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Putin: The irresponsible macroeconomic policies of the G7 countries responsible for the increase in inflation

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Russian President Vladimir Putin blamed the G-7 countries for the rise in inflation.

Putin evaluated the situation in global markets at the online BRICS+ Hill hosted by China.

Stating that the countries participating in the meeting are in favor of a democratic multipolar arrangement, Putin said, “Attempts on the side of stopping the development of states that do not want to live according to the rules invented by some, the reckless use of illegitimate sanctions, multiplied by the consequences of Kovid-19, and worsened the crisis in the global economy.” he said.

Emphasizing that “the international financial system has been shaken, the production, logistics and investment circles have been shattered”, Putin said that the increase in food, power and raw material prices has especially affected the development of Asian, African, Latin American and Middle Eastern states.

Arguing that this was not caused by the war in Ukraine, Putin said:

“The sharp rise in inflation did not happen yesterday. It is the result of the irresponsible macroeconomic policy of the G7 countries over several years, the accumulation of uncontrolled emissions and unsecured debt. All these processes accelerated with the onset of the pandemic. During this period, both supply and demand for goods and services decreased drastically. “

Pointing out that the stability of food markets has deteriorated in a “serious” form, Putin said that the increase in grain prices had a negative impact on developing countries.

“The hysteria about stopping the shipment of Ukrainian grain through ports in the Black Sea is inflated in artificial form,” Putin said. He said that Ukrainian grain is not at a level that can solve the problems in the world grain market.

Stating that they did not prevent the removal of grain from Ukraine, Putin said, “If the Ukrainian soldiers clear the ports and nearby waters of mines, Russia is ready to ensure the free exit of ships loaded with grain to international waters.” he said.

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