That's the justification he's using. But here's the actual reason:

tl;dr - He's a mob boss running a global protection racket. He's inflicting chaos and ruin on everyone, which he can turn off for you if you pledge fealty. You can't make it on your own, you
must bow to him or you'll be destroyed. "Nice company / country you have there. Sure would be a shame if anything happened to it."