Moscow, June 23 -- President Vladimir Putin, addressing the plenary session of the St. Petersburg International Economic Forum (SPIEF), said the global economy is witnessing its most profound shift in decades.

He highlighted the rising prominence of BRICS nations, noting their contribution has doubled from 20 per cent at the turn of the century to nearly 40 per cent of global economic output today.

Putin underscored Russia's commitment to a new development model--one rooted in fairness, openness, and national interests. Recalling the 2024 BRICS summit in Kazan, he said 35 countries expressed the need for a global framework aligned with today's multipolar reality.

He noted that trade among participating nations has already surpassed USD...