Around 20,000 participants from more than 130 countries gathered in St. Petersburg this week for the 29th St. Petersburg International Economic Forum (SPIEF), where Putin delivered the keynote address on Friday, June 5. He told attendees that developing countries now play a larger role in the global economy, while Western economies account for a shrinking share of global output. He also argued that Western sanctions and the freezing of Russia's sovereign reserves had "irreversibly impacted the standing of international currencies, the dollar and the euro," warning that any country could lose access to its legitimate assets within Western financial systems. Putin repeatedly emphasized his vision of a multipolar world while downplaying Russia's growing economic challenges. Although he acknowledged that economic growth was "currently subdued," he placed responsibility for improving conditions on government officials. During the forum, participants signed agreements worth about 6.5 trillion rubles, most of them involving BRICS, African, and Global South partners.