Website of the President of Russia: Videos: Speeches

Russia – ASEAN Summit

2026-06-22T12:47:19+04:00

Vladimir Putin took part in the anniversary plenary sessions of the Russia – Association of Southeast Asian Nations (ASEAN) Summit, marking 35 years since the establishment of their relations.

The agenda for the meeting in Kazan includes a review of the strategic partnership between the Russian Federation and ASEAN, as well as new avenues for collaboration on the political, economic and humanitarian tracks, and an exchange of views on the latest international and regional developments.

Heads of the delegations taking part in the summit posed for a group photo ahead of the first plenary meeting.

Following the summit, a package of documents was approved, including the Kazan Declaration, the Comprehensive Plan of Action for Russia–ASEAN, the Joint Statement on Cultural Cooperation, and the Joint Statement on Energy Cooperation.

ASEAN includes 11 Southeast Asian countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Timor-Leste, and Vietnam. Russia has been ASEAN’s full-scale dialogue partner since July 1996.

Taking part in the summit are Sultan of Brunei Darussalam Hassanal Bolkiah, Prime Minister of the Kingdom of Cambodia Hun Manet, Foreign Minister of the Republic of Indonesia Sugiono, Prime Minister of Lao PDR Sonexay Siphandone, Prime Minister of Malaysia Anwar Ibrahim, Presidential Special Representative and Permanent Secretary of the Ministry of Foreign Affairs of the Republic of the Union of Myanmar hau Khan Sum, President of the Republic of the Philippines Ferdinand Marcos, Prime Minister of the Republic of Singapore Lawrence Wong, Prime Minister of the Kingdom of Thailand Anutin Charnvirakul, Prime Minister of the Democratic Republic of Timor-Leste Xanana Gusmão, and Prime Minister of the Socialist Republic of Vietnam Le Minh Hung. Secretary-General of the Association of Southeast Asian Nations (ASEAN) Dr Kao Kim Hourn, Secretary-General of the Shanghai Cooperation Organisation (SCO) Nurlan Yermekbayev, and Chair of the Eurasian Economic Commission’s (EEC) Board Bakytzhan Sagintayev are also taking part in the summit.

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Opening remarks by the President of Russia at the Russia – ASEAN Summit

President of Russia Vladimir Putin: Colleagues, friends,

I am delighted to welcome all of you to Kazan for the anniversary Russia – ASEAN Summit, which marks 35 years since the establishment of relations between Russia and the Association of Southeast Asian Nations.

Friends, many of you have visited our country in the past, while for some, this is their first time here. Welcome to everyone.

Delegations at the previous Russia – ASEAN meeting did not include Timor-Leste, which joined ASEAN in 2025. We are delighted to have the Prime Minister of the Democratic Republic of Timor-Leste with us today.

The Association of Southeast Asian Nations is an authoritative organisation extending beyond the Asia-Pacific region. Relevant on a global scale, it has withstood the test of time, building a system of cooperation between states founded on universally recognised norms of international law and mutual respect for each other’s interests.

These are precisely the principles underpinning Russia-ASEAN relations. It is a strategic partnership that serves as an essential stabilising factor in the Asia-Pacific amidst geopolitical turbulence, contributing to the formation of a balanced security architecture and equitable mutually beneficial cooperation.

Today’s agenda is as follows: we will exchange opinions on topical regional and international issues, share assessments of the outcomes of Russia-ASEAN cooperation over the past 35 years, and discuss future areas, tasks and objectives of the Russia-ASEAN strategic partnership.

It goes without saying that our discussion may cover other issues as well. Please feel free to raise any matters you deem worthy of discussion.

Our cooperation demonstrates clear results. We have developed a robust legal and regulatory framework to govern our relations, as well as an extensive network of joint mechanisms. We have launched new dialogue platforms. We have expanded the scope of practical cooperation in such areas as combating new security challenges and threats, as well as trade and investment, energy, agriculture, digitalisation, science and technology, tourism, and humanitarian contacts more broadly.

I hope this day will be productive and we will have a constructive and engaged exchange of opinions, as always.

I will be co-hosting this meeting with the President of the Republic of the Philippines, a country chairing ASEAN this year. With great pleasure, I pass the floor to Mr Ferdinand Marcos for his opening remarks.

Mr President, please.

President of the Republic of the Philippines Ferdinand Marcos: Thank you, Mr President, Your Majesty,

Excellencies, distinguished guests, good morning.

It is my honour to serve as co-chair of the ASEAN–Russia Commemorative Summit alongside President Putin as we mark 35 years of a partnership built on mutual respect, shared interests, and a steady conviction that cooperation, not confrontation, is the surest path to peace.

I wish to express our deep appreciation to the government and people of the Russian Federation for their generous hospitality and for the excellent arrangements that have brought us together here in Kazan, a city where civilizations have long met, mingled, and enriched one another. It is a fitting venue for a gathering that is itself an exercise in bridging distances, both geographic and cultural.

Thirty-five years ago, Russia’s participation in the ASEAN ministerial meeting in Kuala Lumpur planted the first seeds of what has grown into a strategic partnership of genuine consequence. The principles that guided those early steps – mutual respect, sovereign equality, and the commitment to peaceful cooperation enshrined in the Treaty of Amity and Cooperation – remain as relevant today as they were then.

They are not merely historical anchors. They are active guides for the work still before us. As we mark this milestone, the Philippines would like to highlight three priorities that should animate our cooperation in the years ahead.

First, peace, security, and stability. In an era of deepening geopolitical uncertainty, the value of steady political and security engagement between ASEAN and Russia cannot be overstated. Transnational threats such as terrorism, illicit trafficking, cybercrime, and online scams do not respect borders, and neither can our responses.

We must strengthen practical cooperation on maritime security and counterterrorism, reinforce our collective resilience in cyberspace, and develop the institutional habits of anticipation rather than mere reaction.

Second, a more dynamic economic partnership. Our trade and investment ties have grown, but they have yet to reach full potential. We must be more deliberate and more ambitious in expanding economic opportunities, improving trade facilitation, deepening investment flows, and connecting our business communities. Food and energy security deserve a particular attention, as these are the foundations on which broader stability rests. Our economic cooperation must also be inclusive. Our micro, small, and medium enterprises must have a place in this partnership, and our cooperation must extend into the emerging sectors that will shape tomorrow’s global economy.

And third, perhaps the most and most enduring, is our people. Scholarships, student exchanges, academic partnerships, tourism, and the arts, these are not peripheral to our relationship, they are at its living core.

The connections forged between our peoples outlast any summit declaration and carry our partnership forward in ways that policy alone cannot do. We must continue to invest in these bonds, placing our youth not merely at the receiving end of this cooperation, but at its centre, as the generation that will ultimately decide what ASEAN-Russia relations will become.

Your Majesty, Excellencies, colleagues,

Guided by our chairship theme, Navigating Our Future Together, the Philippines approaches this summit not just as a ceremony of commemoration, but as a renewed call for action.

Thirty-five years is a foundation. What we build on it is our choice and our responsibility. Let us choose well.

Thank you.

Plenary session of the St Petersburg International Economic Forum

2026-06-16T19:09:44+04:00

Vladimir Putin took part in the plenary session of the 29th St Petersburg International Economic Forum (SPIEF).

Joining him on the panel were President of Uzbekistan Shavkat Mirziyoyev, President of the United Republic of Tanzania Samia Suluhu Hassan, and Vice President of the People’s Republic of China Han Zheng.

The discussion was moderated by Geeta Mohan, Foreign Affairs Editor at India Today, TV Today Network.

Held annually since 1997, this year’s forum runs from 3 to 6 June under the theme “Pragmatic Dialogue: The Path to a Stable Future,” bringing together more than 20,000 participants from 130 countries.

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Moderator of the discussion, India Today Group Foreign Affairs Editor Geeta Mohan: Namaskar, namaste, zdravstvuite, hello.

Excellencies, distinguished guests and friends, it is a privilege to welcome you to this very important conversation at a time when the world is clearly standing at an inflection point.

For decades, the global economic order was shaped by a few powerful capitals, a few dominant institutions, and a few accepted rules of engagement. But a new global economic order and architecture is emerging: one that is more diverse, more contested, of course; but also more representative. The countries on the stage reflect that shift. We have Russia – a major power at the centre of today’s geopolitical realignment; China – one of the world’s largest economies, and a defining force when it comes to AI, trade, and infrastructure. We also have Uzbekistan representing the rise of central Asia and as a region of energy, connectivity, and geostrategic opportunity. And then, we have Tanzania – an important African voice led by one of the most significant women leaders of our time.

And, of course, since the moderator is from India, we can say the stage also has a little bit of Indian spice, a little bit of balance, and just enough to keep everyone comfortable.

The question before us is simple but profound: are we witnessing only a redistribution of power, or are we witnessing the birth of a fair world order? The era of being lectured, pressured, or bullied is seriously being challenged.

At the same time, independence is not easy. Strategic autonomy comes with costs. So today’s discussion is not merely about geopolitics. It is about the price of sovereignty – something President Putin has emphasised time and time again.

Can countries protect the national interests without being forced into camps or being sanctioned? It is about whether a multipolar world will be genuinely fair or simply replace one centre of power with several competing centres. It is about whether BRICS and South-South cooperation can move from rhetoric to real economic instruments. It is about whether alternative payment systems, new trade corridors, energy partnerships, and technology cooperation can give the Global South true agency.

And it is about a new world order, where countries no longer want to be spoken for but want to speak for themselves.

With that, let us begin our conversation today. I would like to begin by inviting President of the Russian Federation honourable Vladimir Putin for his opening remarks.

President of Russia Vladimir Putin: Good afternoon, ladies and gentlemen. Mr Mirziyoyev. Madam Samia Suluhu Hassan. Mr Han Zheng. Ladies and gentlemen.

It is a real pleasure to see such a distinguished audience here. The President of Uzbekistan and I were just comparing notes. He remarked that the hall is full – which speaks to the level of interest that the St Petersburg International Economic Forum generates. I would like to welcome all participants and guests.

Russia and St Petersburg are once again hosting executives from leading companies, business leaders, and experts – this year from more than 130 countries – all here to expand business contacts and forge new ties.

Our host has set the bar and outlined the topics, which I will try to cover. But before entering this auditorium, she also mentioned that, in her opinion, the excellent atmosphere was created by those who organised the event. So I would like to start by thanking everyone who made this forum possible. Thank you very much.

The unrivalled and appealing nature of the St Petersburg Forum lies precisely in the opportunity to engage in free dialogue on matters that are of interest to entrepreneurs, entire industries, and even entire countries. We remain open to everyone interested in engaging with our country and is ready to pursue equal and mutually beneficial cooperation. We are convinced that this particular approach where partners hear one another, understand their partners’ interests, and identify common solutions represents a harmonious path of development and makes it possible to respond to the serious challenges facing the modern-day world.

We are witnessing turmoil in the energy markets and tensions being provoked in certain regions, primarily in the Middle East, and how the short-sighted EU bureaucracy policies are being implemented to the accompaniment of aggressive rhetoric and leading to Europe continuing to lose its standing in the global economy, while also undermining regional and global security. In fact, European elites are inciting chaos and are trying to embroil ever more countries into it.

These processes did not arise all by themselves; they are the result of the world undergoing the largest structural transformation in decades. This transformation is not a transition from one phase of a cycle to another. We are witnessing a change in the paradigm of global development.

I would like to bring your attention to what came before. For decades, the global development model was built around a limited number of financial centres, technological solutions, insurance and logistics hubs, credit rating agencies, and reserve currencies. This construct was presented as universal and supposedly suitable for everyone, and, above all, as supposedly neutral. In reality, however, it was increasingly used as a tool to exert political pressure and promote unfair competition, where settlements, technologies, logistics, or even access to information could be cut off at a moment’s notice in order to punish those who chose to act in their own national interests. In essence, it was a deliberately created system of dependency and resource extraction.

Today, the overwhelming majority of countries see this, as do entrepreneurs, banks, manufacturing companies, farmers, and transport operators. It has become clear that investment plans and business development steps may face serious risk where the external infrastructure on which they rely could be used against them. Therefore, countries are beginning to develop their own technological solutions, create their own supply routes, and build their own institutions.

Russia is experiencing these transformations firsthand. Although pressure on our country persists, the changing global landscape has also created greater room for manoeuvre. New partnerships are emerging, new financial and technological solutions are being developed, and access to promising markets is expanding. Against this backdrop, Russia views global change not only as a source of challenges but also as a tremendous opportunity. To make the most of these opportunities, we seek to act swiftly and pragmatically.

Let me reiterate: the roots of today’s global turbulence lie in the ongoing transition from a vertical, hierarchical model – one that primarily served the interests of a limited number of states – to a far more complex, distributed, and multipolar international order. What does this mean in practice? Above all, it means that the geography of economic growth is changing, with new centres of development emerging across the countries of the Global South. And, colleagues, as you can clearly see for yourselves, this is not a political slogan; it is an objective reality. In these countries, populations are growing, the middle class is taking shape, industrial capacity is expanding, and domestic markets are developing. As a result, new cities, roads, ports, energy infrastructure, and digital networks are being built. At the same time, these nations are establishing their own financial institutions, educational systems, and scientific and technological centres.

In this context, I would like to emphasise that the world becomes more equitable when economic growth is distributed more broadly and opportunities become available to billions of people who have long remained on the periphery of the global economy. It is very important that these new centres of growth seek to shape their own development paths, increase their share of value creation, and build their own brands, standards, and capabilities.

If you look at the global GDP dynamics of the last five years, you will see that almost half of its annual growth, 49 percent, is accounted for by BRICS countries, whereas the contribution of the so-called Group of Seven is estimated at 18 percent. To put this into perspective, between 2021 and 2025, the global economy expanded at an average annual rate of 4.1 percent. Of that growth, 2 percentage points were generated by the BRICS countries, compared with only 0.8 percentage points contributed by the G7. Today, the BRICS share of global GDP, measured in purchasing power parity terms, stands at approximately 40 percent, while the corresponding figure for the G7 is below 29 percent. By this measure, BRICS surpassed the G7 as early as 2020, and the gap has continued to widen ever since.

This trend is expected to continue increasingly in favour of the BRICS countries. The reason is straightforward: economic growth rates in the BRICS economies are already higher than those of the G7 and are projected to remain so in the years ahead. By the end of the current decade, annual economic growth in the G7 countries is expected to average no more than 1.5 percent, while the BRICS economies are projected to expand at an average rate exceeding 4 percent.

Ladies and gentlemen, friends. This is not something we made up. It is the data from the IMF and the World Bank – international institutions. They are forced to acknowledge this reality.

Naturally, businesses are drawn to places where growth is more dynamic and where there are greater opportunities to expand production and sales. As a result, the centre of gravity of global trade — and, with it, the global financial system — will continue to shift. In fact, that shift is already under way, and the trend is set to continue.

For many years, the principal flows of goods, capital and information passed through a small number of Western infrastructure hubs. Even when goods moved from one Eurasian country to another, payments, logistics, insurance and arbitration often relied on institutions located in third countries. This created additional costs and fostered political dependencies.

Today, international trade is becoming more effective, as direct shipments without intermediaries are growing, national currency payments are developing, and new corridors are opening. In Eurasia, these include the North-South Corridor, the Trans-Arctic Route, and links running through the Caspian region, Central Asia, the Black Sea, and the Far East. All of these projects and logistics routes are defining features of today's economy and, importantly, of future development.

To give you an example of the global trade system ceasing to be Western-centric, I want to note the following. Over the past 25 years, the BRICS share in global merchandise trade has more than doubled. Last year, our group accounted for almost 25 percent of global exports. This indicator continues to grow steadily, as does trade within BRICS itself, which now exceeds $1 trillion annually.

A particularly important role in these processes is being played by what might be called “connector countries”. These countries link markets, technologies, financial flows and business cultures. Their role extends far beyond simple transit or transportation through a particular territory. What matters most is their ability to ensure trust and provide efficient logistics, reliable payment mechanisms, legal certainty and technological compatibility.

Taking part in this panel session is the President of the Republic of Uzbekistan – and I would once again ask you to welcome him. Thank you very much for being with us today.

He is the leader of a country that is one of the centres of economic growth. Its population is growing fast; industrial plans are being fulfilled; its agricultural and energy potentials are growing, as is the domestic market. At the same time, Uzbekistan is an essential link between Russia, Central and South Asia, China and the Middle East. There will be more and more examples of countries whose own development is enhanced by, and benefits from, their links with other centres of the emerging multipolar world.

The same is true of our other guest, from Tanzania – let us welcome her once again – who plays a similar role in East Africa. I would also like to draw your attention to another important trend: the architecture of global trade is gradually moving away from the principles that originally underpinned the World Trade Organisation. Since the beginning of this century, the number of bilateral, regional, and mega-regional trade agreements has increased nearly fourfold.

Why is this happening? The erosion of the World Trade Organisation was set off by the very authors of this organisation: the Western nations, to be more precise. When it benefited them, they promoted the WTO, they invited other countries to join. But once the West started to lose in this competition, universal and common rules for trade introduced by the WTO lost their appeal to them. Instead, they adopted unilateral restrictions and so-called sanctions. By doing so, Western countries effectively sidelined the mechanisms of the World Trade Organisation and undermined confidence in these institutions. And when trust disappears, and an institution no longer functions as intended, businesses and governments inevitably begin looking for alternative solutions. These alternatives take the form of bilateral and multilateral trade agreements.

One more point. As I have already noted, the sanctions and, basically, the theft of Russia’s international reserves have had an irreversible effect on the positions of the world currencies, the US dollar and the euro. This is an objective reality that cannot be ignored. Today, every country – let me stress, every country without exception – understands that, like Russia, it could at any moment lose access to assets lawfully held in dollars or euros, as well as to Western financial and payment infrastructure.

We recognise that this ultimately boils down to the issue of unfair competition. The specific pretexts may vary, and they can always be found. In Russia’s case, it was the conflict in Ukraine. In other instances, it may be developments in the Middle East, conflicts in Africa, or even a country’s stance on LGBT-related issues. A justification can always be found. But the underlying problem remains the same: this is unfair competition.

Incidentally, confidence in the West is also being undermined by the state of its public finances, reflected in rising government debt and persistent budget deficits. In 2025, public debt in the eurozone reached 81.7 percent of GDP. The highest levels are well known: Greece stands at 146 percent of GDP, Italy at 137 percent, France at 115 percent, and Belgium at 108 percent. By comparison, Russia’s public debt remains at approximately 16.4 percent of GDP. In fact, during a meeting with the heads of major news agencies yesterday, some experts cited a figure of 15.8 percent. In any case, the difference is simply not comparable.

The budget deficit of the European Union in 2025 stood at 3.1 percent of GDP. The highest deficits are recorded in countries such as Poland 7.3 percent, Belgium 5.2 percent, France 5.1 percent, and the United States 5.9 percent. In Russia it is 2.6 percent. It may increase by the end of this year, but I believe it will still remain lower than in other industrialised countries.

Such a situation is fraught with a new surge in inflation for Western currencies, as was the case in 2021–2022, when prices in the euro area and in the United States rose by 14 percent in a matter of two years. Clearly, given the circumstances countries around the world are taking their assets out of the West and shifting to payments in national currencies, increasingly using alternative payment systems, and expanding the role of digital financial assets, including central bank digital currencies.

