Putin Denounces Financial Colonialism vs. Africa, Expects No Change in D.C.’s Russia Policy after Elections

Sept. 13, 2023, 2022 (EIRNS)—After his keynote address to the Eastern Economic Forum (EEF) meeting in Vladivostok on Sept. 12, Russian President Vladimir Putin fielded numerous questions asked by moderator Ilya Doronov, managing director of the RBC TV channel. Excerpts of his responses to three questions follow:

On Africa:

“What did the former colonizers [of Africa] do? Back in 1957—I was recently shown a photograph—they brought people from Africa in cages to European countries, for example, Belgium. It is an ugly sight, children put up on display in cages.... How can you forget this? Nobody in Africa will ever forget this. And now they are trying to issue commands and pursue their neo-colonial policy there. They have put all African countries in debt, which runs into trillions of dollars. In other words, they have created a financial credit system for Africa under which the African countries can never pay off their loans. These are not credit arrangements at all; it is a form of contribution, if you see what I mean.”

On Russia’s monetary policy: In response to the question, “How can you make any projections in a situation where you have no idea what is going to happen to the national currency?” Putin unfortunately endorsed the approach being taken by Russia’s monetarist Central Bank Governor Elvira Nabiullina: high interest rates and a floating exchange rate for the ruble.

“Of course, the Central Bank had to raise the key interest rate to 12%. I think that its decision was correct, and timely too. This will mean there are fewer opportunities to take out loans, it will constrain the economy and inhibit its development to a certain extent. However, this factor has a major bearing on mitigating inflationary risks. Everything must come at the right moment.... There are no good or very good decisions here; there are only difficult decisions, and they need to be adopted promptly. So far, both the Central Bank and the Government have done so, and rather effectively.”

On the U.S. presidential election: Doronov stated, “We understand that Trump could be taken into custody at any time.” To which Putin responded: “Why should we be concerned about that? I believe there will be no fundamental change in U.S. foreign policy towards Russia, regardless of who becomes President.

“It is true that we hear Mr. Trump say he can resolve many serious problems, including the Ukraine crisis, in a few days. Well, that is something to be happy about. It would be good. But, in the grand scheme of things, we ... by the way, despite the accusations of him having special ties with Russia, which is complete nonsense and absurdity, he imposed the greatest number of sanctions on Russia during his Presidency. So, I find it difficult to say what to expect from a new President, whoever it may be. It is unlikely, though, that any crucial change will take place, because the current authorities have conditioned American society to be anti-Russia in nature and spirit; that is how things are. They did this, and it will now be very difficult for them to turn that ship around. That is the first point.

“Second, they view Russia as an existential and constant adversary or even an enemy and implant this idea into the heads of ordinary Americans. This is not good because it fosters hostility. Despite this, there are many people in America who want to build good and friendly business relationships with us and, moreover, share many of our positions, primarily from the perspective of preserving traditional values. We have many friends and like-minded people there. But, of course, they are being suppressed.

“So, we have no way of knowing who will be elected, but whoever it is, it is unlikely that the anti-Russia policy of the United States will change.

“As for the persecution of Trump, well, in today’s conditions, in my view, that’s a good thing.... Because it reveals the rotten American political system, which should not be able to claim it can teach others about democracy.

“Everything that is happening to Trump is the political persecution of a political rival. That is what it is. And it is happening in the eyes of the U.S. public and the whole world. They have exposed their domestic problems.”