Russian President Vladimir Putin spoke at his end-of-year press conference on Monday, touching on the Ukraine conflict, NATO, the economy, and relations with Western countries.
Putin said Moscow has yet to see full readiness from Ukraine for dialogue but noted “certain signals” from Kyiv suggesting a willingness to engage. He reiterated that Russia is prepared to end the conflict peacefully, addressing the root causes outlined last June at the Russian Ministry of Foreign Affairs.
He acknowledged efforts by former President Donald Trump to mediate an end to the conflict, describing them as “serious and sincere.” Putin said Russia had agreed to certain compromises during preliminary discussions in Moscow and Anchorage, but emphasized that “the ball is entirely in the court of our Western opponents,” particularly Kyiv and its European partners.
Putin expressed concerns over NATO’s military expansion toward Russian borders, calling it a threat to Moscow’s security. He stressed that Russia is not challenging any country’s right to defence, but wants measures that do not endanger any nation. He said Russia seeks fulfilment of previous Western commitments to ensure a reliable European security system.
Addressing criticism of Russia’s Foreign Agents Act, Putin argued that similar laws exist in the United States and other Western countries, and that Russia’s law only requires disclosure of foreign funding in political activities. He denied any form of repression or criminal prosecution under the law.
Putin dismissed speculation that Russia plans to attack Europe, calling it “nonsense.” He said the conflict is driven by Ukraine’s nationalists and that Russia is ready to end hostilities immediately while safeguarding its security.
He claimed that after Russian forces drove Ukrainian troops from the Kursk region, Moscow has taken strategic initiative, with Russian forces advancing along the entire line of contact.
Putin described attempts to seize Russian assets as “daylight robbery,” warning that such actions could undermine trust in the eurozone and affect global financial stability. He said Russia would defend its interests, including through independent courts.
The president said Russia’s GDP growth is at 1 per cent, a deliberate measure tied to inflation targeting. Inflation is expected to fall below 6 per cent by year-end. Real wages are projected to grow by 4.5 per cent. The federal budget deficit currently stands at 2.6 per cent of GDP, with plans to reduce it to 1.5–1.6 per cent over the next three years.
Putin defended the planned VAT increase as a transparent way to maintain a balanced budget and financial stability.
He said the Bank of Russia operates independently and is acting responsibly. The reduction in key interest rates was described as necessary to maintain economic stability and prevent inflationary surges, though he declined to offer a personal assessment of its adequacy, leaving evaluations to financial experts.
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