Translation. Region: Russian Federal
Source: People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
Moscow, June 19 (Xinhua) — U.S. protectionism is damaging economic stability and creating uncertainty in international trade, said Andrey Kostin, president and chairman of the board of Russia’s VTB Bank, in a written interview with Xinhua on the sidelines of the 28th St. Petersburg International Economic Forum, which is being held in St. Petersburg from June 18 to 21.
“The US protectionist measures affect almost all countries in the world. Such policies cause obvious damage to the stability of economic cooperation and lead to the destruction of the mechanisms and principles of world trade. They create uncertainty in international trade, which negatively affects the prospects for global growth,” said the head of VTB.
According to A. Kostin, the most alarming fact is that in the last few years the US and other Western countries have begun to actively use the instruments of the international economic system to achieve their geopolitical goals. “The degree of this ‘weaponization’ /use as a weapon/ of economic levers continues to increase,” he stated.
As the banker noted, the current situation is pushing the countries of the Global South and East to search for alternative mechanisms of financial and trade-economic interaction, to create a new model of relationships. “This process is largely objective. The strengthening of geoeconomic competition in the world in recent years only gives it a significant acceleration,” he explained.
A. Kostin noted the active work of new international development institutions, such as the New Development Bank of BRICS, the Asian Infrastructure Investment Bank, and the Eurasian Development Bank. “Their role in solving regional and global problems is constantly growing,” the banker is confident. –0–