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

Moscow has sought to broaden its support from countries in Africa, South America and Asia and position itself as a force fighting against 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 by all means, fair or foul, 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, or external sanctions," Putin said. "BRICS has great potential to attract new members."

Shortly before Putin took the stage, the plenary audience was treated to a powerful video presentation that traced the history of European colonization, focusing on the exploitation and enslavement of indigenous peoples, and drew parallels with contemporary relations between Western countries and the global community. South.

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

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

"Many domestic entrepreneurs support the soldiers and veterans of the special military operation, their families and those who are close to our heroes," he said, using the Kremlin's preferred term for the full-scale invasion. "They send their products to the units, buy supplies and equipment, and 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.

Once nicknamed the “Russian Davos,” SPIEF has attracted leading Western businessmen, investors and government officials to Putin’s home city over the years, serving as the venue for major international deals such as the Nord Stream gas pipeline.

But following Russia’s invasion of Ukraine in 2022, 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 keynote speakers at the SPIEF plenary on Friday afternoon.