West deliberately created global mechanism for draining resources, Putin says

ST. PETERSBURG, June 5. /TASS/. The global development model, created over decades and presented by the West as universal and neutral, was, in fact, a deliberately designed system for draining resources and creating dependence, Russian President Vladimir Putin stated at the plenary session of the St. Petersburg International Economic Forum (SPIEF).

"For decades, the global development model was built around a limited number of financial centers, technological solutions, insurance and logistics hubs, rating agencies, and reserve currencies. This structure was presented as universal, as ostensibly suitable for everyone, and, most importantly, as ostensibly neutral. In other words, it was, in essence, a deliberately created system of dependence or resource drain," the Russian leader said.