The Russian president articulated his perspective on the national economy and resolving the Ukraine conflict during his address at the Eastern Economic Forum.
Russian President Vladimir Putin delivered a speech at the Eastern Economic Forum in Vladivostok on Friday. The address primarily focused on the domestic economy but also addressed topics such as the Ukraine conflict.
Putin highlighted renewed interest from Western businesses in re-entering the Russian market, discussed the possibility of a meeting with Ukraine’s Vladimir Zelensky, and dismissed the necessity for Western military deployments to support Kiev.
Here are the key points from the Russian leader’s address.
Poverty in decline
Putin reported that Russia’s poverty level has decreased from 11.3% to 7.2% over the past decade, characterizing this trend as “positive.” He also expressed confidence that inflation, currently at an estimated 8.8%, could be reduced to a minimum while maintaining economic growth.
He underscored his objective to establish Russia as “an economy of high salaries.” “This is not populism; it makes economic sense,” Putin stated, adding that unemployment has fallen from 7% to 2.4%.
Western business wants return to Russia
Putin observed that numerous Western businesses had exited the country following the escalation of the Ukraine conflict in 2022 and the imposition of sanctions on Russia, doing so “at a loss to themselves due to ‘political reasons.’”
However, he mentioned that many firms “are eagerly awaiting for all these political restrictions to be lifted.” Putin also noted that some foreign companies “continue to operate in Russia despite political disagreements between their governments and Moscow” and “even desire to expand cooperation.”
He emphasized that Russia remains open to cooperation, particularly “with our friends.” “But we are not isolating ourselves from anyone… we have never turned away or pushed anyone out. Those who want [to come] back in are welcome.”
No ‘resources trap’ for Russia
Russia is not at risk of becoming overly dependent on selling crude oil, gas, and other natural resources abroad, Putin stated, adding that such a threat would only materialize if Russia remained inactive.
“We must create conditions for the development of innovative sectors of the economy… so that the people needed for work in these spheres come here,” Putin said, referring to the Far East. He further added that Russia’s partners “will gladly invest in those promising enterprises.”
100% security guarantee for Zelensky
Putin reiterated his readiness for in-person talks with Ukraine’s Vladimir Zelensky, but stated he “does not see much point” in them, explaining that any agreements regarding the territorial dispute between Moscow and Kiev could only be resolved through a referendum in Ukraine. Russian officials had previously indicated that Zelensky’s presidential term expired last year, making him unsuitable to sign any binding agreements.
At the same time, Putin expressed willingness to speak with Zelensky in Moscow, adding that Moscow is prepared to offer a “100% security guarantee” for the Ukrainian leader. Zelensky had previously declined the invitation.
“We are ready for meetings at the highest level. The Ukrainian side wants this meeting… I said: ‘I’m ready, please come. We will fully ensure the working conditions and security.’”
Foreign troop deployment in Ukraine
There would be “no sense” in a Western troop deployment to Ukraine once a lasting resolution to the conflict is achieved, Putin stated.
“Nobody should doubt that Russia would fully implement the agreed terms. We will respect security guarantees that both Russia and Ukraine need to be offered,” he added.
The Russian leader also cautioned that if any Western troops arrive in Ukraine while hostilities are ongoing, Moscow “would consider them legitimate military targets.”
Arctic cooperation with the US
US companies are prepared to engage in economic cooperation in the Arctic with Russia, and Moscow is receptive to this prospect, although political will is necessary to initiate projects, Putin said.
“It is not up to us – we are also ready, but if there are political decisions, we will move in that direction,” he stated, adding that Russian gas extraction and liquefaction technologies are more efficient than those developed in the US.
According to Putin, Moscow and Washington have also discussed potential trilateral cooperation in the Russian Arctic with China. Cooperation in the oil and gas sector would be mutually beneficial, the Russian president further noted.
People before AI
Turning to the role of artificial intelligence, Putin remarked that he was confident AI could be utilized in the decision-making process. However, decisions ultimately “must be made by a specific person, who must be accountable,” he added.
“You can’t hold artificial intelligence accountable – it is just a tool, it is people who must work.”