"The financial and economic system led by the West after World War II can no longer function in a way that guarantees continued benefit for Western countries," Lavrov pointed out," he said in an interview with the Shanghai Media Group (SMG).
"Other states have begun outperforming the West within the very system and according to the very rules originally established by the United States and its Western allies. What we are witnessing today in the form of sanctions, the seizure of sovereign states, and even attempts at intervention is, above all, a manifestation of unfair and dishonest competition," he added, TASS reported.
The Russian foreign minister also said that "the West increasingly relies on such methods across many sectors - economy, technology, trade, and sports, where athletes from certain countries are suddenly excluded from international competitions." "This is a very serious issue. Fear of competition, which reflects the West’s awareness of its declining influence over global affairs, is clearly evident in these actions," he added.
"As new centres of economic growth - particularly, China, India, Brazil, and several African nations - began developing at an accelerated pace, the West gradually lost its ability to maintain colonial and neocolonial methods (of dominance). Countries of the Global South and East increasingly demanded an end to an economic system where raw materials and natural resources were seized from them while the added value was, and continues to be, generated in Western economies. As a result, the global order began to change objectively," Lavrov noted. "This transformation did not occur because someone arbitrarily declared the world multipolar; it arose from objective realities," he explained.
The redistribution of power in the global economy will continue, Lavrov stated. "We believe that this new balance of power must also be reflected in the international institutions created after World War II. Those include the UN Security Council, which should be reformed through expanding representation of countries from Asia, Africa, and Latin America. It also applies to the Bretton Woods institutions, where the number of votes held by BRICS countries do not reflect their actual weight in the global economy. However, Western nations are doing everything to prevent justice being established here," the Russian foreign minister said.
BRICS, the Shanghai Cooperation Organization (SCO), the Eurasian Economic Union (EAEU), the Association of Southeast Asian Nations (ASEAN), the African Union, and the Community of Latin American and Caribbean States (CELAC) are multilateral hubs for shaping the new global economy, which are developing their own capabilities and increasingly moving away from dependence on the dollar as the world’s reserve currency, Lavrov specified. "Russia and China, for instance, have already fully converted their trade to rubles and yuan. Similar trends can also be observed in Latin America, in our relations with other Eurasian states, and among the countries of ASEAN and the SCO," he pointed out.
"Russia and China, as two major powers, play a stabilizing role in the international arena," Lavrov believes. In his view, after World War II, both nations "already emerged as pillars of a new world order founded on the principles of the UN Charter."
"These principles remain sound and relevant today, despite the fact that Western countries have consistently failed to implement them fully or respect principles of sovereign equality and non-interference in the internal affairs of states. Nevertheless, these lofty ideals are enshrined in the UN Charter, and we firmly oppose any attempts to revise or reinterpret it in order to justify the 'necessary' adventures of our Western counterparts," Lavrov concluded.