Putin: Multipolar World Is Here; Warns of Economic Collapse if Russia’s Frozen Assets Aren’t Returned

Russian President Vladimir Putin declared that a multipolar world order “has taken shape” and warned that any Western move to confiscate Russia’s frozen assets would amount to “economic suicide,” in wide-ranging remarks to the press at the conclusion of his four-day official visit to China.

Image Source: Fox News on X

Speaking after meetings with Chinese President Xi Jinping and other Shanghai Cooperation Organisation (SCO) leaders in Tianjin and Beijing, Putin positioned Russia, China, and India as the key poles of a post-Western international system. 

“Multipolarity does not mean new hegemons,” he said. “It means equality in global governance.”

Putin dismissed the notion that multipolarity remains aspirational. “Its contours have already formed,” he stated, pointing to platforms like BRICS and the SCO as realigning forces. He emphasized that sovereignty and equality--not bloc politics--should define international cooperation.

Also Read: India, Russia, and China Signal New Multipolar Axis at SCO Tianjin; End of American Dominance

Responding to a question about European calls to seize an estimated $300 billion in frozen Russian central bank reserves to fund Ukraine, Putin warned such actions would "destroy the global financial and economic order.” 

“The smarter ones in the West know this would devastate confidence in global finance,” he said. “If these principles are broken, what global investor would feel safe again?”

The comments followed a summit in which Putin and Xi signed over 20 agreements on energy, AI, space, agriculture, and media cooperation—deepening what both called a “strategic partnership at a historic high.”

Putin used the Beijing platform to underscore that this partnership is also ideological, rooted in opposition to unilateral sanctions, coercive trade practices, and what he described as “Western double standards.”

He again blamed the West for the ongoing conflict in Ukraine, referencing the EU-backed political transition in Kyiv in 2014. 

“This is where the tragedy began,” he said. He rejected the idea of “security guarantees in exchange for territory,” saying Russia’s war aims are centered on protecting the rights of Russian-speaking populations and upholding the principle of self-determination. 

“We’re not fighting for land, but for people’s right to live with their language and traditions,” Putin insisted. “That’s democracy--read the UN Charter.”

Asked whether he would meet Ukrainian President Volodymyr Zelensky, Putin said he has “never ruled out” such a meeting, but added that Ukraine’s current leadership is “constitutionally illegitimate” due to the absence of elections under martial law.

The Russian president also addressed the battlefield situation, claiming Russian forces are advancing “in all directions,” while Ukrainian formations are suffering from depleted manpower. However, he cautioned against overconfidence and acknowledged the fighting remains “difficult and cruel.”

From SCO to Strategic Realignment

While the press conference marked the formal close of Putin’s visit, it capped a broader diplomatic push that included high-level trilateral optics with Indian Prime Minister Narendra Modi and Chinese President Xi at the SCO Summit in Tianjin.

At that summit, Modi and Putin reaffirmed India–Russia ties, agreeing to expand rupee–ruble trade and work toward resolving the $58.9 billion trade imbalance. 

Modi also held direct talks with Xi, where both sides committed to border stability and deeper economic cooperation.

The strategic choreography of these meetings, combined with the Beijing agreements, has amplified the sense that the global center of gravity is shifting eastward—away from the U.S.-led order.

Putin Declares Multipolar World Is Real, Warns West Over Frozen Assets