The world is moving toward a multipolar order in which sovereignty is becoming central, Maksim Oreshkin has said

The old model of globalization that dominated in recent decades has ended, and the world is moving away from a unipolar order as other countries begin to take the lead, the deputy head of the Russian presidential administration, Maksim Oreshkin has said.

Speaking on Friday at the Expert Dialogues at the National Center 'Russia' in Moscow, Oreshkin said the end of the previous model does not mean the end of global economic integration, but rather a transition to new principles.

Globalization is continuing on a "different basis," with leadership increasingly shifting away from a single center, he said, as other countries begin to play a more prominent role in shaping global economic processes.

Oreshkin said the involvement of major economies such as China and India in the global economy has helped improve living standards and reduce poverty, while supplying the world with goods and services.

"We are indeed moving away from a unipolar world, and in today's world one of the main words we hear is sovereignty," Oreshkin said.

Only nations capable of maintaining sovereignty will be able to compete and take leading positions in this "multipolar development," according to him.

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Oreshkin also pointed to growing impact of sanctions, tariff barriers, and other restrictions on the global economy, saying traditional Western-led financial mechanisms are "no longer" functioning effectively. He said this is forcing the global financial system to search for new solutions, with decentralized systems such as blockchain, artificial intelligence, and platform-based solutions increasingly being used in place of traditional banking functions.

(RT.com)