I listened to some of it and thought it was quite intelligent. Putin was addressing the issues raised by developing nations in recent speeches.

African and Latin American nations have been protesting against the US political and economic global dictatorship (to summarize their words). Many call for multipolarity to stabilize the power imbalance, hoping Russia and China offer alternative financial and trade structures.

Russia has maintained somewhat good relations with the "global south," and Putin expressed solidarity with the countries enduring imperialism. His speech was for them.