Russian president Vladimir Putin called yesterday for a radical overhaul of the world's financial and trade institutions to reflect the growing economic power of emerging market countries - including Russia.
Mr Putin said the world needed to create a new international financial architecture to replace an existing model that had become "archaic, undemocratic and unwieldy".
His apparent challenge to western dominance of the world economic order came at a forum in St Petersburg designed to showcase the country's economic recovery. Among 6,000 delegates at the biggest business forum ever held in post-Soviet Russia were scores of international chief executives including heads of Deutsche Bank, BP, Royal Dutch Shell, Nestlé, Chevron, Siemens and Coca-Cola.
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