“Risks of the global economic crisis are on the rise,” Russian President Vladimir Putin said while speaking at a virtual meeting of the Shanghai Cooperation Organization (SCO) on Tuesday.

Additional comments

“Potential for conflicts is rising.”

“Russia will stand up against sanctions and provocations.“

“We plan to boost ties with Shanghai Cooperation Organization.“

“Russia supports the transition to settlements in local currencies.”

“One of the key SCO tasks is to support security.”

Market reaction

Putin’s warning has little to no impact on risk sentiment. The US S&P 500 futures, a risk barometer, is trading with a 0.12% gain on the day.