In its trade relations with its key partners, Russia uses national currencies as the primary means of payment. Thus, the share of the ruble in our export transactions is currently standing at 65 percent, or almost two thirds.

Importantly, the world needs modern, flexible and responsible financial architecture without risks, prohibitions or barriers, but with incentives for sovereign development. Its instruments must reduce costs, speed up settlements, and expand access to financing, and, of course, ensure proper counteraction to tax evasion, fraud and money laundering. Naturally, this must always be given special attention.

Next. Historically, the West has been regarded by other countries as a source of technological development, but we are seeing a major transformation here as well. Over the past 25 years, BRICS countries have significantly increased their high-tech exports; they now account for over a third of global supplies, which indicates a shift in technological leadership around the world. This is happening gradually, but it is happening.

For example, our strategic partner China holds the largest number of patents in AI, where Russia also has excellent prospects. Let us welcome the Vice Chairman of the People’s Republic of China. (Applause.)

Another key partner of ours, India, is a leading player in the IT industry. It accounts for a significant share of the global software market. Russia holds strong positions in the pace of adoption of digital platforms, online marketplaces, and financial solutions, as well as municipal services, healthcare and education which improve the quality of life for people in Russia and in dozens of countries around the world, where they successfully compete with their foreign counterparts.

We also lead in a complex field such as nuclear energy. Over 80 percent of NPP construction projects on the global market are implemented with the participation of Rosatom. Over 80 percent is a substantial figure. (Applause.)

We also have significant engineering and technological capabilities in managing the water energy balance, which is becoming increasingly important in Asia, Africa, and indeed throughout the world. I believe that our colleagues participating in the panel session cannot but agree with this, and they do agree.

Clearly, technological progress is the most important factor in global transformation. Experts identify three key technologies of today and tomorrow that are capable of making a difference in people’s lives, business operations, and public administration.

What are they? First, artificial intelligence, which can process massive amounts of data and make the best decisions available across virtually all areas. Second, autonomous systems, which dramatically increase productivity and transform entire sectors of the economy. Finally, third, platform-based solutions, which allow market participants to exchange information and conclude transactions directly, in real time, and in an automated manner.

According to forecasts by researchers and specialists, the countries or groups of countries that possess a full set of their own technologies in AI, autonomous systems, and digital platforms will become powerful centres of sovereignty in a multipolar world. Moreover, without these technologies, genuine sovereignty will be unattainable in principle.

Importantly, possessing an independent technological base is critical for countries with large populations, vast territories, and distinctive cultures. Such countries cannot act merely as users of foreign-made solutions, because in that case they risk becoming objects of control by external platforms. And how those platforms are used is another matter.

In essence, major countries – true civilisations – face a historic choice: either they create their own platform and technological ecosystems, or they become a digital periphery. There should be no illusions about this. Foreign services may initially be user friendly, but over time the cost of such dependency will inevitably become apparent.

Russia has learned one such lesson. We have seen certain software providers walk away from the market, payments get blocked, and interference in commercial relations ensue. Therefore, we will strengthen our own critical infrastructure and cooperate and engage only with the partners who respect mutual obligations.

We have gained such experience over many years in our relations with the People’s Republic of China which is Russia’s truly strategic partner. Our economic cooperation covers virtually all areas, including high-tech sphere, transport, mechanical engineering, and, of course, energy.

Friends,

As I have said before, a country’s position in the global economic system and its claim to global leadership depend on its ability to ensure its own sovereignty. It is no exaggeration to say that the race for sovereignty has begun – and it is gaining momentum.

This is not just about resisting external pressure or protecting national interests. It is also about the quality of the state, the economy, and society. Sovereignty means being stronger and, I emphasise, smarter – managing resources more precisely and investing more effectively, including in technological development.

True sovereignty demands efficiency. It is not a licence to do things expensively, slowly, or inconveniently. On the contrary, we must act with maximum initiative and maximum efficacy across all areas of our work. We must produce faster, thereby increasing revenues for the state, for business, and for our citizens.

In these tense and challenging conditions, Russia continues to strengthen its sovereignty – not by isolating itself, but by expanding its circle of partners. Yes, economic momentum is currently subdued, and we will probably discuss that further. But let me remind you of the task set for the Government: starting next year, we must return to sustainable growth rates in the domestic economy.

That can only be achieved under one condition: by increasing capital investment and launching a new investment cycle. Between 2021 and 2024, investment in Russia grew by nearly 38 percent in real terms, though last year, of course, it saw a decline.

I want to stress that launching a new investment cycle is a key task for our economic authorities, and investment growth is a crucial indicator of their effectiveness. It is important that economic growth be balanced, supported by domestic demand, and combined with a further reduction in inflation, which has already slowed significantly and continues to fall. I believe I mentioned yesterday that inflation is forecast to approach 5.2 percent this year.

My colleagues and I regularly discuss economic issues. I should point out that the dynamics of industrial production, GDP, and consumer activity in Russia are positive. Despite all the problems, industrial production grew in April. There will likely be some questions about this today.

In any case, industrial production in our country grew by 1.9 percent in April, including manufacturing, which grew by 3.1 percent. Retail added 6.5 percent. GDP grew by 1.3 percent in April, and by 0.2 percent over the period from January to April.

What would I say about all this? Of course, we hear criticism from all sides – that we have lost momentum. Yes, but we have fallen only to the level that the eurozone countries have been experiencing for the past few years. And now we are on the upswing.

Most importantly, we have preserved the fundamentals of our macroeconomic policy. I am confident that this will ensure continued forward progress. These trends must be consolidated, while our country’s position in the world and its sovereignty must become even stronger.

In this regard, I would like to share several thoughts on the kind of sovereignty Russia needs. I have already touched on this topic, but I would like to elaborate further.

First, as I noted earlier, a sovereign economy is built on the full-cycle implementation of technologies and the use of advanced solutions that simplify business operations, automate processes, increase labour productivity, and improve the overall efficiency of the economy. This is especially important in such areas as defence and security.

Russia has made significant progress in the development and adoption of digital platforms across all sectors of the economy. We are also witnessing rapid growth in e-commerce, which is expanding by approximately 30 percent annually. Our country ranks among the global leaders in this field. This, among other things, reflects the quality of Russian platform solutions, which benefit both domestic producers and foreign suppliers.

Today I have already mentioned our friends and partners in the Republic of Uzbekistan. Let me give you an example. In 2023, the value of Uzbek goods sold through the Wildberries platform amounted to $418 million. That was in 2023. By 2025, that figure had reached nearly $1.5 billion, and this year it may exceed $2 billion.

What does this mean in practice? It means that producers of a wide range of goods, including small and medium-sized enterprises, are gaining easy access to the Russian market through this platform. In fact, they are not only entering the Russian market but also reaching consumers in other countries through our platform. The volumes are growing, businesses are operating efficiently, people are earning good incomes, and small and medium-sized enterprises are developing successfully. All of this is being achieved through modern logistics systems, with taxes and customs duties being properly paid. This is something we can only welcome.

As a result, turnover has already increased 3.5 times and continues to grow, including through access to consumers throughout the Eurasian Economic Union and in partner countries, for example, the rapidly developing markets on the African continent. This is what our platform infrastructure makes possible.

Today, this Russian platform provides businesses with access to nearly half a billion potential customers worldwide, and that number continues to increase. In this way, Russian platform solutions are becoming a genuine driver of economic growth and development for our partners.

Apart from trade, the transition to a platform-based framework has been affecting the transport sector, finance, logistics, tourism, as well as healthcare, education, the media sector and other domains. Of course, we need to generate greater momentum to move towards a platform-based approach to developing various sectors by introducing artificial intelligence and autonomous systems.

We have already adopted a national Strategy for Artificial Intelligence Development. I ask the Government to prepare similar national strategies for autonomous systems and digital platforms.

I suggest that we discuss the topic of ecosystems for a platform-based economy at the Future Technologies Forum, which is scheduled to take place in early 2027. I also ask for an inter-agency working group to be formed under the Presidential Executive Office’s supervision to oversee preparations for this forum.

The second point I wanted to highlight is that people, the knowledge they have, their skills and their ability to master advanced technology and create breakthrough goods, services and shape entire market segments – all this has an immediate and defining bearing on sovereignty, both today and tomorrow. It goes without saying that people who have these professional skills must get adequate compensation for their work.

Only high living standards and generous salaries can make our country competitive and enable it to succeed on the demographic front, and to have excellent talent who can be confident about their professional careers and their future.

Russia has one of the lowest unemployment rates among industrial countries. It is equal to about 2.2 percent of the economically active population. This is a very robust result compared to other developed countries. For comparison, Japan is catching up to us with an unemployment rate of 2.5 percent, while this indicator for India is 4.2 percent, the United States has an unemployment rate of 4.2 percent, and the eurozone stands at 5.9 percent.

Over the past five years, salaries within the Russian economy increased by over 30 percent in real terms. I am referring to real wages, which means that the inflation rate is taken into consideration. Of course, this is a high growth rate.

Let me emphasise once again that any further increases in wages must be primarily driven by higher labour efficiency, as well as increased manufacturing efficiencies based on the latest technological solutions as developed by our excellent engineering schools.

Labour mobility is a separate matter. It consists of enabling specialists to find relevant and well-paid jobs at new enterprises in other regions of the country that need talent more than others, while their companies belong to emerging strategic sectors committed to making high value-added products.

As you know, young people graduating from educational institutions or during their senior years at universities and other higher education institutions are more prone than anyone else to move around the country. In order to empower them to start their professional careers, we agreed to set forth laws governing internships by introducing obligations for employers. We also agreed to update the apprentice contract so that it corresponds to present-day reality.

I know that the amendments to the Labour Code have been drafted. I ask the Government and the State Duma to adopt them faster.

Thirdly, it is evident that the sovereignty of a nation as expansive as Russia is defined not solely by the strength of its capital or a few major industrial centres. It is crucial that each region attracts investment, creates high-quality jobs, and develops both its production capacity and its urban environment.

Exhibition stands have been set up at the forum, where the constituent entities of the Federation showcase their strengths, achievements, and future plans, engaging in dialogue with investors and businesses seeking to enter their markets. I am confident that the participants in our panel discussion, along with our guests, have already witnessed this rich diversity of Russia’s regions and have had the opportunity to familiarise themselves with them.

However, in keeping with tradition, the forum’s sidelines also see the announcement of the results of the national investment climate ranking in the constituent entities of the Russian Federation. This year, the leading positions are held by Moscow, the republics of Tatarstan and Bashkortostan, and the Nizhny Novgorod and Moscow regions. St Petersburg and the Sakhalin Region have entered the top tier for the first time. Among the regions demonstrating the most robust growth are the Khanty-Mansi and Yamalo-Nenets autonomous areas, the Omsk, Vladimir, and Volgograd regions, as well as the Krasnodar and Primorye territories.

I congratulate my colleagues on these achievements. (Applause.)

We will continue to provide financial assistance to the regions in this area, including through infrastructure budget loans. Over the past four years, more than one trillion rubles have been allocated to the regions through this mechanism. By 2030, we plan to allocate an additional 750 billion.

At the same time, we are writing off the regions’ debt on budget loans: over the past two years, this has amounted to nearly 440 billion rubles, and this year we will defer the repayment of this debt by a further 100 billion rubles. These freed-up funds may be directed by the regions towards development projects as well.

Let me add that, starting this year, the National Investment Climate Ranking also includes a new component. This relates to reducing the investment and construction cycle for cultural heritage sites: historic houses, estates, and buildings. The aim is to expedite their restoration, bring them into economic circulation, and make them accessible to the public. This is particularly relevant for the cities of Central Russia, and for our tourist destinations, including those along the route of the renowned Golden Ring.

I would like to recognise the Yaroslavl, Nizhniy Novgorod, Lipetsk and Novgorod regions, as well as Tatarstan for their successful work with cultural heritage sites. It is my hope that other regions follow their lead. Engaging strategic business partners in efforts to restore cultural heritage sites and in regional development efforts in general is instrumental. I am referring to our major corporations and enterprises which play a defining role in the economies of the corresponding regions.

The decision has been taken to devise mechanisms for enabling these corporations from the construction sector to contribute to developing social infrastructure. This includes kindergartens, schools, hospitals, and outpatient clinics. I ask you to complete this work as quickly as possible.

At this juncture, let me also remind you that we had an agreement on moving major state-owned companies and corporations from Moscow to the regions in order to free up some space in the capital and create a regional development driver by enabling regional budgets to generate more revenue and create new jobs. Mr Sobyanin, Moscow also stands to benefit from this initiative.

RusHydro and PSB Bank both offer positive examples of relocated corporations. The United Engine Corporation has adopted the corresponding resolutions, and similar decisions are about to be taken by the Russian Railways group, as well as other structures involved in railway construction. I can understand that changing a company’s office location is not easy, but we must step up these efforts.

Moving on, businesses in today’s world go beyond expanding their operations and often contribute to shaping their operating environment. A people-friendly urban environment emerges around them, and sometimes even entire communities, which offer greater comfort and are attractive. We already have examples of this kind.

I believe that it would be advisable to support innovative approaches by private investors and enable them to be more creative, as they say, by using new solutions in their economic operations and construction. This can be done by setting up dedicated legal frameworks blending high-technology investment, tourism, culture, creativity and local identities.

In addition, we must encourage collective investment in projects to develop urban spaces. This involves mechanisms enabling grassroots participation in developing the home region or community by investing in making it look better. I ask the Government to work with development institutions and the Agency for Strategic Initiatives to set forth these regulations.

Next. A strong, sovereign and dynamic economy requires the promotion of private initiative, as it is entrepreneurs and companies that identify and create market niches, produce goods and services, and stimulate employment. Predictability and stability of the investment climate are important for high business activity. Businesses must clearly understand the tax system, tariffs, regulation, government support measures and mechanisms, and, in general, operating conditions for many years to come.

We have already made additional adjustments to the tax system and have established a line of investment support at both federal and regional levels. In conjunction with the business community, we have drafted a national model of targeted business environment. Among other things, we are talking about specific steps to simplify company registrations and the filing of tax reports. These efforts should certainly continue; connection to infrastructure should be made easier, the effectiveness of law enforcement improved, and so on, and so forth.

I would like to underscore once again that it is vital for the national model to yield tangible results for businesses and entrepreneurs.

On a separate note, I will just say a couple of words about the systematic work of small and medium-sized businesses.

A lot has already been done to ensure that ambitious and enterprising people can easily start their own business, launch production, and provide sought-after services to the public. However, when a business grows and develops, organisational issues and additional financial costs sometimes arise, and not all entrepreneurs are ready to cope with them. We need to minimise these costs and ensure a seamless transition of the business to a higher category, including through ready-made digital solutions or individual support.

I ask the Government, together with VEB and, of course, with business associations, to draft a concept for a smooth transition in business development and growth, which will cover all stages: from self-employment to individual entrepreneurship, and then to a company with all the advantages of corporate governance. In this work, it is necessary to factor in the transition of the economy to a platform path.

In addition, I draw your attention to a topic that I know has also been a centrepiece of discussion: starting this year, the revenue threshold for applying the simplified taxation system has been lowered. Now it is 20 million rubles, next year it is expected to be 15 million, and a year later – 10 million. We have discussed this issue in detail with representatives of the business community and with the Prime Minister.

I would like to say the following. I believe it is feasible to postpone further lowering of the revenue threshold. (Applause.) I knew that there would definitely be a reaction from the audience at this point. (Applause.) And the threshold should remain at today’s level, at the current level. I won’t give you a deadline, but the longer it does, the better. I ask the Government, together with the deputies of the State Duma, to make the necessary amendments.

I also propose that we, together with representatives of business associations, consider introducing preferential and more favourable conditions for small and medium-sized enterprises in the manufacturing sector. I believe this will have a positive impact on the creation of a fairer and more competitive business environment. The goal of bringing the economy further out of the shadows has been set, and we will continue to move steadily in that direction.

Finally, in conclusion, I would like to emphasise once again that a strong and sovereign country cannot be isolated. As I have said many times, recent experience has demonstrated that we need to produce critical goods domestically and to strengthen infrastructure that is essential for national security, business development, and improving the quality of life of our citizens. At the same time, we must continue to strengthen ties with foreign partners, expand cooperation, and promote cross-border projects.

Naturally, we will continue implementing plans to increase the capacity of our road and rail networks, including the development of a high-speed rail system based on domestic technologies. As is well known, the pilot project in this area is the Moscow–St Petersburg high-speed railway.

I am also referring to the expansion of seaport capacity and the development of the Trans-Arctic Transport Corridor as a major global transport artery. We will continue developing our merchant and icebreaker fleets, building tankers and vessels of various classes. Our goal is to rank among the world’s top ten countries in terms of the total deadweight tonnage of the national merchant fleet.

I would like to ask the Government and the Ministry of Transport to continue their work to increase the attractiveness and competitiveness of the Russian national trade flag.

A strong domestic logistics, production, technological, and financial infrastructure, together with a predictable business environment and the development of human capital, constitute powerful competitive advantages in the global economy. These are the foundations for successful cooperation with countries and investors interested in partnership, those who seek to build mutually beneficial alliances with us, invest in Russia and in joint ventures, and invite Russian companies to take part in joint projects.

I am confident that events such as the St Petersburg International Economic Forum make a significant contribution to this broad and important effort and help all of us achieve new successes in advancing the prosperity and wellbeing of our countries and peoples.

Thank you for your attention. (Applause.)

Geeta Mohan: Thank you so much, Mr President, for setting the tone and tenor for the conversation that we are having but before we go further, let me invite the President of the Republic of Uzbekistan, Honorable Shavkat Mirziyoyev. Thank you so much, sir. Please.

President of the Republic of Uzbekistan Shavkat Mirziyoyev: Mr Putin, heads of state and government, ladies and gentlemen,

First and foremost, I would like to express my sincere gratitude to President of the Russian Federation Vladimir Putin for the invitation and for the warm welcome that our delegation has enjoyed in St Petersburg over the past few days.

I also wish to greet President of Tanzania Samia Suluhu Hassan and Vice President of the People’s Republic of China Han Zheng.

It is a great honour for me to participate in the St Petersburg International Economic Forum, which over its three decades of existence has become one of the most authoritative and highly sought-after platforms for exchanging views on the most pressing issues on the global agenda.

I am truly delighted to be in St Petersburg once again, the cultural capital of Russia, a city bound to Uzbekistan by a unique history, spiritual affinity, and the destinies of our people. During the harsh years of the war, many Uzbek citizens fought in the defence of Leningrad, and Tashkent provided refuge for over one and a half million evacuated children, women, and the elderly. The memory of this remains an integral part of our shared moral heritage.

Ladies and gentlemen,

Today, right here on the banks of the Neva, mindful of our past, we are discussing challenges of the future and the new architecture of the global economy. The President of Russia has just paid particular attention to these matters. This new architecture of the global economy – we all see it, recognise it, and feel it.

The world is undergoing a profound restructuring: transport routes are changing, new supply chains are being formed, modern technological platforms are emerging, artificial intelligence is being introduced across the board, and a fundamental reappraisal of energy, food, and digital security is taking place. Competition is increasingly manifest not only in the contest for markets and natural resources – it is shifting into the sphere of technology, logistics, and infrastructure.

