The global economic system is structured to serve the interests of the Western elite, while developing countries are forced to borrow money at exorbitant interest rates, Russian President Vladimir Putin has stated.

Speaking at the Russia-Latin America Parliamentary Conference on Friday, Putin said global elites are exploiting almost all other countries, particularly in the areas of technology, information, and finance.

The Russian president claimed that loan obligations for developing markets are already akin to feudal “quitrents,” calling for an end to the practice.

“Therefore, we all have to work together to change the rules of the global (financial) system,” Putin urged.

The Russian leader previously proclaimed that the “myth of the Western welfare state, of the so-called ‘golden billion’, is crumbling.” According to Putin, the latest sanctions imposed on Russia by the US and its allies mark the end of an era.

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