Russian President Vladimir Putin said that Western countries were losing their 'leading positions' to the Global South nations, with the global system undergoing 'irreversible change', during his video address to the participants in the Open Dialogue Forum on Tuesday. "Previous approaches and established norms and rules of business and international relations are gradually becoming less effective, in part due to the actions of Western countries, which are losing their leading positions and giving way to new growth centres - the Global South countries. Right before our eyes, a more complex, multipolar architecture of global development is taking shape," he said. The remarks by Russian President come at a time when Russia has openly backed Iran against the U.S., Israel and Europe following weeks of military confrontation. Watch.

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