Russian President Vladimir Putin used his annual end-of-year press conference on Friday to address the war in Ukraine, relations with the West, Russia's economy and the prospect of future conflict. He spoke in Russian and we have translated his words, so here are some highlights.
Ukraine and peace talks:
Putin said Russia was ready to end the conflict through negotiations and claimed there were "signals" from Kyiv suggesting openness to dialogue. He repeated that any peace must address what he described as the "root causes" of the war, as outlined in his June 2024 speech. He also praised United States president Donald Trump's efforts, saying Russia had agreed in principle to United States peace proposals discussed in Anchorage.
NATO and Europe:
Putin accused NATO of breaking past promises by expanding eastward and said the alliance's military infrastructure near Russia's borders posed a security threat. He rejected claims that Russia planned to attack Europe, calling them "nonsense", and argued that Western countries were fighting Russia "via Ukrainian nationalists".
Ukrainian elections:
He said Russia would be willing to consider temporary measures to ensure election security in Ukraine, including refraining from deep strikes on election day. Putin also claimed Ukrainians living in Russia should be allowed to vote, arguing that elections were necessary to establish a "legitimate" government in Kyiv.
War front and military situation:
Putin said Russian forces had seized the strategic initiative and were advancing along the entire front line, claiming Ukrainian troops were retreating in all directions.
Frozen Russian assets:
He warned European countries against seizing frozen Russian assets, calling it "daylight robbery" that could undermine trust in the eurozone and the global financial system. He said Russia would defend its interests in court and seek jurisdictions "independent of political decisions".
Economy and budget:
Putin said Russia's GDP growth stood at around 1%, describing the slowdown as a deliberate trade-off to curb inflation, which he said was expected to fall below 6%. He pointed to real wage growth of about 4.5% and said Russia's budget deficit and public debt remained low by international standards.
Taxes and interest rates:
He defended a planned VAT increase as a necessary step to balance the budget and said the central bank was acting responsibly in cutting interest rates cautiously to avoid reigniting inflation. Overall, Putin portrayed Russia as economically stable, militarily advancing and open to negotiations, while placing responsibility for the continuation of the war squarely on Ukraine and its Western allies.
Further information:
Putin backs Trump lawsuit against BBC over edited speech.
Putin offers no compromise on Ukraine, adds EU "robbery" failed.
Sarcastic messages flash on screen during Putin's speech.