Amidst turbulence in the global economy, the importance of states and regions that play a consolidating role – I wish to emphasise this in particular – a consolidating role, and that are capable of fostering around themselves a space of cooperation, stability, and mutual benefit, is growing.

For millennia, Uzbekistan stood at the heart of the Great Silk Road. Samarkand, Bukhara, and Tashkent were not merely points along a trade route; they were crossroads where ideas, knowledge, and cultural and religious traditions converged. For this reason, openness has never been simply a choice for us, but a vital necessity and part of our civilisational identity.

Today, this openness is acquiring new significance. Uzbekistan, and Central Asia as a whole, are becoming an independent centre of economic growth. It is here that the transport, technological, and demographic contours of the future are taking shape. It is here that the key corridors linking North and South, West and East are converging. In order to firmly consolidate this positive trend, we urgently need an entirely new level of connectivity.

This is not only about linking traditional transport, logistics, and energy corridors. It is also about integrating digital, payment, and industrial infrastructure. A strong, united, economically interconnected, open, and stable Central Asia serves the strategic interests of all our partners.

Ladies and gentlemen,

For Uzbekistan, Russia is more than just a neighbouring country. It is a longstanding strategic partner and ally. Today, our relations have entered a new stage, characterised by deep and multifaceted cooperation. We have moved beyond simple trade in goods to the development of complex industrial value chains, technological alliances, joint design initiatives, and localised production.

According to our statistics, bilateral trade has more than tripled over the past decade, increasing from $4 billion to $13 billion. The current portfolio of joint projects with Russia exceeds $50 billion.

Trade and economic cooperation between the regions of our two countries continues to expand steadily. Our key partners are actively involved in this process: Moscow and St Petersburg, the Moscow and Leningrad regions, the republics of Tatarstan and Bashkortostan, the Krasnoyarsk Territory, the Perm Territory, and many other Russian regions.

The value of regional projects currently under implementation exceeds $5 billion, while an additional investment package worth another $5 billion is in preparation. Cooperation spans virtually all major sectors of the economy, including energy, chemicals and petrochemicals, mechanical engineering, agriculture, logistics, textiles, food processing, and many others.

Among these initiatives, the joint industrial parks established in five regions of Uzbekistan deserve particular attention. They are already delivering tangible results. Another notable example of our successful cooperation is the creation of a railcar manufacturing cluster in Tashkent.

I would like to turn specifically to the energy sector. Through investment projects, including those with Russian participation, we have expanded electricity production by 50 percent, from 58 to 87 billion kilowatt-hours. By 2030, we plan to increase generation to 120 billion kilowatt-hours, 54 percent of which will come from renewable sources.

Our capacity will grow further with the commissioning of the first hybrid nuclear power plant in Uzbekistan, with Russian participation. As you may have seen, yesterday President Putin and I took part in the concrete-pouring ceremony for that plant. For us, this represents a long-term development project – the growth of a new engineering school and the advancement of cutting-edge technologies.

We also intend to collaborate in other areas of peaceful nuclear applications, including medicine, agriculture, industry, and science.

Friends,

In the current climate, technological and industrial cooperation between Uzbekistan and Russia should not be limited to bilateral ties. We are focused on wider cooperation areas that can combine industrial potential, resources, markets, and competencies.

That is why we are proposing the formation of a Eurasian Technological Industrialisation Belt – a system of interconnected production and technology clusters united by a single digital industrial cooperation platform. This would involve creating full-cycle supply chains, from technology development and personnel training to the localisation of industrial production and access to foreign markets.

We propose implementing this initiative on the proven platform of the “Innoprom: Central Asia” Innovation and Industrial Exhibition, because, I should say, we have built up very good experience working together over the years. We hold it annually in Tashkent. This approach will allow businesses to find partners directly and establish mutually beneficial relationships.

Ladies and gentlemen,

A promising area of cooperation is undoubtedly digitalisation, which is becoming the new language of the economy. Where infrastructure once meant roads, pipelines, and power lines, today it primarily means digital platforms. These platforms create entire ecosystems around themselves – generating jobs, logistics, payment services, and new export opportunities.

Uzbekistan’s businesses are pushing forward with digital solutions and, at the same time, are open to technological partnerships with a wide range of countries – through Russian marketplaces and digital services, for example.

The Russian President noted in his speech, and I would also like to point out that we only began this process recently. It has not been long, but we are already seeing good results. Our sales volume has grown 3.5‑fold over the past few years, reaching, as already mentioned, over $1.5 billion. I think this is a positive outcome, and it bodes well for our future collaboration.

We suggest embarking on an effort to deepen our cooperation by building a shared digital ecosystem. This could include enacting similar regulations for e-commerce and city services, and then moving on to promoting brands from both Uzbekistan and Russia on our respective platforms, creating a single digital profile for employment-related matters, and developing AI-driven products. This would create new markets for businesses, while people stand to benefit from additional revenue streams.

At the same time, while seeking to promote the digital transition, it is essential that we remember that people must always be front and centre in any changes or reforms. Today, Uzbekistan is one of the world’s youngest countries where young people account for over a half of the population. This is more than just statistics, since it creates positive development momentum, a new kind of demand. This is our future.

Today, our goal does not boil down to offering up-to-date knowledge to our young people. It is instrumental that we create an environment in which young people can master the most advanced competences and fulfil their potential. Cooperation in education and personnel training plays a special role in this regard.

There are 32 branches of foreign higher education institutions in Uzbekistan. I would like to repeat this number, since the President of Russia has offered a lot of support regarding each and every university. In fact, Russian higher education institutions account for 15 out of 32 branches of foreign universities. This is therefore Russia’s biggest university network abroad.

At the same time, vocational training is also essential, especially when it comes to introducing hands-on training programmes. We already have good examples of these practices as demonstrated by the launch of the first joint engineering schools in Almalyk and Tashkent.

Online training seminars could offer an effective cooperation framework in this domain. They could enable young people to acquire the knowledge they need, especially in the most remote locations. This, in turn, would radically change the labour mobility model and elevate it to a whole new level.

In this connection, we suggest creating a joint online platform for developing human capital. Its objective consists of bridging education, professional training and the employment market. This framework could bring together under a single umbrella educational programmes, language and IT courses, projects to support young business leaders, and the ability to get in touch with employers. This would create an intelligible path for young people for integrating in the new economy, while business could access a talent pool of trained personnel. As for universities and colleges, they will have a window connecting them to what the market actually needs. This would be a long-term effort for Uzbekistan and Russia, and a long-term investment too, but we would be investing in people, which is our highest priority. This is what matters the most. If Mr Putin supports this undertaking, we can instruct our sectoral agencies and their senior executives to launch these platforms as quickly as possible.

Vladimir Putin: Of course.

Shavkat Mirziyoyev: I wish to highlight tourism as the cultural cornerstone of our partnership. This sector epitomises the building of a trust-based economy. When people visit Uzbekistan, they do not merely see monuments and cities, but also experience its culture, hospitality, business environment, and business opportunities.

In 2025, nearly one million Russians travelled to our country. This year, we are set to welcome even more. To facilitate this, we are developing not only our tourist infrastructure but also the creative economy. By 2030, its contribution is expected to reach five percent of GDP, making this creative sector one of the drivers of economic growth.

To enhance the cultural and educational dimensions of our collaboration, we propose the establishment of a creative tourism corridor from Samarkand to St Petersburg. This initiative envisages the organisation of joint art and film festivals, museum exhibitions, gastronomic weeks, and musical events. Projects highlighting Uzbekistan’s culture and arts have already been launched at the Mariinsky Theatre and the Hermitage.

Ladies and gentlemen,

The year 2026 holds special significance for our nation: we are on the cusp of a pivotal milestone in systemic reforms. A decade ago, we embarked on the building of a new Uzbekistan, committing to openness, inclusivity, and pragmatism. Over this period, a robust foundation has been laid for long-term growth, a favourable business climate has been cultivated, and a sustainable industrial base and new infrastructure have been established. The scale of our economy has expanded: in 2016, our economy was valued at just 50 billion dollars; by the end of 2025, it had grown to 147 billion dollars. This year, we expect growth exceeding eight percent

Over the years of reform, over 150 billion dollars in foreign investment has been attracted to the country, and thousands of modern enterprises have been established. Exports of goods and services have nearly tripled. Even today, amid global instability, Uzbekistan continues to maintain sustained growth. Our economy is becoming increasingly diversified, the domestic market is expanding, and demand for modern technologies, infrastructure, and quality employment is rising.

One of Uzbekistan’s principal advantages lies in its youthful, dynamic, and rapidly growing population. This provides a long-term basis for the development of entrepreneurship, technology, services, and industry. However, demography alone does not guarantee success; this potential must be converted into a powerful intellectual resource, into skills, into productivity, and into the capacity to create high-value-added products and technologies.

From the outset of our reforms, we have endeavoured to combine market efficiency with social responsibility. This is the defining characteristic of the Uzbek model of economic development. Growth must not solely be rapid – it must be sustainable, inclusive, and aimed at enhancing the quality of life for our people. In just five years, total household incomes have grown 150 percent.

Our primary criterion is a high quality of life, human dignity, and the realisation of each individual’s potential. The Uzbekistan‑2030 development strategy is dedicated to this purpose. By this date, we aim to elevate household incomes to levels above the average, to transition all industries to a model of technological and innovative growth, and to expand the economy by a further 50 percent, to more than 240 billion dollars.

Ladies and gentlemen,

Uzbekistan is consistently building all necessary conditions for global investment, creating a favourable business climate, improving market institutions, boosting competition and production potential. We invite investors present here to create new industrial chains with high added value. Our priorities are deep localisation and competence of production and development, as well as the development of modern engineering and new export routes. It is particularly important for the industries creating the new economy, such as industrial processing, agrotechnology, biochemistry, robotics, digital solutions and artificial intelligence.

We see great cooperation potential in projects in the public-private partnership format – in energy, aviation, education, geology, and many other industries. We offer our interested partners not only a growing domestic market but also direct access to neighbouring countries and regions.

Friends,

Uzbekistan is a reliable and predictable country for the global and business communities. Our economy’s progress towards utmost openness has been objectively attested by leading rating agencies. This year alone, our country has gone up 14 positions in the economic freedom index. Over the past years, we have placed $16 billion worth of sovereign and corporate bonds in international markets. Last month, the National Investment Fund of Uzbekistan launched its first share offering at the London Stock Exchange, with assets of our largest state corporations.

To continue developing the capital market and build a stable financial and investment platform that operates to the highest standards, we have launched the construction of the Tashkent International Financial Centre. The centre’s special legal and tax regime will provide investors with convenient tools and reliable guarantees for doing business.

I want to take this opportunity to invite you all to the Tashkent International Investment Forum on June 16–18 июня, where you can learn the new Uzbekistan’s opening opportunities in person.

Ladies and gentlemen,

This forum’s slogan is symbolic: Pragmatic dialogue for the stable future. Indeed, open and respectful dialogue is becoming the main condition for sustainable development. New opportunities open where there is trust, readiness for cooperation, and intention to look for solutions together. The partnership between Uzbekistan and Russia is a telling example of such cooperation.

Once again, I want to express my sincere gratitude to Russian President Vladimir Putin for the invitation to this major international forum and for the opportunity to present the new Uzbekistan’s development priorities.

Finally, I wish all participants productive work and a meaningful exchange of opinions.

Thank you. (Applause.)

Moderator Geeta Mohan: Ladies and gentlemen, that was the President of the Republic of Uzbekistan. I’d now like to invite the President of the United Republic of Tanzania, Honourable Samia Suluhu Hassan. Madam President, the floor is yours.

President of the United Republic of Tanzania Samia Suluhu Hassan: Your Excellency, Vladimir Putin, President of the Russian Federation and our gracious host; Your Excellency, Shavkat Mirziyoyev, President of the Republic of Uzbekistan; Your Excellency, Han Zheng, Vice President of the People’s Republic of China; honourable ministers and heads of delegations, distinguished captains of the industry, scholars and friends of Africa, ladies and gentlemen. At the outset, permit me to convey warm greetings from the fraternal people of the United Republic of Tanzania. Greetings from the snow of Mount Kilimanjaro, the highest freestanding mountain in the world. (Applause.)

Thank you. Greetings from the great plains of the Serengeti, where the wildebeest migration writes one of nature’s oldest and most magnificent stories. And greetings from the spice island of Zanzibar. (Applause.)

It is a profound honour to stand before you, before this distinguished plenary [session], a stage that, for over 29 editions, has become one of the world’s most significant platforms for candid economic conversations. I sincerely reiterate my profound appreciation to our host, His Excellency President Putin, and the people of the Russian Federation for the warm hospitality extended to me and my delegation since our arrival in this magnificent country. Excellencies, as you may be aware, Tanzania and Russia share a longstanding partnership that spans more than six decades.

In December this year, our two countries will commemorate 65 years of diplomatic relations. Certainly, we do not take this milestone for granted. We treat it as an enduring testament of strong commitment to a mutually beneficial partnership that seeks to uplift the lives of our people.

Excellencies, Tanzania is one of the fastest growing economies in Africa. Our economic growth currently stands at six percent and is projected to expand to 6.3 percent by the end of this year. The goal is to attain an upper middle-income economy status with a per capita income of around $7,000, in line with the Tanzania Vision 2050.

In order to achieve this goal, we are building three pillars at once. We are prioritising construction of transport infrastructure, including the Standard Gauge Railway, with plans to connect the Dar es Salaam port to the land-linked countries of Rwanda, Burundi, and the Eastern Democratic Republic of the Congo. On the same note, the Five Years Development Plan 2026–2031 outlines plans to extend the railway networks connecting Tanga Port in the north of Tanzania to Musoma Port in Lake Victoria, to facilitate transportation facilities in Lake Victoria to the neighbouring countries.

The Southern Corridor Railway, which is going to connect Tanzania to Malawi and Mozambique, is another railway project. We have successfully completed the construction of the Julius Nyerere hydropower project, which has added more than 2,000 megawatts to our national grids. Plans to generate 8,000 megawatts by 2030 and 70,000 megawatts by 2050 are underway.

On the other hand, we joined hands with Uganda in implementing the East African oil pipeline that will transport crude oil through our territories to global markets. Similarly, we are expanding the soft infrastructure by increasing the broadband coverage to more than 95 percent, also building more data centres and extending cross-border fibre as part of our ICT broadband project. This project stretches beyond our borders and connects to the neighbouring countries of Kenya, Uganda, Rwanda, Burundi, Zambia, Mozambique, and Malawi, positioning Tanzania as a regional digital hub for land-linked countries.

Excellencies, allow me now to narrate a thought that I believe deserves a place in this forum. By 2050, one in four human beings in this planet will be African. Africa will be the only continent on Earth still adding workers to the global labour force on a large scale. Africa will host nine of the world’s 20 fastest growing economies. Africa’s middle class will exceed one billion people, and the African continental free trade area, when fully operational, will constitute the largest single market in the world by population. This is not just a forecast but an arithmetic. Africa is destined to grow. The question, however, is on what terms, with which partners, and on whose model of growth. Africa somehow has charted its own development model.

It is clearly articulated in the African Union’s Agenda 2063, operationalised through the African continental free trade area, the programme for infrastructure development in Africa, and the development plans in our regional blocs. To date, talking of our bilateral relation between Tanzania and Russia, to date, relations between our investment authorities, Russia’s Roscongress, and the Tanzania Investment Authority have been formalised through signing a memorandum of understanding which will open a new bridge of business to Tanzania. Concrete steps have been taken to review our laws and regulations for purposes of creating favourable investment environment and henceforth attracting more capital investment.

In 2025, we created a one-stop centre for all investors coming to Tanzania. New companies can now register online within 24 hours. (Applause.)

This has transformed Tanzania into the fastest-growing investment destination in Africa, receiving around $12 billion worth of foreign direct investment in 2025, compared to nearly $3 billion in 2021. We are proud to say Russian enterprises have contributed to this growth trajectory.

Our trade has equally remained steady at around $4 million annually. Tanzania’s challenge is to export more to Russia, and Russia is exporting more to Tanzania.

Ladies and gentlemen, at this juncture, allow me to mention five main projects for which we are here to seek partnership from international business community.

First, we are delighted to inform you that Tanzania is embarking on one of the most ambitious port infrastructure development projects, encompassing a special economic zone, and this is being done just four kilometres north of our commercial city, Dar es Salaam. We are turning a small historic trade vicinity into a global hub of commerce, manufacturing, and maritime sector development. The Bagamoyo special economic zone is our number one flagship project, and we welcome international enterprises to partner with us. Moreover, we are developing a complex Mangapwani port – a transshipment port on our beautiful island of Zanzibar. The feasibility studies for both ports are ready, and we are eagerly encouraging partners to join us in investments.

Second, on mining and mineral beneficiation, we have endeavoured to ensure that the existing wealth of gold, uranium, nickel, graphite, helium, niobium, and other rare earth elements bring us massive economic returns. Our national policy is clear. We intend to move steadily from being a producer of raw materials to a producer of finished products. We invite partners to invest with us in industrial parks that will give real meaning to mining beneficiation.

Third comes tourism. Tanzania is one of the world-renowned tourist destinations. Our remarkable hospitality industry continues to dominate the global tourism platforms. Last year, for the second time, the Serengeti National Park won the Africa’s leading national park at the World Travel Awards, held in December 2025. At the same time, Tanzania has also been crowned as Africa’s leading destination, and Zanzibar was awarded Africa’s best corporate retreat destination. As part of our plan to attract tourists from Russia, we have designated our national carrier, Air Tanzania – The Wings of Kilimanjaro – to begin direct flights between Dar es Salaam, Moscow, and Zanzibar. The first flight is expected to be on the 2^nd of July this year. We aim to increase the number of Russian visitors to Tanzania to 500,000 by the year 2030, and a million shortly after.

Fourth, as part of efforts to transform the agriculture sector and enhance food security, we have prioritised local fertiliser production to sustain our growing domestic demand. Since Russia is the world’s largest exporter of fertilisers, Tanzania highly encourages the establishment of the local fertiliser plants geared to serve the country and the region at large. Fifth is the critical issue of energy generation: Tanzania has huge deposits of uranium.

Our main target is to use some of it in generating nuclear energy to meet the growing demand, which is expected to reach 8,000 megawatts by 2030 and subsequently 70,000 megawatts by 2050. It is in this context that Tanzania is advancing to nuclear energy as part of our long-term strategy to diversify our energy mix and support sustainable economic growth. To guide this effort, we have developed an ambitious national roadmap for nuclear power development, including the use of small modular reactors in our long-term energy strategy. And here, the Rosatom company of Russia has shown great interest, and we are holding discussions with them.

In conclusion, Excellencies, it suffices to say that the world is moving faster, and that necessitates developing countries to keep the pace. We must go where the wind blows. Indeed, this is a time for partnership, clarity, and trust. Above all, it is a time for us to take charge and realise our full potential. In this situation, I dare say that Tanzania is open for business. Tanzania is ready for new ideas and innovation. Tanzania is open to collaboration with international partners. This meeting has been a useful platform for enriching engagement in such endeavours.

We are confident that the outcome of this forum will contribute significantly to promoting greater partnership in trading and investment. Your Excellency President Putin, allow me once again to reiterate my gratitude to you, Your Excellency, for the generous invitation to be part of this important engagement. I also look forward to closer and greater economic collaborations between Tanzania and the Russian Federation, as well as other international enterprises who are ready to work with us.

