into a tool for political pressure and unfair competition. He argued that this was essentially a deliberately created system of dependency and resource extraction.
The Russian leader stated that after recognizing these risks, countries have begun developing their own technological solutions, establishing alternative supply routes, and creating new institutions. He also noted that over the past 25 years, BRICS’ share in global goods trade has doubled, reaching nearly a quarter of world exports.
Experts speaking to Vedomosti newspaper assessed that with the fragmentation of the global economy and the emergence of new power centers, Russia faces a window of opportunity lasting 10 to 15 years. Within this framework, the need to open up to emerging markets, establish alternative financial mechanisms with friendly countries, and maintain independence in economic decision-making processes was highlighted.
Economic analyst Dmitriy Belousov said that as the new system continues to take shape, Russia could open new avenues in African and Asian markets. Belousov added that agreements on a new payment and asset circulation system with friendly countries could also bring Russia to the table where the rules of the future global order will be set.
Director of the Economic Forecast Institute under the Russian Academy of Sciences, Aleksandr Shirov, stated that as global fragmentation deepens, the level of conflict is also increasing. Shirov emphasized that under these conditions, Russia should maintain relative independence in economic policy decisions and try to benefit from the opportunities offered by different power centers.
OPEC+ Increases Production Quotas in July
Seven countries in the OPEC+ group, including Russia, decided to increase the oil production ceiling by 188,000 barrels per day for July. This step matched the increase applied in June.
According to the announcement, Russia and Saudi Arabia will each be able to increase their production by 62,000 barrels per day in July compared to June. This will raise Russia’s production quota to 9.82 million barrels and Saudi Arabia’s to 10.35 million barrels.
Iraq’s July quota was increased by 26,000 barrels to 4.37 million barrels, Kuwait’s by 16,000 barrels to 2.64 million barrels, and Kazakhstan’s by 10,000 barrels to 1.6 million barrels. Algeria’s quota rose by 6,000 barrels to 995,000 barrels, and Oman’s by 5,000 barrels to 831,000 barrels.
The OPEC+ statement noted that member countries will continue monitoring market conditions and retain full flexibility to increase, suspend, or reverse voluntary production adjustments. Experts believe that if production restrictions are eased at the same pace, the process could continue until September, followed by a possible pause.
Some analysts say the rise in production ceilings could pave the way for increased supply in the Persian Gulf in the future, but it is being implemented gradually to avoid sudden shocks in the market. This approach is also seen as reasonable by producers aiming to increase their market share.
Iran Ready to Include Russia in Middle East Talks
Iran’s Ambassador to Moscow, Kazem Jalali, said Tehran wants Russia to participate in talks aimed at resolving the crisis in the Middle East. Jalali noted that the United States is not favorable to such participation.
Jalali claimed that Washington also does not want to involve its European allies in the process. Referring to the 2015 nuclear agreement, the ambassador said Europe currently plays no role in the situation.
The Iranian diplomat also rejected accusations that Tehran aims to develop nuclear weapons. Jalali stated that Iran’s military doctrine does not include the goal of creating a nuclear bomb, so they are not obliged to provide such assurances to anyone.
Addressing civil nuclear cooperation between Iran and Russia, Jalali recalled that a delegation from the International Atomic Energy Agency visited the Bushehr Nuclear Power Plant, where Russia is involved. He said the first power unit has been producing electricity for a long time, while the second and third units are being constructed by Russian contractors.
Jalali also expressed interest in establishing a visa-free regime for individual travelers between Russia and Iran, noting that Tehran has presented its own proposals to Moscow on this matter. He said the final decision now rests with the Russian side, and Iran is ready to open its country to Russian citizens.
