ST. PETERSBURG — Russian president Vladimir Putin called on Sunday 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. Business deals worth more than $4bn were signed at the conference – including an order by Aeroflot for Boeing jets – as executives said they were continuing to invest in Russia despite deteriorating relations with the west. Mr Putin’s hosting of the forum capped a week in which he dominated the international stage. He warned last Monday that Russia might target nuclear missiles at Europe if the US built a missile shield in Poland and the Czech Republic, then […]