Asante sana. Thank you very much.

Moderator Geeta Mohan: Ladies and gentlemen, that was the President of Tanzania. Tanzania is open for business.

With that, I call upon our next speaker, Vice President of the People’s Republic of China Han Zheng.

Vice President of the People’s Republic of China Han Zheng: Mr President Putin. Mr President of Uzbekistan. Madam President of Tanzania. Ladies and gentlemen. Friends, good afternoon.

It is a great pleasure to meet with you on the banks of the Neva River for the 29th St Petersburg International Economic Forum.

This year’s forum is held under the theme Pragmatic Dialogue: The Path to a Stable Future – a theme that reflects the shared aspirations of all countries, particularly in the current climate, for stability, cooperation, and development. This forum is of great significance.

On behalf of the Government of China, I would like to take this opportunity to express my heartfelt congratulations on the successful opening of the forum.

Against a backdrop of accelerating global transformation, challenges and governance deficits are growing worldwide. Last September, President Xi Jinping solemnly launched the Global Governance Initiative based on five guiding principles: commitment to sovereign equality, international rule of law, multilateralism, a people-centred approach, and a focus on real actions and results.

This initiative has received a broad positive response from more than 160 countries and international organisations. The establishment of the Group of Friends of Global Governance within the UN is rightly considered a modern manifesto for upholding the purposes and principles of the UN Charter, defending genuine multilateralism, and opposing unipolarity.

China, as the initiator, is bringing all parties together through practical steps to jointly promote the reform and improvement of the global governance system.

Ladies and gentlemen,

Friends,

Implementing the Global Governance Initiative requires the joint efforts of the international community. As leading global powers and permanent members of the UN Security Council, China and Russia play an important role in transforming the global governance system.

Following the recent summit in Beijing, President Xi Jinping and President Putin approved the Joint Declaration on the Formation of a Multipolar World and a New Type of International Relations. This document demonstrates the firm resolve and responsibility of China and Russia, as leading powers, to jointly promote a more equitable and rational global governance system.

China intends to strengthen cooperation with Russia and other countries through the Global Governance Initiative, and to work together towards a world of openness, tolerance, equality, justice, and mutually beneficial cooperation.

In this regard, I would like to share the following vision.

First, we must adhere to the principle of equal cooperation and uphold the concept of global governance based on joint consultation, joint development, and shared benefit. In the face of unipolarity and protectionism within the international community, defending the core values and fundamental principles of multilateralism is more urgent than ever.

We must adhere to genuine multilateralism, promote equal engagement of all countries, as well as equality in decision-making, and equal use of benefits in global governance. We must categorically support democratisation in international relations, expand representation, make sure the opinions of the developing countries are taken more seriously, and abandon ideological divides to ensure that the rational demands of different countries are fully accounted for by global governance.

Second, we must unequivocally protect international justice and defend the status and authority of the UN. China invariably supports the following: the parties must work together to defend a UN-centric international system, a world order based on international law and the fundamental norms of international relations focused on the goals and principles of the UN Charter. At the same time, China is against hegemonism and the policy of force in any form.

We must protect international justice in accordance with the generally recognised norms of international law, counter double standards and selective enforcement. We should support the restoration of authority and vitality of the UN in the new environment so that this organisation continues to serve as a key platform for coordinating international efforts and overcoming challenges together.

Third, we must promote comprehensive development and provide tangible benefits to all nations. To increase the effectiveness of global governance, improving people’s wealth and prosperity must become a focus. It is necessary to comprehensively fulfill the 2030 Agenda for Sustainable Development, assist in joint development and prosperity of all countries, and adhere to the principles of mutually beneficial cooperation.

China will continue to maintain a high level of external openness and provide unique progress opportunities to the world with its own high-quality development. As the host of the 33rd informal meeting of APEC leaders, China is ready to give a new impetus to the development and prosperity of the Asia-Pacific Region and the entire world.

Fourth, to strengthen coordination and create more visible results. China continuously promotes the high-quality construction of the Belt and Road, playing a leading role in cooperation within the SCO, BRICS and other multilateral bodies, supporting development and progress of the Global South, and assisting with the dialogue and cooperation within the international community on such significant areas as AI and climate change. China is also a co-founder of the International Organisation for Mediation along with over 30 other states.

It is necessary to coordinate international actions while focusing on aligning strategic initiatives with political coordination both among different countries and among international organisations and international bodies for the purpose of shaping a powerful force to respond to global challenges and promoting joint development.

Ladies and gentlemen, friends,

This year launches China’s 15th five-year plan that includes both grand development plans for our country in the next five years and broad horizons of China’s mutually beneficial cooperation with all countries in the world.

China is ready to work with all of its friends to fully realise the global governance initiative, create a more just rational system of global governance, and open the brilliant future for humanity shoulder to shoulder.

Thank you. (Applause.)

Moderator Geeta Mohan: Thank you so much. That’s the Vice President of the People’s Republic of China.

We are now going to open up the Q&A session and we begin with what this room looks like: hundred and thirty countries, representations from not just the Global South – we are looking at America for the first time being represented in this room, yes, Rodney Mims Cook Jr. right there in front of me.

This is also a room where Saudi Arabia is the guest of honour and so we have the Minister of Energy of Saudi Arabia sitting right there.

So, honourable President Putin, my question to you is, with hundred and thirty countries being represented in this room: when the world talks about economic isolation of Russia, does this look like isolation?

And, pardon me for being a little forward when it comes to thoughts and opinions – is it Russia that is isolated or is it partly Europe today that stands isolated?

Vladimir Putin: The answer came with an obvious hint – thank you very much. However, I must assure you, there was no need for any hint, as there was never any isolation.

The initiator of these attempts at isolation was the previous administration of the United States – a fact well known to all. Subsequently, their satellites in Europe followed suit, and have now surpassed even the US administration in these efforts. Yet, isolation never materialised, largely due to ongoing cooperation with certain partners in the United States.

I have previously cited this example. Present here today is a representative from one of our energy companies. Despite persistent opposition from the previous administration to one of our liquefied natural gas projects, once the project was launched, the first shipment was directed to the American market. To be honest, I was surprised – I could hardly believe it. I enquired: why? Because it was profitable.

We continue to supply uranium to the American market. The leading supplier in terms of uranium volumes is the United States – an American company; the second is an international company with both European and American capital; and Russia, still, ranks third in terms of volumes. And all is well. Where there is profit, Americans are pragmatic, and we ought to follow their example – nothing ever ceased with us.

Nor have our energy projects in the Far East with certain countries that, ostensibly, have formally announced their withdrawal from those projects, come to a halt. Everything is now operational – they seek expansion and are requesting more in numerous other sectors.

I am not even speaking of our friends – and I wish to underscore this: not merely friends, but partners who are reliable for everyone. I refer to both African nations and the countries within the Asian region – and, naturally, India, which never yields to external pressure, and the People’s Republic of China, whose sovereignty and independent decision-making are indisputable.

Within the framework of the well-known organisations, everything has always been satisfactory – and even more so with our closest allies, partners, and historical neighbours. Everything is advancing and proceeding without any significant detriment to us.

The fact that we now, as you have noted, are joined by official representatives of the United States here – and I am aware that there are also representatives from European countries in attendance – is a development we can only welcome. We have never isolated ourselves from anyone. If the circumstances have evolved in such a way that representatives from these states are also present here with us, we are only too pleased. Welcome! (Applause.)

Moderator Geeta Mohan: I promised to stick to the economic questions, but being a journalist, I have to ask you this. Ukrainian President Vladimir Zelensky wrote an open letter and he has not just offered direct talks – in the same letter he directly threatened you and has called this your war.

I would like to quote him, if I may. He says, “Our long-range drones paid a visit to the opening of your forum in St Petersburg covering a distance of more than a thousand kilometres.”

He says this war is your personal choice, a war without a real cause.

“We often hear you are comfortable with this war. Of course, not in those cases when it comes to the security of your residence in Valdai or your parade in Moscow. You own life is valuable to you.”

He adds you will have to fight much harder for your own existence, not Russia but your own.

He has proposed to set a clear date for a meeting between you and him. Your first reaction.

Vladimir Putin: As for the [strikes on the] residence or the parade – that is not my personal matter. They later gave us information, telling us, “We knew you were not there at the residence,” and so on. Why they are doing that is a different issue.

My press secretary, Mr Peskov, showed me this letter yesterday. But we had a working meeting – a working dinner with the President of Uzbekistan, so honestly, I did not have time to look at it. This morning, Peskov slipped it to me again. I glanced at it briefly, but still. A few things I would like to point out.

First, the author mentioned my age. Well, what can I say? Of course, everyone should think about age, but I imagine many other political figures my age are fulfilling their duties, some of them are even older than me. Age is not the most important thing… (Applause) …It certainly matters, but it is not everything. What matters is political capability and mental sharpness. Some of my colleagues, who, I repeat, are older, show enough vigour. Whether they are doing well or badly is another question – that is a matter of political judgment, but on the whole, they work actively.

Now, he also noted the length of time spent in elected office. That is an important issue, of course. But we have to stand for election – not be afraid to run for office – and always act within the framework of the Constitution. Holding power outside the Constitution is called usurpation; it is a criminal offence. So there is no need to be afraid. We have to stand, and I would advise everyone to do the same. Especially since in Ukraine, they were talking about elections coming soon, and then it all went quiet, for no clear reason.

The author also argues that the agreements reached in Anchorage should not be fulfilled, and that genuine guarantors of any potential Russia-Ukraine agreement need to be sought – and they should be sought in Europe. Reliable guarantors are always helpful, but why the US administration and President Trump are being denied that role is beyond me. They want weapons from the United States, but for some reason they do not want the US administration and President Trump as guarantors. That raises questions.

But we all saw how Donald, in front of the whole world, disciplined the author of that letter – insisting on a dress code, remember? Playing Rambo: First Blood all the time may work, but only up to a point, and not everywhere. That is the first point. And on manners: overall, I want to thank Donald for that effort – it was certainly useful. But there is still room for improvement. The work needs to continue. (Applause.)

Now, to address the central issue. Given that the Ukrainian side has chosen to thrust our relations into the public sphere, moving towards open discourse and debate – which, in my estimation, is somewhat inappropriate or altogether incorrect – this provides me with the opportunity, and indeed the right, to discuss certain matters that are either little known or entirely unknown to the public.

What am I referring to? This is a serious matter, let me assure you, without a trace of irony or jest.

Three weeks ago, a representative of our business community contacted me with a matter. I have been acquainted with this individual for a considerable time; although we do not maintain close ties, I regard him as trustworthy and honourable. He called me and said: “Mr President, I am being invited to Kiev.” I responded: “Well, by all means, go ahead; how does this concern me?” He replied: “I felt it was imperative to inform you, as the discussion will likely involve issues pertinent to relations between our two countries.”

I advised him: “Listen, I cannot dispatch you in any official capacity; such matters should be the remit of qualified professionals from the Ministry of Foreign Affairs, the Ministry of Defence, and other relevant services – much as occurred during our negotiations in Istanbul. Therefore, I cannot sanction any official action on your part.” He replied: “I merely wished to inform you of this invitation. I would go, listen, and subsequently report back to you on the discussions.” I replied: “I cannot prevent you; feel free to go.”

He travelled to Kiev, where he met with the individual, the author of that letter, at his residence, not at Valdai. Upon his return, I convened with him. Amidst the less substantive elements, the salient point was this: Mr Zelensky was requesting a meeting. I remarked: “I have never declined such requests.” However, to convene merely for the sake of empty dialogue, as we say – I am well familiar with that.

If I am not mistaken, the letter contains a reference to the Minsk agreements. We laboured through the night on those Minsk agreements – drafting them – only to have it subsequently revealed, through the statements of the leading representatives of the Federal Republic of Germany and France, that it was all a futile exercise. The entirety of the Minsk agreements served one purpose: to buy time for the rearmament of Ukraine. What need do we have for such agreements?

Thus, I stated: “I see no merit in such a meeting.” The sole objective, from the Ukrainian perspective, is to impede the progress of our Armed Forces, nothing more. We require agreements that endure not for mere months, not for half a year, but for a significant historical period. Let the specialists deliberate, devise solutions, and only thereafter can we convene, attend – as I mentioned – the signing of pertinent documents, or even append our signatures ourselves. However, a solution must first be formulated.

Now, to the most critical point, which the audience, particularly the Russian audience, will comprehend. This occurred, I believe, on May 21, and on May 22, Ukrainian forces executed a heinous terrorist attack on a college dormitory in the Lugansk People’s Republic, resulting in the tragic loss of children, adolescents. This constitutes a grievous crime. There were no military installations nearby, nor were there any military vehicles in the vicinity.

That morning, I contacted this – shall we say – colleague who had journeyed to Kiev and asked: “What does this signify?” They ask for a meeting whilst perpetrating such horrendous crimes as the murder of children. What is the implication of this? He responded: “I am at a loss for an explanation. They are contacting me once more; I will speak with them and subsequently apprise you and keep you informed.” I replied: “Very well.” I have not communicated with him since.

And the letter you have just mentioned does indeed contain certain rudeness. Is this really a way to create the conditions for personal meetings and negotiations? Or does it instead create an atmosphere in which such meetings become virtually impossible? I believe it is the latter.

Therefore, our attention should be directed not towards the authors of this letter, not towards the fans of the epistolary genre, but towards our soldiers on the line of contact. (Applause.) And addressing them, I would like to say: “Comrade soldiers and sailors! Comrade sergeants and warrant officers! Comrade officers, admirals, and generals! The entire country is watching you. The entire country is proud of you and places its hopes in you. Keep up the good work, brothers!” (Applause.)

Moderator Geeta Mohan: So, I will take that as a “No”, that you are not going to meet the author of the letter.

Vladimir Putin: I do not yet see the point.

Moderator Geeta Mohan: Because you have mentioned the American President, is Trump your window to once and for all settle the Russia-Ukraine question?

I ask you this, President Putin, because President Trump is, maybe, the only American President who is engaging Ukraine in a way to bring them to the talking table to strike a deal. He puts President Zelensky on notice. If it were Biden or Obama this would not have been offered at all. Is he the window?

Vladimir Putin: I already spoke about this in Anchorage, and I was sincere about that. I believe that if President Trump had been in power at that time – and I believe he had been deprived of victory through what I consider serious irregularities in that election – events might have unfolded differently. I believe that the widespread use of mail-in voting did not meet accepted international standards for ensuring fair elections. Had he held the office, perhaps these events would not have occurred. Perhaps he would have devoted greater attention to finding a peaceful solution.

In fact, during the final days of President Biden’s tenure, I spoke with him by telephone and told him exactly that. However, the administration at the time did not respond to the proposals we had put forward in December 2021. Well, that is now a matter of history. Perhaps, had President Trump been in office, developments would have taken a different course.

I regard him as a colleague of mine, and I respect him. As far as I can judge, the current US Administration’s attitude toward Russia is similar. Our personal relations are based on mutual respect. But naturally, key issues must ultimately be resolved between Russia and Ukraine. Our colleagues in the United States and other regions of the world can only help create the necessary conditions and act as guarantors. That is what we proceed from.

Moderator Geeta Mohan: President Putin, we are sitting and discussing this at SPIEF 2026: how do you really offer a stable economic future and invite investors to Russia when we are looking at critical infrastructure being actively targeted by Ukraine?

Vladimir Putin: You know, these attacks certainly do not contribute anything positive. Moreover, they cause us vertain damage. However, when investors make investment decisions, they assess the entire range of risks.

Yesterday, when speaking with your colleagues – the heads of major news agencies – I said that this means only one thing for us: we must strengthen our security, reinforce our missile defence capabilities, and enhance our air defence systems. And this is what we will do. However, businesses, especially serious investors, think in terms of long-term historical perspectives. Above all, they evaluate the economy in which they intend to invest.

We have discussed the current situation in the Russian economy. We acknowledge that the GDP growth has slowed and that there are certain other challenges. However, we have conceded to this in order to strengthen the foundations and, so to speak, improve the overall health of the Russian economy and its macroeconomic indicators. We are deliberately cooling the economy. And I want to assure you that we see no threats either today or in the foreseeable future. On the contrary, we can see that the measures we are taking are producing results. I know that many of my colleagues are present here, including representatives of the real sector of the economy. I meet with them regularly, and we discuss all of these issues.

As for the cries of “All is lost!” – a kind of Yaroslavna’s Lament – this expression is not entirely clear to you, but the Russian audience will understand the reference, we are aware that the key interest rate and other factors undoubtedly make investment activity more difficult. However, I want to emphasise once again the main point: the fundamental foundations of the Russian economy remain strong. This gives us every reason to believe that Russia continues to be an attractive destination for investment, not only domestic but also foreign. And I must say that we do see this interest. We will certainly welcome our partners. (Applause.)

Moderator Geeta Mohan: Ok. You are saying that in your speech you have set ambitious goals launching a new investment cycle but you yourself said that there has been a decline of 2.3 percent last year.

How do you then propose to grow in an environment of wars, sanctions, frozen assets and while you talk about sovereignty, how do you balance that with inviting foreigners here to Russia?

Vladimir Putin: Look, you have mentioned war and sanctions, yet our economy continues to develop steadily. The domestic market is expanding, and the well-being of our population is on the rise. We have set ourselves the objective – as I stated yesterday – of reducing the poverty rate to below seven percent by 2030. We have already achieved a rate of 6.7 percent, reaching this target ahead of schedule and exceeding expectations. Our macroeconomic indicators remain stable – I must emphasise this once again.

Despite these challenges – of which there are always many, everywhere – the solid foundations of Russian economic development remain stable and offer promising growth prospects. Every business and company remains vigilant to the risks – I reiterate – of today, the near future, and the long term. There are those prepared to proceed having evaluated these risks. I am confident that we will overcome these challenges, and in due course, such risks will diminish.

Regarding combat operations, we operate under the assumption that they will eventually conclude, and that they will certainly do so once we have attained the objectives we have set.

As for sanctions – well, I maintain that they inflict more harm on those who impose them. Do these sanctions cause us damage? Yes, they do. They froze 300 billion, and we currently hold over 500 billion, if calculated in dollars. They froze 300 billion, and we already possess over 500 billion. That is the result for you.

Do they cause us damage? Yes, but do those who impose these sanctions suffer as a result? Without a doubt, and profoundly so! According to various estimates – taking the eurozone as an example – the damage inflicted by the sanctions against us amounts to between 1.5 and 2.5 trillion euros. However, there is currently a reassessment of this situation underway. This reassessment is leading many to conclude that a return to cooperation with Russian partners might well be the wiser course.

We will monitor this closely. If the partners who left us – withdrawing from our market two or three years ago – did not create significant disruption or act insolently, we will welcome their return. Indeed, there are already interested parties who wish to return. Nevertheless, we will, of course, prioritise the interests of domestic business in this regard. (Applause.)

Moderator Geeta Mohan: We will come back to your goals and Ukraine, but I will have to ask you this Madam President – amid sanctions you are wanting to do and increase business with Russia. How are you going to circumvent or bypass the sanctions?

Samia Suluhu Hassan: Thank you, Madam Moderator, and I must say that I have been envying those panel members using their national languages and I would like to use this opportunity to do this. So, I will switch from English to Swahili.

