BRICS Summit 2026: Putin slams West's 'ugly' economic warfare, claims BRICS bloc has left G7 behind

Russian President Vladimir Putin on Friday accused Western competitors of resorting to "ugly" tactics to reclaim their eroding economic dominance over BRICS nations, saying this struggle is now taking an "unseemly turn" at the governmental level.

Addressing the BRICS Business Forum in New Delhi he said, "Western competitors are doing everything to get back their erstwhile competitive edge, and sometimes this competition is taking some ugly forms."

Alleges attacks on pipelines, transport corridors


Putin alleged that pipelines have been attacked, attempts made to block international transport corridors, maritime vessels seized, and "other illegal restrictions" imposed on countries that refuse to fall in line.

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He said there is also the threat of secondary sanctions against nations that pursue independent economic policies rather than following others' interests. He referenced earlier remarks by Iran's representative at the forum, who had raised a similar point.

BRICS accounts for over 40% of world GDP

Putin said BRICS economies have accounted for more than 40% of world GDP over the last five years, compared to 29% for the G7, and have contributed over half of global economic growth in that period, against 18% from the G7 bloc. He said BRICS countries have great, dynamic, vibrant domestic markets, driven by rapid urbanisation and a combined population base of more than half the world's total.

Putin credited this growth to the rise of homegrown BRICS companies now competing globally. He cited India's Mahindra for its IT and AI-based solutions, China's Huawei as a global technology leader, Brazil's Embraer in aerospace, DP World of the UAE in logistics, and Russia's Rosatom, which he said has been ranked the world's top company in peaceful nuclear energy.

"Old leaders" being replaced, says Putin

Putin said the so-called "old leaders" of the global economy, referring to advanced Western nations, still hold strong infrastructure, technology and scientific advantages. However, he said they are gradually being replaced by new engines of growth, a shift he described as part of the natural order of economic change.

Sanctions on Russia "twice all other countries combined"

Putin said Russia alone has faced more than 30,000 sanctions, over double the number imposed on every other country in the world combined. He said Russia's economy has nonetheless grown faster than the global average over the past three years, citing a 10.3% rise in GDP in 2023-24 and unemployment falling to a record low of 2.3%.

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He credited this performance to structural economic reforms, an expanded trade network with "reliable, predictable partners," and domestic progress in artificial intelligence, autonomous systems and digital platforms, developed partly in collaboration with BRICS partners.

He added that the countries driving the sanctions push are now themselves facing industrial decline and widening budget deficits.