The globalization model mainly formed by Western countries has exhausted itself. Russian President Vladimir Putin said this in his welcoming address to the participants and guests of the Primakov Readings international forum
"The topic of the [current] forum is quite urgent: ‘Horizons of post-globalization.’ It is obvious that the model of globalization, formed mainly by Western countries, naturally based on their own interests, has exhausted itself and is in a deep crisis. A new, more just and democratic system of international relations is being established, which will meet the demands of the world majority.
"However, a prominent group of countries accustomed to dominating the world will stop at nothing to maintain their waning influence and is employing outright blackmail and coercion, manipulating the international legal system into some sort of 'order based on the rules.’ Such a destabilizing line has provoked the crisis situation around Ukraine, the tragic escalation in the Palestinian-Israeli conflict," the Russian president emphasized.