[Speaks Swahili]

You asked me about sanctions and how we will move forward with development. I want to assure you that Tanzania is not under sanctions. We are not under sanctions at all, and we are continuing to organize ourselves to develop our country. But we are not under sanctions.

Moderator Geeta Mohan: Coming back to the sanctions experience, President Putin, you spoke about goals. In the sanctions that we are seeing and that have been imposed on Russia, there is certainly some room for a deal to be struck with Ukraine, what is that goal that Russia wants to achieve before a deal is struck and what are the red lines here?

Vladimir Putin: You know, during my speech at the Russian Ministry of Foreign Affairs in the summer of 2024, I laid out all of my objectives. In essence, they were set out at the very beginning of the special military operation.

This is going to take a while, but I will summarise the key points briefly.

Under the Charter of the United Nations, every nation has the right to self-determination. Following the coup in Ukraine, several regions of the country rejected the new authorities, declared that they did not support the coup, and proclaimed their independence and sovereignty. In doing so, they acted in full accordance with international law and the provisions of the UN Charter.

For a long time, we sought to resolve all these disputes through peaceful means. The Minsk Agreements, signed in Minsk, the capital of Belarus, established a framework for addressing the complicated situation in southeastern Ukraine.

However, it later became clear that the parties on the other side had signed these agreements solely to gain time, enhance their military capabilities, and launch military operations. That is how events unfolded. Subsequently, these territories declared their independence.

It is worth recalling that, in its consideration of the Kosovo case, the International Court of Justice determined that a territory declaring independence is neither required nor obligated to seek permission from the central authorities of the state to which it belongs. This was the International Court’s ruling, and on that basis Kosovo’s actions were deemed legitimate.

By the same reasoning, both the Donetsk and Lugansk people’s republics also acted within that framework. Although we refrained from recognising their independence for a considerable period, we eventually did so after concluding that a negotiated settlement among all parties was unattainable and that we were, in effect, being deceived. We therefore recognised the independence and sovereignty of these entities, and subsequently entered into agreements with them.

Did we have the right to recognise them? Yes, we did, and we did so. This does not contradict the UN Charter. Could we conclude a treaty of friendship, cooperation, and mutual assistance with them? Of course – and we did exactly that. The agreement was ratified by the Russian parliament. They requested our assistance, and we stated that we would provide it within the framework of this agreement. That is the first task, and it is being carried out.

The same letter you referred to states that our objective is the liberation of Donbass – and these two republics, the Lugansk People’s Republic and the Donetsk People’s Republic, constitute the Donbass region. The letter also states that this objective will never be achieved.

Does Kiev not know that, since April 1 of this year, the Lugansk People’s Republic has been fully under the control of the Russian Federation and Russian forces, while less than 15 percent of the territory of the Donetsk People’s Republic remains under Kiev’s control? We are steadily and confidently moving toward achieving these tasks, and there is no doubt we will accomplish this.

The same applies to other goals that we intend to achieve through negotiations – and I am talking about denazification. I also spoke about this yesterday. We were constantly being told, “What denazification? What are you talking about? That is just nonsense!” But what kind of nonsense is it? Recently, we saw the reburial of Nazi criminals being treated as heroes of Ukraine, with military honours and salutes. And who is doing all that? The head of the Kiev regime, who is Jewish. It is simply outrageous. Only Poland reacted somewhat timidly, and there is a reason for that – because it was mainly Jews and Poles, as well as Russians and Roma, who were exterminated by Nazis during World War II. Some million people [were exterminated].

I already said this yesterday, but it bears repeating. This is a huge part of the tragedy of the Holocaust. A million people, do you understand? Women and children were stabbed with pitchforks and burned in their homes. But now [Nazi criminals] are being reburied with military honours, with the head of the current regime present there and salutes and honours given, effectively glorifying Nazis. Our goal is to achieve denazification, and we hope for support from the international community in doing so.

(Applause)

Geeta Mohan: Shifting focus back to the topic at hand over here, let’s talk about energy security. President Mirziyoyev, it is during these wars and conflicts that countries have realised the need for energy security, the need for alternative energy resources and sources, and in that Uzbekistan and Russia have just signed an agreement for a nuclear facility. Tell us more about what this means for Uzbekistan in terms of the facility, the specialists that you would require, because this is after a long time that we’re looking at a nuclear facility in Uzbekistan, and how much time it will take, how important it is to have a nuclear facility, an energy resource that is not dependent on oil.

Shavkat Mirziyoyev: Thank you very much.

In fact, this is a very strategic, necessary project – the energy security of any country, and in 10 years the need in energy for Uzbekistan will double. I have also mentioned in my speech why we are seriously working on this issue, because as far as fuel, that is, uranium, is concerned, we are ranked as the world’s fifth top uranium producer, with with the world’s tenth largest uranium reserves.

We have been discussing these projects with our Russian colleagues for a long time, having designed and arrived at a unique resolution – for the first time in the history of Russia and Uzbekistan, there will be two small and two large nuclear reactors. This is a unique new model of a nuclear power plant. Of course, before we say this, we have been discussing this with the Russian President for many years.

What was the first thing we did? I asked to open a branch of the National Research Nuclear University MEPhI. We need to have specifically trained personnel before we could discuss something. Because, of course, during the Soviet Union, we had a huge school of peaceful nuclear development, there was science. But unfortunately, I say “unfortunately” because it was all forgotten, to put it mildly, and we have restored it all from scratch.

When we opened the branch, we opened up all the competencies, created science, and today there are 300 people students and 150 graduates. We have reached an agreement with MEPhI, some 400 students from Uzbekistan study there. We pay very serious attention, that is, we already have a research base.

Second. We have been working on the project for a very long time. The project is unique because the Russian content meets all international standards. And we are already this close to completing this grandiose, unique project, I would say.

Mr Putin and I commissioned its launch yesterday. And you know, here I am, and it was already late in Uzbekistan, but I still talked with the regional leadership after this meeting. People didn’t leave, people delivered speeches, people rejoiced, because this is a prospect for the future.

I would like to say that this project is not the last joint project of a nuclear power plant with Russia, and we will continue to build and erect more plants. Because we have created such a good foundation, and, as you yourself noted, we have also created human resources. So now it's up to us to accelerate.

We discussed this with Mr Putin yesterday as well, that we will keep it under the control at the highest level, because people have long been waiting for nuclear power plants in Uzbekistan. I would like to reiterate what I said in my speech – the economy is growing, and guaranteed electricity supply is very important for the economy.

Incidentally speaking, yesterday we even talked about other major energy-efficient projects in Uzbekistan. So, I think yesterday was a historic day. I congratulate both our Russian colleagues and citizens in Uzbekistan who have been very enthusiastic about this project. It will bring a very serious foundation for energy security to the Republic of Uzbekistan. (Applause).

Moderator Geeta Mohan: Partnership, they say, should be partnership of equals. President Putin, the trade ledger shows Russia exports raw energy heavily to China but imports a lot of machinery, technology and components. Is this relationship a partnership of equals or is Russia sliding into a colonial trade imbalance?

Vladimir Putin: (Laughs.) Talking about this topic even makes me laugh. We do have equal relations with our Chinese partners and friends. Moreover, the share of our high-tech exports to China is constantly on the rise.

As for energy in general, the share of machinery and equipment from Russia in this industry clearly – I can't give specific figures now lest I make a mistake – certainly exceeds the share of our Chinese friends.

If we talk about energy, I will also start with nuclear energy, atomic energy. We are building nuclear power plants in China. (Addressing Alexey Likhachev) How many units, Alexey?

Director General of the State Atomic Energy Corporation Rosatom Alexei Likhachev: We have four units, which have been built, are operating, four more are under construction.

Vladimir Putin: Four units designed by us are operating, and we are building another four in the People’s Republic of China. And our cooperation in science and education is developing. We have a very close cooperation in this area, and it is mutually beneficial.

As for, say, hydrocarbon energy, we have our own competencies growing here. And at one time, when we cooperated with foreign partners in this area, they were mostly American partners. Now we are increasing our competence in these areas. The heads of our largest companies are here, and if you talk to them separately later, they will tell you.

But, of course, we refer to our reliable partners and friends, including Chinese companies, to share information, technologies, and we will continue to do so. I would like to emphasise in particular that cooperation with China in this sense is mutually beneficial and absolutely equal.

Geeta Mohan: Okay, then let me invite Vice President Zheng.

[Given] the fact that there was a recent meeting between the two heads of state of Russia and China, which drew a lot of international attention, please throw some light on what this relationship is all about and where it’s headed.

Han Zheng (retranslated): Thank you for your question.

As President Putin correctly noted, cooperation in the sphere of trade between Russia and China is moving forward successfully and this is mutually beneficial as our economies complement each other. In the past years, it has been developing in a stable and a sustainable way, and we see a solid growth and healthy dynamics.

As you know, two weeks ago President Putin paid

a very successful visit to China, and President Xi Jinping and President Putin had talks in Beijing on development of bilateral relations and mutually beneficial cooperation in different spheres and many agreements were made in the trade and economy track. All these outcomes were of great interest for the entire world community. All mainstream media were covering this.

I’d like to touch upon three major points.

First, as I mentioned in my speech, China and Russia are large states, we are neighboring countries, and both are standing members of the UN Security Council.

The development of relations between Russia and China and the deepening of these relations and mutually beneficial cooperation in all spheres have already demonstrated that this is promoting the development and growth of both of these countries and contributes to increase of the well-being and wealth of both countries. At the same time, it allows us to bring very precious stability and positivity to the modern turbulent world, this is my fist point.

Secondly, I know that you give great attention to our practical cooperation. I would like to stress that it is not directed against any other third party and it is not impacted by any external influence.

Madam moderator has already asked such a question, our relations are forward-looking thanks to the strategic leadership by President Xi Jinping and President Putin. This comprehensive strategic cooperation and partnership of our countries has been developing for 30 years. This year we celebrate 25 years of the Treaty of Good-Neighborliness and Friendly Cooperation

We have been successfully moving along the designated path and we are enriching our relations with new substantial meaning. This not only improves the well-being of the two countries’ population but also supports the stability and peace in the region and the whole world.

Thank you.

Vladimir Putin: After your question, I looked around the room, including at those seated in the front row. Top executives of our major companies, including those in the energy sector, are here today.

I would like to draw attention to one point. Many of our companies, naturally, relied on the obvious achievements and expertise of Western service providers, particularly US companies. However, when that source of support was cut off, they began establishing their own engineering centres, and many of them have achieved remarkable success.

Take Gazprom Neft, for example. I have not yet had the opportunity to visit personally, but I promise I will certainly do so. From the video footage and other materials I have seen, the progress has been tremendous and truly significant. Obviously, we are not rejecting future cooperation; there is still much work ahead, and together with our partners from other countries, we will continue to deliver strong results.

Or consider NOVATEK. This company boasts technologies that are unmatched anywhere across the globe. We are currently discussing these technologies with our American partners. If they adopt them, production, liquefaction, and ultimately the sale of products in Alaska will, in my view, become far more efficient than originally envisioned through pipeline-based systems – significantly more efficient, by an order of magnitude. We have a lot to discuss in this regard. While sanctions and other restrictions have created challenges for us in certain areas, in others they have had the opposite effect, encouraging the development of our own expertise.

The same is true with respect to our European partners. Gazprom’s subsidiaries produce a number of natural gas-based products, and our partners who had previously expanded successfully, including through cooperation with us, are now facing massive challenges if they choose to remain in the market. Privately, they express dissatisfaction [with the actions] of their governments, yet they are compelled to comply with them. They have lost access to the Russian market, while we have enhanced our own competencies and have begun to replace them in third-country markets because we now possess both the products and the technologies ourselves. This is the outcome of the short-sighted policies pursued by some of our partners. Yet, in this regard, those actions have worked to our advantage. (Applause.)

Geeta Mohan: Talking about technology and talking of technology, you are helping [with] uranium when it comes to nuclear facility. What about countries like India that actually have a lot of potential and need maybe assistance and partnership in the technology sphere when it comes to hydrocarbon and rare-earth minerals harnessing, harnessing of hydrocarbons in India? Is that something that you are looking at?

Vladimir Putin: Certainly, we cooperate very actively. Our company, Rosneft, is among the largest foreign investors in the Indian economy.

(Addressing Igor Sechin) Mr Sechin, how much did you invest in the oil refinery plant in India? Twenty billion?

Rosneft CEO Igor Sechin (answers off-mic): …

Vladimir Putin: Rosneft has invested approximately $25 billion in the Indian economy, including the refinery, the port, a network of fuelling stations, and other facilities.

Naturally, we work closely with our Indian friends, and together we continue to achieve the positive outcomes we can see today. This cooperation also involves the exchange of technologies. Our diplomatic relations with India date back to 1947, and our relationship has always been special, built on trust and fraternity in every sense of the word. Over the decades of our partnership, we have become convinced that the Indian people are highly talented and well educated. They boast their own competence; their achievements in programming and other fields, including the one you mentioned, are recognised across the globe.

Of course, Prime Minister Modi is currently compelled to introduce certain restrictions, urging people to limit the use of personal vehicles and avoid travel, particularly long-distance trips, amid the developments in the Strait of Hormuz and the broader situation in the Middle East. However, the Indian government bears no responsibility for these circumstances; it is the Indian economy that is experiencing the effects.

I believe that both our companies and our Indian partners made a proper decision in establishing such close cooperation. In today’s environment, we strive to support one another, extend a helping hand when needed, and increase our supplies to the Indian market, as well as to Asia more broadly. We are already exchanging technological solutions, and we will continue to do so. (Applause)

Geeta Mohan: You spoke of the war, so I have to ask you this: What is Russia’s assessment, what is your assessment of what the global economic impact is going to be of the US-Iran war? And let’s be honest: Has Russia been at an advantage because of the war because they’ve got longer waivers to buy Russian oil? A lot of countries can now buy Russian oil legally without a problem because of the energy crunch that the world is facing. And President Trump allowed (should I use the word ‘allowed’?) the world to use Russian oil.

Vladimir Putin: Oil revenues have always been important to Russia, making up a significant part of our total GDP and budget revenue. But the dependence of the Russian economy and budget on oil and gas revenues has significantly decreased in recent years naturally – not during the sanctions period, but simply in recent years. The share of our GDP that isn’t oil and gas was approximately 43 percent just two or three years ago – in 2022, I think. That’s if you subtract the oil and gas component from the country’s GDP, plus the non-oil and gas component. It used to be 45–46 percent, I think – oil and gas accounted for a large share of GDP, but now it’s only 23 percent. It used to be 42 percent, now it’s 23 percent. The difference is enormous.

As regards the federal budget revenues – the Minister of Finance is present here, and if I am wrong, he will correct me now – oil and gas revenues accounted for about, I think… (Addressing Anton Siluanov) How much, Mr Siluanov?

Minister of Finance Anton Siluanov: 20 percent.

Vladimir Putin: Now it’s 20 percent. How much was it?

Anton Siluanov: 50.

Vladimir Putin: 50 percent was generated by oil and gas revenues, while now, as the Minister confirmed, only 20 percent of the budget is derived from oil and gas revenues.

So, it would be wrong to say that this is critically important for us – it is actually not that important. Although, of course, it is significant as 20 percent is currently generated by oil and gas revenues.

But for us, as for all other nations with developing, rapidly advancing economies, something else is more important. Obviously, our oil and gas companies receive certain preferences in connection with long-term contracts, and the rising price of our oil naturally impacts the budget, which is a plus. But that’s not the most important thing; what’s more important is market stability, because we exist not only on oil and gas, as I just explained, but also on the development of the economy at large. If global oil prices are too high, this impacts the part of the Russian economy that represents the real economy. That’s the whole point.

Therefore, it is important for us that this price is balanced between the interests of manufacturers and consumers and, most importantly, stable. How much is it now? The Deputy Prime Minister will tell me if I am wrong – I think oil supplies to global markets have decreased by 10 percent. Of course, this shakes the global economy and global energy markets.

We are not interested in this. What interests us is further cooperation with our friends within OPEC+ aiming to stabilise the market and reduce its volatility. This is our priority, and this is our way forward. (Applause.)

Geeta Mohan: Okay. I suppose that's the reason why Saudi Arabia is the guest country this year at SPIEF. Having said that, you also spoke about payments.

Vladimir Putin: Not only for this reason. Because we have been friends with Saudi Arabia for many years and we are glad to greet the distinguished guest. (Applause.)

Geeta Mohan: This is an energy partnership that the world will actually be looking at a time when we are seeing, we are faced with wars and conflicts. But you spoke about payments, you spoke about concerns regarding payments, the fact that in a jiffy, in a moment Russia not just can be sanctioned but its assets can be frozen, payments under SWIFT can be blocked and you're left with nothing in such a scenario. One: how do you tackle it? Secondly, why should any country then consider Russia as a consistent partner?

Vladimir Putin: The first thing that I wanted to say: I think that many people in the United States, too, do understand this, the attempt to use the dollar as an instrument of political struggle, as a weapon in the political struggle, was an immense, catastrophic, I would say strategic mistake of the former US leadership.

The dollar is one of the basic components of the US economic might and its undoubted competitive advantage. And this competitive advantage consists not only in being a reserve currency, but also in the possibility for the US economy to get a win, to earn real money, big money. When the former US leadership began to use its currency, which so far remains the world reserve currency, as an instrument of political struggle everybody thought: And they can use these weapons against us, too. And what will happen? What will happen to our reserves nominated in dollars? What will happen to our money invested in US assets?

Of course, the basic foundations of the US economic might are great and strong. But still, there problems that I have mentioned: both the debt and the undermined trust in the dollar as a world currency. Now, if the oil price stays high, it will be expensive and this will tell on the entire chain of economic interaction. Most likely this will have an impact on the inflation of the leading economies, including inflation in the United States. And this is a basic, an absolutely fundamental condition of the US currency’s stability.

After all, it is not secured by anything, the United States once abandoned the gold standard. And what is the basis of the US currency’s stability? The reliability and stability of the economy itself, with low inflation as its main condition. Oil prices are high, the inflation is growing and the foundation of the US economy will be shaking, do you see? Here are the repercussions.

And we want to avoid this; we want stability in this sector and will work for it. This is why I think that everybody understands us: we and Saudi Arabia, our friends, with the Crown Prince are just working on balancing the interests of both suppliers and consumers, and so far, everything works out in general. We are very grateful to the Crown Prince and all our friends who work in this domain.

Maybe we can give our guest the opportunity to say a few words? It would be interesting to listen to him. Although it defies the traditions of our panel discussion session.

Geeta Mohan: It’s always fun to break traditions, Mr President. Is there a mic that can go to our honorable minister? We’ll arrange for a mic. Meanwhile, can I just take a question till the mic comes?

Vladimir Putin: Yes, please.

Geeta Mohan: So, we’re waiting for a mic for the Minister of Energy to speak and respond to President Putin. But I have taken note of the fact that every time you mention America, you’re only mentioning the past administrations. I suppose you all are taking note as well on the specific way and the manner in which you’re responding to the US-Russia equation. Having said that, every country has its own struggles.

Tanzania and Madam President over here has been at the forefront, a leading woman voice. Great to have a woman on the panel, too, who’s been fighting liberalisation of her economy. How has that gone and how is that moving ahead despite and in spite of fears of sanctions and criticism from various quarters? How are you managing economic liberalisation in the country?

