CNBC Exclusive Transcript: Vladimir Putin, President, Russia

The following is the transcript of a CNBC Exclusive interview with Vladimir Putin, President of Russia, carried out every now and then of the Russian Energy Week International Forum 2021, 13 October 2021.

Should you select to make use of something, all references should be attributed to CNBC and Hadley Gamble.




Hadley Gamble (HG): Thank you for having us at Russian Energy Week. I need to ask you about succession plans, each good CEO has one. Do you actually need to be President when you’re 84 years outdated?

Vladimir Putin (VP): I choose to not reply such questions, that is my conventional response. We will wait till the upcoming elections for that. The dialog on this regard is to stabilize the scenario. The scenario should be steady and secure to ensure that energy constructions and world constructions to work safely and responsibly. The scenario permits me to run for an additional 6 years however I have never taken a choice on this regard.



HG: I need to ask you in regards to the scenario within the Middle East: You have talked about a number of occasions your relationship with Saudi Arabia through OPEC+, how do you see the area at present? Are you anxious in regards to the departure of the United States?

VP: I believe that the Middle East is a promising area of the world. I at all times see the liberation of the UAE and Saudi Arabia make energetic steps to diversify their economies. (incomprehensible) of those nations to consider the long run. I’m assured they may obtain outcomes as a result of they’re goal-oriented.

Concerning our efforts to stabilize the world vitality market, the interplay is hard, we shield our positions, however up to now now we have managed to succeed in mutually acceptable options. And our companions they (incomprehensible) of their manufacturing our companions they might appear unusual however additionally they spend money on inexperienced vitality. We’re discussing huge investments in new expertise and new sources of vitality. I believe it is a very promising space of our protection sooner or later.



HG: Mr Novak just a few months in the past advised that we’re going to see oil contracts denominated in one thing apart from US {dollars}. Possibly in crypto, when do you suppose we’ll see that occur?

VP: It’s early to say so. Cryptocurrency could also be a unit of contact. But it is (incomprehensible). To switch cash to another place possibly, however it’s too early to speak in regards to the commerce of something in sources of crypto. Cryptocurrencies should not supported by something, but. It could exist as a method of fee. But I believe it is too early to say in regards to the oil commerce in cryptocurrency and the commerce in different major vitality sources. Everything develops and has the fitting to exist – it could have the fitting to build up, we’ll see. But it is too early to speak about it at present.



HG: Does that imply although in your views almost about crypto, folks like Elon Musk, the worth of what they maintain is nugatory?

VP: I imagine that it has excessive worth however it can’t be utilized in oil commerce. But to be able to make cryptocurrency it calls for tonnes of vitality. And up to now we should use conventional hydrocarbons.


HG: I do know that your central financial institution governor – in our dialog this summer time she basically mentioned to me you’re transferring away from dollar-denominated belongings in terms of attempting to diversify away from the US greenback. Is that so sanctions have much less of a chew to the Russian financial system?

VP: I imagine the US makes an enormous mistake in utilizing greenback because the sanction instrument. And it does so as a result of it impedes US transfers in US foreign money, or sanctions in manufacturing. So we will not purchase cash in {dollars} and what does it result in? We are pressured – now we have no different selection however to maneuver to transactions in different currencies. This is the very first thing I wished to say.

And second: different nations who’ve their reserve currencies or use {dollars} as a method of fee are additionally involved by the scenario. The greenback could also be used in opposition to them. And so that they do the identical: they diminish the position of the greenback within the reserves and so they transfer away from utilizing it as a method of fee. This is the end result. As a end result even shut companions and allies of the US transfer away from {dollars} as a method of fee. This is a reality.

And we additionally do the identical. We diminish the position of the greenback in our reserves and technique of fee and we strive – we’re not at all times profitable – however we attempt to transfer to creating transactions in nationwide currencies. In this regard we are able to say that the US bites the hand that feeds it. This greenback is a aggressive benefit – it’s a common reserve foreign money and the United States at present makes use of it to pursue political scenario and pursue political targets, and so they hurt their financial and strategic pursuits consequently.


HG: Do you see the US greenback devolving right into a foreign money that is not the world’s reserve foreign money? Do you suppose that may occur?

VP: It undermines its place as a world reserve foreign money. Both transactions and reserves in US {dollars} shrink. But we’re not desirous about transferring fully away from transactions in {dollars}. And we’re glad as of but to pay in {dollars} for vitality sources for oil at the start.

But if political coverage of US continues then now we have no selection and we’ll do nothing however the US will undermine the scenario. The US nationwide debt is rising. And as soon as once more the US Congress raised the restrict for the nationwide debt. It means points. What does points imply? A development of inflation. And at present the US faces report excessive inflation development. So these are financial causes that undermine belief in direction of the greenback.

Everyone has a query: “what’s next”?  What will they do with this colossal debt? Will they manipulate one way or the other the greenback? Will it diminish the worth of the greenback? What will they do with the debt? These are elementary questions – it has nothing to do with us. It’s in regards to the Federal Reserve system and the coverage of the US administration. The United States is the biggest financial system on the earth – a really high-tech one. And the entire world financial system is dependent upon the well being of the US financial system. And we’re desirous about seeing no such shocks. But it does not rely upon us. And we carefully comply with the scenario and analyze it to make crucial steps to make sure our long-term curiosity.


HG: A query for you on China. President Xi says you are his finest pal. Does it concern you what you are seeing from the United States almost about the AUKUS settlement? Do you suppose that that is heightening stress with China creating the potential for a brand new Cold War?

VP: I additionally imagine that the Chinese president is my pal and now we have been working quite a bit with him. We obtain good outcomes. Both political cooperation and in financial system. I imagine it advantages each Russian and Chinese populations. And it is an ideal steadiness in worldwide relations.

On the creation of closed blocks, as you have talked about, the AUKUS block. It, in fact, undermines regional stability. Because it is good to be associates, however it’s dangerous to be associates in opposition to somebody. It undermines stability that we’ll discuss, and all of us care about that. And the scenario is what we see. But I hope that it’s going to not develop in an unprecedented means and won’t create further issues within the area.


HG: Before I allow you to go: In phrases of your biggest concern, you talked about inflation, we now have the prospect of stagflation. We talked about AUKUS, we talked about stress within the South China Sea. What’s occurred in Afghanistan? Now now we have a gasoline disaster, a cornucopia of points dealing with the world. What is your biggest concern at present?

VP: Our important downside, our important situation and aim is to extend the revenues of our residents. This is our important problem. And we’re not going to make use of easy linear strategies to resolve it so as to take action. We want to make sure financial development and to extend its high quality. These are our long-term duties. We’re not going to make use of populist means to take action.

On the idea of financial development, we will enhance the social scenario to extend the revenues of our residents and to cope with the second crucial activity – the demographic scenario. And it entails loads of social points, healthcare, schooling, supporting households with kids. In order to enhance the scenario we set out the nationwide growth targets.

This is a giant downside. So these two crucial points – demographic one and rising the income of our residents, enhancing their high quality of life – this must be solved on the idea of financial development. That’s what we’re going to do within the close to future.


HG: What about Mr. Navalny? Are you interested by enhancing his high quality of life?

VP: The citizen that you have talked about is now in jail—


HG: Not nice high quality of life.

VP: Not one of the best you are proper however he is not alone. There are different individuals who additionally violated Russian legislations, and we’re not going to create any unique situations for individuals who use the political exercise as a canopy up for his or her actions. So I believe that I’ve answered your query.


For extra data contact:

Nick Bailey

Communications Associate, International

[email protected]

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