"It is a mistake to suggest that the times of turbulent changes can be waited out and that things will return to normal; that everything will be as it was. It won't," Putin insisted during his speech at the the Saint Petersburg International Economic Forum (SPIEF) on Friday.

The changes that the world is going through at the moment are fundamental, radical, and irreversible, he added.

However, the ruling elites of some Western countries refuse to notice this obvious shift and choose to "cling to the shadows of the past," he added.

For example, they believe that the dominance of the West in global politics and economy is a constant, eternal value," Putin said. But "nothing is eternal," he reminded everyone.