Samia Suluhu Hassan (retranslated): Perhaps, I should say that Tanzania is a country with a diversified economy. We don’t depend on one commodity. Our economy depends on agriculture, mining and tourism. It depends on many other sectors – the manufacturing sector, we are also there. So all these sectors contribute together and they grow together at varying degrees but they grow together.

Therefore, we are determined to work and we do work with the international community and the private sector, calling on everybody to come to invest in Tanzania and to do business. Since 2021, we have been able to attract a lot of capital and foreign direct investment from abroad. And this is what makes Tanzania feel safe about its own economy and its strength.

But most importantly, Tanzania is strategically located as an epicentre or a hub of the economic corridors that connect the north, south, west and east of Africa. The port of Dar-es-Salaam serves all these corridors and connects them as a hub.

As a result, thanks to its strategic location, Tanzania helps inland countries and is extremely attractive economically. Tanzania has a very vibrant economy that is steadily growing. This growth continues. In 2021, we started with 3.4 percent, and then we moved towards 4.5–4.6 percent. We expect to reach 6.3 percent.

You asked me how I can manage the economy while being a woman president and maintain economic development. I should say that the economy has nothing to do with the leader’s gender. It depends on how you steer the affairs of the nation and how you lead the country. Whether you are a male or female, you have to have a strategic plan to sustain your economy. It is the strategic plan that matters.

I suppose this is my response. (Applause.)

Geeta Mohan: Thank you so much.

Would it be too much to ask the honorable minister to come and respond here because I think we’re having a bit of a problem getting the mic. Would it be too much to ask the minister to come on the stage and respond? Thank you so much for doing this. Thank you.

Oh, the mic has come, sir. The mic has come.

Abdulaziz bin Salman Al Saud: Magic.

Vladimir Putin: You are in Russia. (Applause.)

Abdulaziz bin Salman Al Saud: Mr President, magic does happen in St Petersburg.

I am very grateful that you’ve given me the opportunity. I see it as an opportunity not for myself but it’s coming from a president who is a friend of both His Majesty, the custodian of the 200 mosques King Salman, his Royal Highness the Crown Prince, Prime Minister Prince Mohammed, but both of them, I think, will vouch that this honour is also more important for the people of Saudi Arabia and the Kingdom of Saudi Arabia. So I’m very grateful to you for giving me the opportunity. Yes, it’s a partnership that we struck somewhere in January 2015 and it withstood all of the situations that this world had endured from Covid to all of these storms and winds and whims of the war. And even today we’re going through so many crises in many places, in different places, with different causes. Yet we’re weathering all of these storms with a diligent commitment to each other as partners. Although I am a Muslim and Russia is not Catholic, but still we do go by ‘until death do us part.’ Thank you.

Geeta Mohan: That’s lovely indeed.

Vladimir Putin: Thank you, thank you, Your Excellency.

I want to draw your attention to the fact that 10 to 15, rather closer to 15 percent of the Russian Federation citizens practice Islam, and they have no other homeland.

May I ask the moderator? You said that representatives of the EU and the United States are probably also among the audience. Maybe they would like to raise their hands and wish to say something? It would be good. (Applause.) We are speaking about them all the time, could they say something about themselves?

Geeta Mohan: Rodney, will you humour us and take the mic? And say a few words.

Vladimir Putin: Yes, please.

Chairman of the United States Commission of Fine Arts Rodney Mims Cook, Jr.: Well, you haven't put me on the spot at all. President Putin, it’s very nice to see you, and I appreciate all of the hospitality that has been afforded me on my return to St Petersburg. I love the city and I think you're aware of that, and I've been coming here for 30 years.

Vladimir Putin: Hurray! I like Petersburg, too. (Applause.)

Rodney Mims Cook, Jr.: You have a beautiful hometown, and so do I, and I said to a number of audiences since I’ve been here – there is a great kinship between Atlanta and St. Petersburg. I have come from a city that, sadly, was destroyed in war, burned to the ground, and St Petersburg had resolve and fight to prevail over the Fuerer coming through the Admiralty Arch and proclaiming to the city that he had conquered her and then reduce it to rubble the next day. St Petersburg fought that off.

And yesterday I was privileged to have an orchestra play for us at my request Shostakovich’s Symphony Number Seven. Not only did you fight it off with resolve and grit, but you also did it with culture and music. And if only Atlanta had had Shostakovich, maybe quite possibly my beautiful city would still be as intact as this beautiful place is.

I do give a good hello from your friend, President Trump, and I am encouraged by everything that has happened since I’ve been here, Mr President, and I appreciate the offer to speak. And we have a lot of ideas to talk about between our two capital cities in the next two weeks.

Geeta Mohan: Can I can I ask you a question, Rodney?

Rodney Mims Cook, Jr.: You may ask it, but I'm not sure I’ll answer it.

Geeta Mohan: That’s all right. Are you taking anything back to DC when you plan the ballroom?

Rodney Mims Cook, Jr.: Explain your question a little bit better. Have I learned more from St Petersburg architecture about the ballroom?

Geeta Mohan: No. Inspire. Will you be inspired while creating the ballroom in Washington DC at the White House?

Rodney Mims Cook, Jr.: I have already been inspired by St Petersburg ballrooms in my lifetime and have done a lot of work in your cathedrals and your palaces. So, the answer is yes.

Vladimir Putin: Thank you, thank you for the greetings from Washington. Please, convey the return greetings to President Trump.

And thank you very much for such kind and heartfelt words about St Petersburg. (Applause.)

Geeta Mohan: I have some very tough questions to ask, but before that we had opened the floor to our European friends here. There, that lady over there.

Can a mic go to her, please?

Diana Iovanovici Șoșoacă: My name is Diana Iovanovici Șoșoacă, I'm a member of European Parliament, I'm from Romania and I think I'm the only Romanian here. (Applause.)

I would like to tell you that Romanian people do not hate you. Romanian people want peace with Russia. We don’t to help Ukraine, we don’t want to give them money and arms. But unfortunately, Romania is being led from Brussels. And I cannot send you a warm hello from our president because we do not have a president. From my point of view, I am a resident of the political party S.O.S. Romania which is a parliamentarian and Euro parliamentarian political party and the only opposition in Romania.

And Mr. President, I would like to tell you that I was senator in Romanian Parliament in 2023, I think, when Zelensky wanted to talk in my Romanian parliament, and I didn't let him and I got him out of the Romanian Parliament. (Applause.)

I would like to thank you from the bottom of the hearts of Romanian people and European people who think a lot and who have brains that we want to cooperate with Russia. We are not enemies. You are the biggest country in the world, you are one of the biggest economies. We admire you for your force, and we admire entire Russian people. We want to congratulate you on everything you have done and you doing, for this forum. Congratulations! And this is a lesson for the European Union. I hope in a short time we will not have Ursula von der Leyen as President of the European Commission.

Thank you very much. (Applause.)

Vladimir Putin: Thank you very much.

Diana Iovanovici Șoșoacă (in Russian): You are welcome.

Vladimir Putin: I cannot – and frankly do not wish to – comment on Romania’s domestic political situation. But our friend from Saudi Arabia noted earlier that Russia is, after all, a predominantly Orthodox country. And the same is true of Romania. Please convey our warmest wishes to all Orthodox believers there. (Applause.)

Geeta Mohan: All this is great but we still have some tough questions on sanctions and on waiver. It comes at a time and I ask you and we're going to discuss this only because of the Iran-US war a war that has shut down one of the most critical of maritime routes.

Okay, please go ahead, madam.

Karin Kneissl (speaking Russian): Sorry, my name is Karin Kneissl. I arrived from Lebanon two years ago. I am very grateful that now I can live and work in Russia. Thank you, thank you for this opportunity. (Applause.)

Unfortunately, people in the West are sure that I worked for Russia even 40 years ago. (Laughter.)

I will ask my question in English because I think there's also no German interpreter. I know that the president insists on German but let us do it in English.

Mr. President, my question is on the modern warfare, use of drones, which have created such a horrible distance between the perpetrator – I don't want to say the soldier because it’s not always a soldier – and the target. There is now a sort of technical artificial distance which is creating a new form of cruelty and we don’t anymore have any sort of code of honor between the parties. It was different still in World War I.

How do you see this modern warfare in which the Russian army and the Ukrainian army have gained special experience? Here in St Petersburg about 140 years ago, Tsar Nikolai II launched a conference on disarmament. His ambassador Martens said, “Whenever we don't have a strict law how to do the war, let public conscience speak.”

May I ask you about this warfare? How can we handle it? How can how can it be done or be finished? Thank you.

Vladimir Putin: Yes, yes, I understand.

On new methods and means of warfare: they are constantly emerging, and the international community keeps trying to respond – for example, with agreements not to use landmines and so on. But unfortunately, many countries are moving away from these commitments. And we see how Ukrainian troops are being supplied by Western states, including with that very type of weaponry.

As for modern weapons, including unmanned aerial vehicles – yes, unfortunately, that is the new reality. And of course, most of them come to Ukraine from Western countries; they only need to assemble them. Although they try to develop some of their own, they have not achieved much.

How can and should we respond? We need to strengthen our air defence system, as I said yesterday at the meeting with heads of news agencies, and do everything necessary to secure the territory of the Russian Federation. We are working in that direction.

I should point out that, unlike the Ukrainian armed forces, Russia has all the necessary resources for self-sufficient development: its resource potential, scientific and education institutions – in other words, workforce – a developed industry, and the ability to implement all the plans the Russian Federation has set for itself. Our industry and defence science are doing everything, and are capable of doing everything, to provide the Russian Armed Forces with these means of warfare, among other things.

Since you have asked this question, I will answer: there is parity on the battlefield, and in some areas, we even have an advantage. The same applies to long-range fixed-wing aviation. It would not pose such a significant threat if appropriate decisions had been made in a timely manner and the corresponding capabilities developed. These are, after all, low-flying and slow-flying targets. True, jet-powered drones are already appearing, but even these means of warfare are essentially defensible.

The other side does not have its own production of the weapons that Russia possesses. That includes hypersonic weapons, cruise missiles – a full range of them – and a number of other weapons that other countries do not have. For example, medium-range weapons like the much-discussed Oreshnik. We are developing other weapons as well.

But I agree with you that, when the most dangerous means of warfare emerge, especially those affecting civilians, the international community must certainly consider how to limit their use, particularly against civilians. That is completely unacceptable; I believe such acts amount to humanitarian crimes. But that is a topic for a separate discussion involving experts and representatives of the international community.

Geeta Mohan: Before I go to the war question, can I just take one question from Madame President here? You said one out of four will be African by what? By when? By 2050?

And I ask you this because we ask this to everybody who boasts about population and the fact that they have a huge population. It's not about quantity. It's about quality. What do you have to offer to the world? What does Africa have to offer to the world in terms of quality?

Samia Suluhu Hassan: We have an African continent. We recognize the fact that during this in this era we are supposed to develop and to promote our human capital, to develop human capital. That's very, very important, that's critical for Africa. That's what we are doing. Of course, we are doing it in varying degrees in each country but we are doing, for example, in Tanzania. For instance, we do have right now about 500 students in the Russian Federation. They are here learning here, and in our discussion we have agreed that we'll get more opportunity to take our children to Russia for education because we have new areas, which are being unlocked.

For instance, if we speak of digital economy, we have to learn what is it. When we speak of nuclear energy, we also need to get nuclear engineers. We need to get all the experts who can work in that field. So, development of human capital that is the direction we want to take. It is critical to our development.

But secondly, especially for Africa, it is to give the opportunity to women. Because currently in Africa, the doors which were closed, they now look they opened. Especially for those who have through the doors, we have the responsibility to develop others. an African girl to make sure that an African girl has the hope for the future and understand that she is the part of the nation building as we were told in SDG-sustainable as it is explicit in the sustainable development goals that we don't have to leave anyone behind. (Applause.)

We are now aware that no one should be left behind. Take an example a country of, a country growing at 80 percent. Six percent GDP growth annually, how can it manage without involving each and everybody. So, society inclusion is very, very important and you said it right, CO2 society inclusion but quality society not only society inclusion everyone has to be involved managing their own sustainable development.

So, we say by that, by that year one out of four will be an African by 2050, because African population is growing at a higher rate, that we have to build our human capital and we are doing it.

Yesterday when I was in RUDN University, I met Nigerians there, Tanzanians, Ghanaians, so many students from African countries, they are there studying. So, this is one country, Russia, but we are our students spread all over the world.

So, we are trying to build our human capital, both boys and girls. So that's why I said in those years nine out of 20 countries that would lead the economy, nine are coming from Africa, and I think Tanzania is one of them.

Geeta Mohan: Now I’ll go back to the war question – the Iran-US war, the Strait of Hormuz blockade. There is a real cause of concern and worry. How is Russia looking at it? What's your assessment and reading on the global impact it is having apart from the fact that yes Russia maybe has had a bit of an advantage what's the assessment of the blockade and the attack on Iran? Would you consider it provoked or unprovoked?

Vladimir Putin: I cannot see any provocations on the part of Iran. It seems to me that we once came to terms and adopted a relevant agreement on Iran’s nuclear programme and everything was under the IAEA’s control.

Yet, regretfully the situation unfolded following a different scenario, in a different vein. Everything resulted in today’s tragedy, to put it bluntly. The strike at Iran, losses, including among the civilian population, we know it well enough, relations between the neighboring countries worsened, which is undoubtedly of great concern for us because we have very good, friendly relations with the Arab world and with the Gulf countries. And all the time we (I also spoke about it yesterday, I remind you), in conversations with our Iranian friends, are talking them into abstaining from strikes against the neighboring states. However, their answer is simple, they say: “We were attacked, they kill our children, they have assassinated all the country’s leadership. What shall we do? We have to respond this way.”

You see, the situation is not easy for us in this regard. Our relations with Iran are very amicable, we are neighbours, as well as with the Arab countries. Frankly speaking, it puts us in a complicated situation. Still, we proceed from the idea that President Trump’s decision to suspend hostilities is the only correct one. We sincerely hope that this ceasefire, that is taking place now, will lead to a lasting peace.

I have already spoken about it on many occasions; there is no need to repeat it and waste time. In 2015, Russia played a noticeable role in settling the crisis. If we can do anything today, we are ready for this joint work. If no, we will just hope that all the countries involved in the conflict will eventually manage to resolve this issue peacefully. (Applause.)

Geeta Mohan: Have they approached for Russia to play role in mediating in brokering peace? Are you in touch with President Pezeshkian or also have you had an opportunity to speak with the new Supreme Leader?

Vladimir Putin: No, it’s not about approaching, the thing is that some time ago, it was even a year ago already, may be later, we reminded them about our cooperation in 2015, when we took the enriched uranium to the Russian Federation. Then it defused the situation. We reminded them about it and said that it is possible, and if all the parties involved in the conflict are interested in such Russian participation at the given time, then we are prepared to repeat it and are ready to do it all. We have the required technologies and initially, I repeat, practically all the parties involved in the conflict, i.e. Iran itself, Israel and the United States said yes, it is interesting, it may be considered. However, later they toughened their requirements and everything resulted in today’s situation.

Our proposals are on the table; we do not insist on anything. If the parties involved in the conflict decide that this is a good proposal – welcome. If no, we will just monitor the situation and, where possible, exert influence with a view to mitigate the situation. (Applause.)

Geeta Mohan: Does the offer for, uh, the uranium enrichment to be taken to Russia still stand? Are you engaged with Washington DC on this? Because I suppose DC is very clear that they want to have the uranium, and Iran is insistent that it stays in Iran.

Vladimir Putin: We are in contact with Washington, Tehran, and Tel Aviv. (Applause.)

Geeta Mohan: Because you mentioned Tel Aviv. Do you think Prime Minister Netanyahu’s plans as they stand are one of the main reasons why America is in a position where it needs to look at how to get out of this, how to exit this? And do you think that President Trump was misled?

Vladimir Putin: I have no reason to say that Mr Trump has been misled in any way. He is an experienced, mature politician, and it is unlikely that anyone from the outside could exert any significant influence over him.

Israel’s concerns are well known. They stem from Israel’s belief that Iran is seeking to develop nuclear weapons. But Iran has repeatedly stated, both in the past and continues to state now, that it has no such plans. And we have no reason to doubt that, because we also have no evidence that Iran is seeking to develop nuclear weapons.

That said, Israel’s concerns exist. And the main problem here is the lack of trust between the two sides. In this situation, it is crucial to place all these materials under the control of the IAEA, the international organisation whose director general, as I mentioned, joined us via videoconference yesterday for the launch of the nuclear power plant project in Uzbekistan. If this is under IAEA control, then, frankly, I do not see any major problems.

Agreeing on enrichment levels in Iran is a different matter – no less pressing, in my view. Iran has the right to peaceful nuclear programmes, and we are cooperating with Iran in this area. We have already built one unit at the Bushehr nuclear power plant, and it is operational. We are continuing construction on two more units. Our specialists are present there. We have withdrawn most of our personnel because Bushehr is located practically on the shore of the Strait of Hormuz – almost in the combat zone. We were forced to withdraw some of the women and children, but some remain.

On that point, I want to note that we are in contact with both the Americans and the Israelis. Everyone assures us that the shell impacts near the plant were accidental. Everyone assures us that it was an accident and will not happen again. And I have no reason to believe we are being misled. We have spoken with the Israelis about this many times, and we see their concern and their willingness to ensure the safety of the Bushehr plant.

The situation is quite different elsewhere – at the Zaporozhskaya Nuclear Power Plant, for example. There, Ukrainian forces are constantly launching strikes near the plant. Or, recently, they seem to have completely lost their minds and struck the reactor directly. Thank God, there were no significant consequences and the reactor was not damaged, but it has, of course, been shut down. That said, the situation there is very dangerous, given the spent fuel and so on.

If those storage tanks are damaged, it becomes a very serious question: which way will the wind blow? And it is not at all certain that it will blow towards the Russian Federation. It could just as easily blow towards Europe. So, Europeans who encourage any actions by the current Kiev regime should think carefully about that and consider their own security – something that, by the way, Mr Grossi, Director General of the IAEA, has clearly, if very carefully, alluded to.

Returning to your original question: we generally intend, once the situation calms down, to continue working with our Iranian friends on the construction of these nuclear facilities. But here too, I think that allaying Iran’s concerns about restrictions on its peaceful nuclear projects could play a certain role. We are working with them and are ready to provide everything they need, including enriched uranium for nuclear energy.

Geeta Mohan: Beyond economic friendship or economic partnership, there are reports in western media where they say that Russia has supported Iran uh not just not just symbolically, not just in words but in satellite images and data sharing, in information sharing. What do you have to say to those reports?

Vladimir Putin: The information is always on the table. Some modern means of control have dual designation. I think that Iranians, I do not know it for sure, could well obtain information not only from our satellites, but also from other, commercial satellites, which easily sell it as a product on a commercial basis.

As for weapons, Iran did not ask us for this and we did not supply any armaments to Iran. (Applause.)

Geeta Mohan: But these wars today have shown a different side of modern warfare – drone technology. Whether it is Ukraine or, for that matter, Iran, we are head in drone technology, in the use of artificial intelligence. How does Russia fare? And what is your assessment on what you want to do, and reading on, Ukraine’s drone technology, Iran’s drone technology?

Vladimir Putin: As regards Ukrainian UAVs, they must be downed and it should be done more effectively.

