Countries around the world are seeking to “strengthen their sovereignty” amid efforts by Western countries to “maintain their elusive role as hegemons,” President Vladimir Putin said in his plenary speech at the St. Petersburg International Economic Forum (SPIEF) on Friday.

Moscow has sought to expand its support from countries in Africa, South America and Asia and position itself as a force fighting the West's "neo-imperialist" intentions since its invasion of Ukraine more than two years ago triggered punitive Western sanctions.

“We are witnessing a real race between countries to strengthen their sovereignty,” Putin said, opening his address. “Countries that until recently were leaders in global development are trying with all their might, by hook or by crook, to maintain their elusive role as hegemons.”

The Kremlin leader has sought to highlight BRICS – a bloc of countries including Brazil, Russia, India, China and South Africa – as a geopolitical counterweight to Western power and influence.

“Through BRICS, we are working to develop an independent payment system that is not subject to political pressure, abuse and external sanctions interference,” Putin said. "BRICS has great potential to attract new members."

Shortly before Putin took the stage, plenary audiences were shown a powerful video presentation that traced the history of European colonization, focused on the exploitation and enslavement of indigenous peoples, and drew parallels with contemporary relations between Western countries and the world community. South.

Beyond global issues, Putin's address largely focused on domestic topics such as government investment in higher education, record low unemployment and the rise of domestic brands after scores of Western companies fled Russia due to the invasion of Ukraine.

While Putin largely avoided the topic of war in his address on Friday, he spent a short time praising Russian businesses for supporting the country's armed forces.

"Many domestic entrepreneurs support soldiers and veterans of special military operations, their families and those close to our heroes," he said, using the Kremlin's preferred term for a full-scale invasion. “They send their products to units, purchase supplies and equipment, and also help hospitals.”

“Such a high understanding of one’s social mission, responsibility and patriotism in the most direct and best form is very valuable and deserves great respect,” Putin continued, after which the audience burst into applause.

SPIEF, once nicknamed the "Russian Davos", has for years attracted leading Western businessmen, investors and officials to Putin's hometown, serving as the site of major international deals such as the Nord Stream gas pipeline.

But since Russia's 2022 invasion of Ukraine, its composition reflects Moscow's pivot to Asia and Africa amid its diplomatic and economic isolation from Kyiv's Western allies. In addition to Putin, the leaders of Bolivia and Zimbabwe were key speakers at the SPIEF plenary session on Friday afternoon.