Now regarding the use of artificial intelligence. Yes, the United States and Europe are active in developing this area, we are doing this too. (Applause.) By the way, UAVs and their components come mostly from there – mostly from Europe, partially from the United States if we talk about their components. We are making all this using own resources.

Geeta Mohan: Is AI an enabler or a disruptor?

Vladimir Putin: These are new means of an armed struggle, there is nothing unusual in this, as a matter of principle it was known long before. Still, all parties, as usual, all, I insist, begin to get ready for this when it appears in real life, in the course of real struggle.

But these means are not the only ones. The result is achieved through a synergy of forces, means, and most importantly, motivation of the very armed forces and stability, domestic political stability in society.

Here are UAV operations, among other things. They delivered a strike at a coal harbour; achieved, by all appearance, what they wanted, some noise, smoke, when the coal caught fire. That’s the goal. Have they achieved anything in this regard? Yes, they have archived something. Is it decisive for achieving the goal? No, it is not. We need stronger internal unity in the society, our own resources for developing modern weapons, hardware, our own scientific basis, a resource basis. Russia has all of this. We are working on this and will continue to do so. The sooner those who are fighting us realize this, the better it will be for them. (Applause.)

Well, I am sorry, you spoke about Iran. We should give credit to the Iranian leadership; Iran still provides for the stability of its society; this is an obvious fact. And after the beginning of hostilities some in the West believed that Iran will collapse from within – no, that analysis was erroneous. Because we can see that the situation is quite opposite – the Iranian society gets consolidated.

You should know, you have seen or probably heard that, I do not know, a month ago or more, when the conflict just started, and the first strikes were delivered, the Iranian leadership spread the word “Life for Iran.” Within a week, five million people, and more than 10 million to date, have voluntarily expressed the wish to give their lives for Iran. This fact speaks volumes and should always be kept in mind. In this case it concerns the conflict in Iran.

Geeta Mohan: Dissent also has to be recognized by countries and leaders. There's dissent in Tanzania, there's dissent in Russia, there's dissent in the US and in China, including India. How do you see dissent and how do you engage the youth?

Vladimir Putin: The more points of view, the better, because that allows us to choose the best option. (Applause.)

Geeta Mohan: Okay. I have to ask my Indian question.

Yesterday you were meeting with some of the editors and you spoke about Su-57, that it was an offer for a collaboration. Does that offer still stand? What are the details? What is the conversation you are having with New Delhi?

Vladimir Putin: We have very good, long-standing relations with India in the area of defence technology cooperation. A significant portion of the Indian Army uses Russian-made equipment. That has been the case since the Soviet era, and it continues to evolve.

Our relationship with our Indian friends in this area is unique in that, thanks to our mutual trust, our collaboration is focused not just on trade – buying and selling – but on joint development. One of the best-known examples is the BrahMos medium-range missile. Indian specialists were involved from the very beginning, alongside Russian ones, and a very good product has emerged.

As for aircraft, India traditionally buys our planes and helicopters, and I know the pilots are satisfied with them. The Su-57 is a good aircraft – modern, perhaps the most advanced in the world right now, and the most effective. As I mentioned yesterday, we originally proposed to our Indian friends that we work on it together. That did not work out back then, so we went ahead and did it ourselves.

Now we are ready to supply this aircraft, which – I am not sure the audience is very interested in this detail – can be flown by two pilots in combat missions and can also serve as a command post. We can supply it alongside other platforms. In short, we are moving forward and working very intensively, not only on aircraft but also on naval equipment, submarines, and surface ships.

Geeta Mohan: Is there a waiver or carve-out for India in acquiring and procuring Su-57s and S-500 air defense systems from the United States of America? And will that stand? How do you think India should be dealing with America and the sanctions?

Vladimir Putin: India always behaves like a sovereign state, and under Prime Minister Modi’s leadership, the threat of sanctions tends to backfire. I know that for a fact – we have had very good, friendly relations for many years. I remember that he was once even banned from entering the United States; we remember that, too. I know that Prime Minister Modi has not forgotten that either.

But now he is Prime Minister, and all those sanctions have been lifted. Relations between India and the United States are now advancing steadily, as far as I understand.

India is a sovereign country and chooses the products, including in the military sphere, that it considers most appropriate and attractive based on the well-known principle of price and quality. And no matter what anyone says, India has always done so and will always do so. How exactly? It will always be guided by its national interests.

This is a very sensitive area – military technology. And here is something very important, something fundamental: our cooperation with India, just like with our other partners, is not subject to political considerations. No one can tell us not to supply India. And no one ever says that to us. We will do what we deem necessary and will always fulfil our obligations to our partners – especially to partners like India. That is how we operate, by those rules. And that is how we will continue to work. (Applause.)

Geeta Mohan: I began the session by saying we can't be dictated to and my co-moderator President Putin has said the same. On that note, we end the session.

Thank you so much for joining us.

Vladimir Putin: On behalf of everyone present – ourselves and everyone else in this room – I would like to thank our charming moderator for our work together and for leading our discussion today.

Thank you very much. (Applause.)

Speech at the expanded meeting of the Supreme Eurasian Economic Council

2026-06-16T19:12:56+04:00

President of Russia Vladimir Putin: Friends,

As our colleagues have already noted, the fact that on this day, 12 years ago, May 29, 2014, the founding Treaty on the Eurasian Economic Union was signed is indeed quite symbolic.

Our countries have been consistent and diligent in working together to carry out the provisions of this document, which has helped us create a highly effective integration group. The assessments we have heard from our colleagues, including both positive views and criticism, demonstrate that the Eurasian Economic Union has been generally successful in its efforts and continues to develop. The common markets of goods, services, capital and labour have been created, by and large. We have been expanding our multifaceted cooperation in trade, finance and other domains. This is how we are building a single, effective and inclusive economic space.

I would like to place a special emphasis on the fact that in the current environment, close-knit Eurasian integration has managed to offer tangible benefits to all participating countries, helping businesses generate higher revenue, while also improving the quality of life and wellbeing for the people of our countries.

The key macroeconomic indicators of the five member states have been following a sustained positive trajectory, which speaks for itself. The aggregate industrial output for the Eurasian Union has increased by 1.6 percent, agricultural production was up by 4.6 percent, and there was a 4.2 percent increase in construction. We have been witnessing growth across almost all sectors of the economy.

Last year, trade between our countries reached $95 billion, and its structure is improving with more shipments of high-technology products. Meanwhile, the share of raw materials has been declining in our trade.

We have been consistent in removing trade barriers within the EAEU, and harmonising non-tariff regulations. Our countries are carrying out almost all their settlements in national currencies. Therefore, we have reliably shielded our mutual export and import operations from external influence and negative global market trends.

The participating countries have been taking measures to further harmonise their customs laws. We are about to approve yet another decision on this topic.

Our countries have developed effective value-added chains by expanding their cooperation in manufacturing, while also promoting import substitution, introducing advanced technology and innovation.

The EAEU has launched a mechanism for the concessionary co-financing of promising industrial projects. Loans for these purposes are extended at interest rates considerably below market levels. It is only natural that such a subsidised lending scheme has attracted keen interest from the business communities of our countries. To date, two joint industrial projects have already been actively implemented, financing applications for three have been approved, and a further fourteen are under review by the Eurasian Commission.

The decisions we adopt today will enable us to extend this positive experience to other key areas, including agriculture. This is particularly significant given that food security issues have traditionally received considerable attention within the Eurasian Union. Through our joint efforts, we aim to ensure the independent and uninterrupted supply of essential categories of domestically produced agricultural goods to the domestic market. Another step forward in this direction will be the instruction to be adopted today regarding the common market for agricultural plant seeds.

The Russian side fully endorses the other integration decisions submitted for consideration by the Supreme Council, pertaining to cooperation in the electric power industry, the services sector, and a number of other industries.

Colleagues, we have repeatedly noted that the Eurasian Economic Union and our integration efforts attract considerable attention abroad. This point was likewise underscored during today’s proceedings. Many foreign states and major regional structures, such as the Commonwealth of Independent States, the Shanghai Cooperation Organisation, and the Association of Southeast Asian Nations, have expressed interest in developing ties with our five member states.

For its part, the EAEU remains steadfastly open to mutually beneficial and equitable cooperation with constructive countries and international associations, and the circle of preferential partners of our five member states continues to expand. Last year, trade agreements were concluded with Mongolia, the United Arab Emirates, and Indonesia. Negotiations on trade liberalisation with India have intensified. We fully support the draft decisions to commence negotiations on free trade agreements with new prospective partners. Naturally, we will carefully analyse all aspects of this process.

In conclusion, I would like to express my sincere gratitude to President Kassym-Jomart Tokayev and our colleagues from Kazakhstan for their efforts during Kazakhstan’s chairmanship of the Eurasian Economic Union and for the organisation of today’s meeting.

I would like to emphasise that deepening allied ties with all EAEU member states is a paramount priority for Russia, and we intend to continue contributing in every way possible to the development of integration processes throughout the entire Eurasian space.

Thank you for your attention.

Plenary session of the Eurasian Economic Forum

2026-06-16T19:12:52+04:00

Vladimir Putin delivered an address at the plenary session of the Eurasian Economic Forum.

The Eurasian Economic Forum is held annually in the country holding the chairmanship of the Eurasian Economic Union. It traditionally brings together politicians, heads of major companies, financial institutions, banks, as well as representatives of international organisations and the expert community.

The theme of the 2026 forum is “The EAEU in the Global Digital Race: Focus on Artificial Intelligence.” The programme includes approximately 30 thematic sessions dedicated to current issues of economic cooperation both within the EAEU and with third countries and integration associations.

A Joint Statement on the Responsible Development of Artificial Intelligence within the Eurasian Economic Union was adopted during the Eurasian Economic Forum.

Following the plenary session, the Russian President, together with the heads of delegations taking part in the forum, visited the thematic exhibition ‘AI Development in the EAEU’. The guests were shown displays at five national interactive stands and the Eurasian Economic Commission stand, showcasing each country’s achievements in the digital transformation of economic sectors and the development of artificial intelligence, as well as successful Union-wide projects in this area. The exhibition was organised by the alem.ai Artificial Intelligence Centre.

There were nine delegations, apart from the delegation of the Russian Federation, at the forum. They were headed by President of the Republic of Kazakhstan, Chair of the Supreme Eurasian Economic Council Kassym-Jomart Tokayev, President of the Republic of Belarus Alexander Lukashenko, President of the Kyrgyz Republic Sadyr Japarov, Deputy Prime Minister of Armenia Mher Grigoryan, Deputy Prime Minister of the Socialist Republic of Vietnam Hồ Quốc Dũng, Vice President of the Republic of Cuba Salvador Valdés Mesa, Minister of Industry, Mine and Trade of the Islamic Republic of Iran Mohammad Atabak, Minister of State for Foreign Trade of the United Arab Emirates Thani bin Ahmed Al Zeyoudi, and Deputy Prime Minister of Mongolia Nyamtaishiryn Nomtoibayar. Taking part in the plenary session were also Chairman of the Eurasian Economic Commission’s Board Bakytzhan Sagintayev and Deputy Prime Minister of the Republic of Kazakhstan – Minister of Artificial Intelligence and Digital Development Zhaslan Madiyev, who moderated the discussion.

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Address at the plenary session

President of Russia Vladimir Putin: Friends, ladies and gentlemen,

Before addressing the main topic, I would like to welcome the participants of the plenary session of the regular Eurasian Economic Forum and, of course, to thank President Tokayev for hosting us today in this format and for organising this useful and informative event, as well as the productive and substantive discussion.

Importantly, the forum provides an opportunity for representatives of government, businesses, and civil society to jointly develop new key initiatives for advancing and deepening integration – an integration that delivers tangible benefits to each member state of the Eurasian Union, facilitates economic growth, and improves the wellbeing of our citizens.

This year, our focus is on advanced technology, digitalisation, and artificial intelligence. Considerable progress has already been made in these areas within the EAEU. The Union applies common standards for trade data exchange, has unified digital commerce rules, utilises electronic navigation seals, and operates integrated labour market information systems.

As for artificial intelligence, it constitutes an entirely new, yet highly promising, area of integrative cooperation. These strategic technologies are becoming a crucial factor in ensuring global competitiveness, economic growth, and progress.

The competition for leadership in this field is already intensifying among states and transnational corporations. I would emphasise that Russia – in my view – possesses distinct competitive advantages. First, we fully recognise the critical importance of this knowledge and understand the fundamental principles underlying these insights and tools. Second, we maintain a clear understanding of the opportunities and risks associated with the deployment of these technologies. Third, we possess – as our moderator has rightly noted – intellectual potential. Within the education sector, this process is advancing actively, and our scientific community is prepared to address challenges of this magnitude and complexity. Therefore, Russia possesses the qualified personnel required to tackle these tasks.

Furthermore, the development of artificial intelligence requires the substantial consumption and utilisation of energy. Russia enjoys distinct competitive advantages in this domain. I refer to advanced nuclear energy technologies, encompassing both small nuclear power plants and large units. This is crucial for creating pertinent platforms. We can also utilise other sources, including hydropower, as well as traditional forms of energy. All these resources can be harnessed; Russia possesses clear – and I believe, for this audience, it hardly needs to be emphasised – competitive advantages.

Moreover, the advancement of artificial intelligence tools requires considerable financing. Russia is fully capable of mobilising the necessary volumes of financial resources for this purpose. In this respect, the Russian Federation is one of, perhaps, the few countries that is both capable of creating, and is indeed creating, its own sovereign platforms for the development of artificial intelligence.

However, we fully understand and we are completely aware that collaboration with our friends and partners is of paramount importance. The pooling of efforts can yield substantial outcomes and produce a so-called joint payoff, if I may phrase it thus, in this area, presenting serious challenges for the EAEU countries and our integration process, while simultaneously offering opportunities, as I have previously noted.

The technologies of political life are changing right before our eyes, as the President of Kyrgyzstan has just mentioned. Indeed, the technologies of political life and transmission of information are changing, a fundamentally new pattern of industry is emerging, education and healthcare are being transformed, and the social sphere as a whole is changing. This concerns not only registration and routing of patients. This concerns the very methods of decision-making regarding the treatment of respective illnesses.

The labour market is being restructured. It is quite possible that millions of people will lose their jobs or will be forced to change their occupation. Entire professions may disappear due to the fact that a computer mind will replace a person. In a number of areas related to process automation, documentation preparation and analysis, and software code development, artificial intelligence is already replacing junior staff, and in the foreseeable future it may replace mid-level staff. Such processes are inevitable and irreversible.

Progress does not stand still. We need to be prepared for the upcoming changes, and even better, use them as a driver of accelerated economic growth. Russia has adopted and is implementing national and sectoral programmes aimed at introducing artificial intelligence in various spheres of life. For example, I mentioned healthcare, but you know, sometimes it seems that it was absolutely impossible and unthinkable a short while ago. In Moscow, for example, these tools are being actively introduced in healthcare. The ambulance arrives, the patient is in the ambulance vehicle, and while en route to the hospital, his or her entire medical record is fully formed, in all aspects – where and when the patient was treated, what instruments were used in treatment, which were effective and which were not. When a person arrives at the hospital, everything is already known about him, and the decision has already been made on further actions by the relevant specialists. This fundamentally changes the healthcare itself in this case.

The same intensive work is underway not only in this area but in other areas as well. I repeat once again – it is very important to join efforts, to implement the best practices and replicate them.

On our initiative, an International AI Alliance was created, and an International Conference on Computational Optimisation was established. These entities have brought together business, scientific and academic circles from many interested countries. We also propose to hold a high-level meeting in Russia next year on artificial intelligence so as to discuss cooperation in the development of sovereign artificial intelligence models, the formation of an interconnected infrastructure of computing power and energy facilities, and the adaptation of technologies to local needs.

I have only briefly outlined our approaches to the development of artificial intelligence. Of course, this issue is very multifaceted and requires comprehensive consideration, including on international platforms, as I have already said.

Thank you for your attention.

Meeting of the International Forum Peace and Trust: Unity of Goals for a Sustainable Future

2025-12-13T13:42:30+04:00

In Ashgabat, Vladimir Putin participated in the forum marking the International Year of Peace and Trust, the International Day of Neutrality, and the 30^th anniversary of Turkmenistan’s permanent neutrality.

Prior to the plenary session, the President of Turkmenistan held a welcoming ceremony for the heads of delegations participating in the International Forum, which was followed by a group photograph of the attending delegation heads.

* * *

Remarks at the plenary session of the International Forum themed Peace and Trust: Unity of Goals for a Sustainable Future

President of Russia Vladimir Putin: Mr Berdimuhamedov, ladies and gentlemen,

I am pleased to participate in this forum, which is dedicated to the International Year of Peace and Trust, the International Day of Neutrality, and the 30^th anniversary of Turkmenistan’s proclamation of permanent neutrality.

It is symbolic that on December 12, exactly thirty years ago, the United Nations General Assembly unanimously adopted a resolution formally granting your country the status of neutrality. This day is celebrated in Turkmenistan as a national holiday, and it was precisely this date that, at the initiative of our Turkmen friends, was later proclaimed by the UN as the International Day of Neutrality.

I would like to offer my sincere congratulations to everyone on this significant occasion, to all our Turkmen friends and, of course, first and foremost, to President Serdar Berdimuhamedov, National Leader of the Turkmen people Gurbanguly Berdimuhamedov, and all the people of our friendly Turkmenistan.

Your country’s leaders chose permanent neutrality 30 years ago, and this decision has de facto defined Turkmenistan’s development as an independent and sovereign state, as a state which commands the respect and authority it deserves in Central Asia and around the world. Turkmenistan has been building on its rich historical, cultural and spiritual heritage to develop and succeed in various economic sectors and in social affairs. Your country has a balanced foreign policy and makes a meaningful contribution to strengthening regional and international security and stability, while making serious efforts to foster an atmosphere of cooperation and mutual trust in international affairs.

In this context, I would like to praise the draft Ashgabat Declaration. Prepared by our colleagues from Turkmenistan, it is designed to present the key outcomes of our deliberations at this forum. Of course, Russia supports this document and the way it affirms a commitment to the key principles governing international relations as set forth in the UN Charter. These principles include the commitment to peace and non-interference in the domestic affairs of other countries, respecting the right of countries and their people to choose their own development and growth models, their own worldview, traditions and religion. Let me emphasise that the UN designated 2025, which is drawing to an end, as the Year of Peace and Trust. The United Nations also celebrated its anniversary in 2025.

Established 80 years ago, it has been worthy of its mission. In fact, it presents a unique and often the only mechanism for balancing interests on the international stage and, importantly, for finding coordinated solutions to challenging issues by taking into consideration the positions and opinions of all countries.

We firmly believe that it is precisely within this logic, and based on the principles of the UN Charter, that truly honest, open, and mutually beneficial relations between states can and must be built in this new era of a multipolar world. A testament to this is the strategic partnership between Russia and Turkmenistan, which continues to develop successfully in a spirit of friendship and good neighbourliness.

Bilateral economic ties continue to expand. In the first ten months of 2025 alone, trade turnover increased by 35 percent, a figure that already surpasses the total for the entire previous year. Russian companies are pursuing new investment projects in the Turkmen market, while cooperation in energy, transport and a number of other sectors is being strengthened.

With the active participation of Russia and Turkmenistan, large-scale multilateral economic initiatives are being implemented, including in the Caspian region and Central Asia. The construction of the North–South international transport corridor is underway, bilateral interregional contacts are progressing steadily, and exchanges in cultural, humanitarian, and educational spheres are growing. Particularly noteworthy is the fact that more than 54,000 students from Turkmenistan are currently studying in Russia.

Our countries are engaged in integration processes within the Commonwealth of Independent States. In 2026, Turkmenistan will assume the CIS Chairmanship. In this regard, I wish our Turkmen colleagues every success and would like to assure them that the Russian side will provide all necessary assistance.

In conclusion, I would like to express my gratitude to the leadership of Turkmenistan, President Serdar Berdimuhamedov, and all our Turkmen friends for their warmth and hospitality. Once again, I congratulate everyone on International Day of Neutrality and on Turkmenistan’s Neutrality Day.

Thank you for your attention.

Meeting with President of India Droupadi Murmu and state reception in honour of the President of Russia

2025-12-06T11:11:27+04:00

The President of Russia met with President of the Republic of India Droupadi Murmu. Thereafter, a state reception was held on behalf of the President of the Republic of India in honour of the President of the Russian Federation, which was also attended by Prime Minister of India Narendra Modi.

Speeches by the President of India and the President of Russia at the state reception

President of India Droupadi Murmu (retranslated): Your Excellency Vladimir Putin, President of the Russian Federation,

Mr Vice President,

Mr Prime Minister Narendra Modi,

Ladies and gentlemen,

It is an immense pleasure for me to welcome His Excellency Mr Vladimir Putin, President of the Russian Federation, and members of his delegation.

This evening’s gathering is indeed a momentous occasion, as we celebrate the 25^th anniversary of the Indian-Russian strategic partnership. Its foundation stone was laid personally by His Excellency President Putin during his visit to India in October 2000, and this partnership was elevated to the status of a special privileged strategic partnership in 2010.

The partnership between India and Russia is based on a shared commitment to peace, stability, and mutual socioeconomic and technological development. This year has been particularly fruitful for our multifaceted partnership. Significant progress has been achieved across all spheres – high-level political engagements, trade, economy, defence, civilian nuclear energy, outer space, science, technology, education, culture, and people-to-people ties.

The joint communiqué of the 23^rd India-Russia Annual Summit reflects the unique nature of our bond and provides a comprehensive framework for the further deepening of our bilateral relations.

Ladies and gentlemen,

The dialogue between our two cultures spans centuries, from Russian travellers who visited India and Indian merchants who journeyed to Russia, to the inspiring correspondence between Mahatma Gandhi and Leo Tolstoy, and our mutual admiration for each other’s rich cultural, literary, and artistic heritage.

I am confident that our friends from Russia will recognise several familiar flavours and melodies of our shared cultural legacy during tonight’s dinner. The spirit of the confluence of two great rivers – the Ganges and the Volga – continues to thrive in our time-tested friendship and will guide our cooperation in all spheres.

Your Excellency, tonight is a celebration of the friendship between our two nations, a friendship which has remained steadfast over the years and is destined to flourish for many more to come.

Your Excellency, ladies and gentlemen,

Allow me to extend our warm wishes for the good health of His Excellency President Vladimir Putin, continued progress and prosperity for the Russian people, and enduring friendship between India and Russia.

Thank you.

President of Russia Vladimir Putin: Madam President, Mr Prime Minister, friends,

First of all, I would like to express my deep gratitude to President of the Republic of India Droupadi Murmu, and, of course, to Prime Minister Narendra Modi, as well as to all our Indian colleagues for the exceptionally warm and cordial welcome, for the constructive and open dialogue, and for the fruitful joint work during our state visit.

We sincerely treasure our strong friendship with India. The foundation of this relationship was laid in the middle of the last century, when our country actively supported India’s struggle for national liberation.

Soviet specialists played an important role in shaping the future of the Indian people, assisting in the construction of major industrial, energy, and infrastructure facilities, and contributing to the development of the space programme.

It was 15 years ago, in December, that we adopted a joint statement elevating our interstate relations to a new, even more advanced level of a special and privileged strategic partnership. This strategic partnership continues to develop successfully based on the principles of equality, mutual respect, and consideration for each other’s interests, consistently gaining new, mutually beneficial content.

Our talks with our Indian friends yesterday and today were held in a truly open and constructive atmosphere.

The final policy statement we adopted outlines ambitious plans for future cooperation in politics and security, economy and finance, transport, energy, education, and culture.

I am confident that this document, along with other significant agreements reached, will give a strong impetus to the development of our bilateral ties. Equally important is the fact that Russia and India are working together, shoulder to shoulder, to build a just, multipolar world order.

We firmly believe that such an order must be based on the central role of the United Nations and on a balanced alignment of interests among all members of the international community.

Together with our Indian friends, we coordinate our work within BRICS, which India will chair in 2026, as well as in other multilateral formats.

Overall, we work closely together to foster an atmosphere of security, trust, and peaceful cooperation across the vast Eurasian region: between our countries, among the peoples of this region, and throughout the world.

I know there is a saying in India: “Together we go, together we grow.” These words accurately reflect the spirit, nature, and traditions of Russian-Indian relations. We will do everything to ensure that our strategic partnership continues to strengthen and evolve for the benefit of our two nations.

Once again, I would like to express confidence that we will continue to advance our friendship and our special and privileged partnership, and that our nations will enjoy further prosperity. I wish the friendly people of India wellbeing, and I wish Madam President and Mr Prime Minister good health and every success for the benefit of India and its people.

Russia Calling! Investment Forum

2025-12-03T16:03:38+04:00

Vladimir Putin addressed the plenary session of the Russia Calling! forum.

The 16^th VTB Investment Forum is taking place in Moscow on December 2–3. This year the central theme of the forum is Reaching Higher: Bold Choices for the New Economy.

* * *

President of Russia Vladimir Putin: I would like to bear out what the Minister of Finance has said: we are in favour of competition – I fully agree.

On the whole, regrettably, I will probably have to repeat what has already been said – all the best and most substantive points have already been articulated. Nevertheless, my statement retains its importance, as it confirms the complete consensus that exists in the implementation of our economic policy among the Government, the Presidential Executive Office, and the Central Bank.

The regions of the Russian Federation are not represented here. I can assure you that we work in close contact with the regions, with the business community, and overall, we operate in a sufficiently cohesive and, I believe, effective manner.

First of all, I would like to welcome the participants and guests of the plenary session of the Russia Calling! International Investment Forum. Good afternoon.

As is the good tradition, this event has once again brought together entrepreneurs and investors from dozens of countries for a substantive dialogue on issues pertinent to business and directly influencing the development of trade and investment ties with foreign states.

I am aware that the focus of your attention is on key trends in the global economy and world markets, as well as in Russia’s economy – on the specific tasks we are setting to advance business initiatives in our country, to launch new promising projects, and thereby to expand opportunities for profitable investment across various sectors. I will touch upon these topics briefly in my remarks.

As you know well, the modern world is characterised by high turbulence, largely provoked by the non-competitive practices of certain Western states. Exploiting their monopolistic position in specific markets and in the financial sphere, they impose illegitimate unilateral restrictions, seeking in this way to pressure sovereign states that pursue independent policies. In essence, their aim is to eliminate competitors and to preserve their former privileges in a rapidly changing world – that very slipping monopoly.

In the post-Soviet period, we often stated – and our Western partners at the time were keen to instruct us – that all difficulties should be overcome not through administrative or command methods, but through market mechanisms. Yet the imposition of non-market restrictions is precisely an attempt to preserve those very command methods of managing the global economy. It doesn’t work and it won’t.

Without a doubt, Russia does feel the external pressure, but our country and our economy are successfully tackling these challenges. We will continue to build a sovereign economic policy and to act in the international arena based on our own national interests and needs of the domestic business and our people, to fulfil our obligations to our foreign counterparties, and to advance cooperation with the countries that are interested in interacting with us.

Earlier, I mentioned that countries which act rationally and pragmatically make up the absolute majority. Over the past three years, we have significantly increased our trade with them, primarily our key partners, such as China and India, with which we are bound by many years of friendship and strategic interaction.

There are many representatives of the Chinese and Indian delegations in this audience. I would like to emphasise the fact that we aim to bring cooperation with the People’s Republic of China and the Republic of India to a whole new level and to expand its technology dimension. Numerous joint projects in energy, the manufacturing industry, outer space exploration, agriculture, and other areas are aimed at achieving this goal.

We have established a substantive dialogue on economic matters with President of the People’s Republic of China Xi Jinping. I will also discuss these matters, including expanding Indian imports, in detail with Prime Minister Narendra Modi during the upcoming visit to India. I am sure this import component of our strategy was addressed during this session as well. Considering trade balance-related issues this primarily concerns India

To reiterate, Russia is open to cooperation with foreign businesses in trade, the real sector, and the stock market. Our country offers great opportunities for entrepreneurs and investors, and stable key macroeconomic indicators ensure the safety of such operations.

We maintain a record-low unemployment rate of 2.2 percent. I think I will repeat what has undoubtedly been mentioned here. It was 2.2 percent in September. This figure is low not only for Russia but for most of the world’s largest economies as well.

The public finances remain stable. We made timely decisions regarding both revenue and expenditure of the federal budget. Key priorities, such as social commitments, defence and national security, as well as the objectives to achieve national development goals, have been financed in full.

The budget for the next three years has been drafted to mitigate the impact of external risks and increase the share of non-oil and gas revenues. It remains in line with the budget rules and stipulates a moderate budget deficit. Look at what is happening in some EU countries. We are planning 1.6, 1.3, and 1.2 percent of GDP for the coming years.

What else should be emphasised? Russia’s public debt, as has already been noted, remains below 20 percent of GDP – one of the lowest levels globally. This means that we continue to pursue a balanced, responsible fiscal policy and, together with consistent monetary policy measures, are achieving a slowdown in price dynamics.

In this regard, I want to stress that the decline in inflation has been one of this year’s major accomplishments. While inflation was estimated at double-digit levels in March, it now stands at below seven percent year on year. By the end of December, it is expected to be around six percent, that is, below the forecasts by both the Government and the Central Bank. I know that experts will now begin recalculating the figures using different parameters, but overall, this is the situation as it stands. And we expect this positive trend to continue.

Meanwhile, economic growth is slowing. Over the first nine months of this year, Russia’s GDP grew by one percent, with 0.6 percent in the third quarter. The full-year forecast places GDP growth in the range of 0.5 to one percent. Overall, this is what we expected. From the outset, when the Bank of Russia raised the key rate and the Government adopted its corresponding decisions, we anticipated a “soft landing.”

However, certain imbalances have emerged. In several industries, output this year not only failed to grow but actually declined. Are we satisfied with these trends? No.

Let me remind you that last December, the Government and the Central Bank were tasked with fundamental objectives. These include ensuring a transition to a balanced growth model, maintaining low unemployment and inflation, and simultaneously initiating structural economic changes, taking into account the policy of making our economy more formal and strengthening the competitive environment. We will discuss these matters in detail next week at the meeting of the Council for Strategic Development and National Projects.

First and foremost, we must strive for a more rapid pace of investment growth, increase allocations towards the development of production in the service sector, and launch new projects in industry, agriculture, infrastructure, high technology, tourism, and so forth. Over the past three years, investment has grown at an above-average rate: by 6.7 percent in 2022; 9.8 percent in 2023; and 7.4 percent in 2024. This year, the pace is more modest but remains positive overall.

What is the reason for this? In a number of economic sectors, corporate profits have declined, which is well known, meaning that the companies’ own funds for investment have diminished, whilst the cost of borrowed capital and bank loans – resources that domestic businesses have largely used to finance projects – has objectively risen. These are obvious and understandable factors.

It should be noted that in recent years our financial sector has managed to fundamentally reconfigure its operations – I want to emphasise this point separately – by replacing unreliable external sources of financing with domestic ones. As a result, the external debt of real sector enterprises has almost halved. I will tell you frankly, there was a degree of apprehension initially: would our economy and industry as a whole cope with this transition? They have coped.

Thanks to timely regulatory measures and the accumulated safety margin, the Russian banking sector is now operating confidently and stably. Whereas in 2022 the sector worked with a near-zero financial result, a profit of just 200 billion rubles, in 2023 this figure amounted to 3.2 trillion rubles, and in 2024, to 3.8 trillion roubles. According to the forecast of the Bank of Russia, by the end of 2025, the banking sector will have generated a profit of approximately 3.2 to 3.5 trillion rubles.

I am convinced that it is necessary to enhance the contribution of the banking sector to the development of the national economy, our territories, and residential communities, and to improve the return – the effect for real production – derived from the use of credit resources.

At the same time, it is imperative that bank funds, their profits, and the savings of citizens and companies are channelled towards the realisation of business ideas not only in metropolises and centres of business activity, but across all regions of the Russian Federation. To this end, every constituent entity has already implemented a regional investment standard. Development agencies have also been launched at the regional level. They are engaged in investor support, advising on how to register a land plot, apply for support mechanisms, or resolve infrastructure issues. However, projects, especially large-scale ones, often go beyond the boundaries of any particular region.

Also, in the case of foreign investments, it would be useful to have a federal perspective on where it is most appropriate for foreign partners to implement specific projects and which federal support measures they should use. For such initiatives, I propose establishing a unified investment support ecosystem that would allow entrepreneurs and companies to receive professional advice and assistance throughout the entire project lifecycle, from concept development to full implementation. I propose creating this ecosystem within VEB Corporation, with the participation of the Ministry of Economic Development.

Furthermore, it is essential to strengthen the role of the stock market as a source of investment capital, especially considering the strong interest of both individual and institutional investors in our financial markets.

For example, by mid-year, more than 37 million individual clients were registered on the Moscow Exchange, amounting to nearly half of the country’s economically active population.

Their combined assets exceeded 11 trillion rubles. At the same time, the number of institutional investors receiving brokerage services increased by more than one-third over the year to reach 50,000 with their portfolios exceeding 15 trillion rubles.

Of course, the current economic environment influences the Russian stock market. Its capitalisation has declined slightly and now stands at around 23 percent of GDP.

This year, only three companies have conducted initial public offerings. Among them was DOM.RF Corporation, our leading housing development institution, which entered the stock market. Mr Mutko, I congratulate you on this achievement. I am aware that you and your team conducted extensive work to do this, and it yielded successful results.

Clearly, the Russian stock market has significant room for expansion and new listings. Additional measures are required to increase its capitalisation so that its full potential can be leveraged for the benefit of the entire country. In this regard, I believe I can propose…

First. Investments in bonds and trust units are growing. However, rising debt is not the only instrument for expanding production and launching investment projects. For long-term development, attracting equity capital is essential.

To advance this objective, I ask the Government to develop in the near future a programme for initial and secondary public offerings by companies with public ownership. I also ask the ministries to map out sectoral plans for bringing major issuers to the stock market, providing, of course, specific and effective incentives for businesses that undergo public listing. This includes linking existing support measures to a company’s public status.

To illustrate: a borrower from the Industrial Development Fund, for instance, could become eligible for a reduced loan rate upon conducting an initial public offering, or IPO.

Second. It is necessary to enhance the efficiency and transparency of corporate governance in joint-stock companies so that their shareholders can have confidence in the security of their investments and in receiving a return.

I am aware that the Bank of Russia, together with the Moscow Exchange and with the support of the Ministry of Finance, has launched a shareholder value enhancement programme, drawing on relevant experience from Asian markets.

The programme focuses on the disclosure of key corporate metrics for investors, such as net assets, dividend yield, forward-looking statements, development strategies and so on. Participants in the shareholder value programme will form a pool of companies that will serve as a benchmark for other Russian issuers and as a mark of quality for investors.

I ask the Government to ensure that the largest joint-stock companies with public ownership join this programme by the end of next year, and to align their operational frameworks and management incentive structures with the goal of increasing shareholder value.

Naturally, we must proceed with due care. Ms Nabiullina is nodding her head – she likes it. I like it too. However, under current conditions, we must, of course, assess the actual position of our state-owned companies and fully account for all the challenges they face. Nevertheless, we must advance decisively along this path.

And, finally, third. It is important to further enhance the attractiveness of the capital market, improve investor confidence and provide for cash inflows. An increasing number of our citizens join the long-term savings programme which is an important source of long-term investments. They have already entered into more than eight million such agreements worth almost 560 billion rubles.

A year ago, I issued instructions at our forum to encourage so-called family savings. I can remind you what is all about. If parents open a long-term savings product for their children and invest funds there, then they can get a personal income tax deduction. The tax deduction amount is calculated based on the actual contribution up to 500,000 rubles per parent. So, the maximum amount per family for being eligible to a deduction will make up one million rubles. The relevant amendments have already been made to the legislation.

In addition, employers that co-finance their employees’ savings under the long-term savings programme are entitled to certain benefits. They will become effective starting September 1 next year. So we will see how these novelties can work and how businesses and individuals will evaluate their efficiency. Then, we will either fine-tune these measures or launch additional mechanisms for developing our stock market.

Friends, the feedback and permanent dialogue with the business community and investors is a key condition for improving the business climate and for strengthening investment dynamics as a prerequisite for a robust long-term economic growth. Opinions and proposals from both domestic businesses and our foreign partners, as well as an account of the best foreign practices and the assessment of our own experience, are important for solving the tasks and problems that our business community deems paramount, most important.

It is crucial that the Russia Calling! forum offers an excellent opportunity to hold an open and constructive discussion on all issues. I know that your discussion is very active. I am sure that it is very substantive and useful. I want to thank all of you, especially our foreign friends and colleagues, for being here, for showing interest in working with Russia. I wish you all the best.

Thank you for your attention.

Plenary session of the Russia – Country of Sports Forum

2025-11-07T12:05:28+04:00

Vladimir Putin delivered a speech at a plenary session of the 13^th Russia – Country of Sports International Sports Forum in Samara.

The Russia – Country of Sports Forum was established by Presidential Executive Order of July 27, 2009. This year, its theme is Sport for the Future: Winning Together.

The plenary session was held at the Vladimir Vysotsky Sports Palace.

Following his address, the President reviewed a presentation of a demonstration and educational centre for adaptive sports. Currently under construction in Samara, this facility is being built in fulfilment of the head of state’s instruction issued after the previous meeting of the Council for the Development of Physical Culture and Sport.

The centre’s grounds will feature more than 30 adaptive disciplines, which will help inform and attract a greater number of individuals with disabilities and health limitations to systematic participation in adaptive physical fitness and sport.

Vladimir Putin was given explanations by Pavel Rozhkov, President of the Russian Paralympic Committee, and Yekaterina Leshchinskaya, Chair of the Healthy Fatherland nationwide public movement for the promotion of sports and patriotic education.

Minister of Sport Mikhail Degtyarev presented the President with a unified sports kit for the national teams. The Golden Heritage collection, designed by Bosco, is crafted from domestic materials at a factory located in the Kaluga Region.

* * *

Address by the President of Russia at the plenary session of the 13^th Russia – Country of Sports International Sports Forum

President of Russia Vladimir Putin: Colleagues, ladies and gentlemen, friends.

It is a pleasure to welcome the guests and participants of the Russia – Country of Sports International Forum.

This year, the forum is being hosted by Samara – one of the most beautiful and distinctive cities in our Volga Region, renowned for its achievements and traditions, including in sports. Many athletes whose names are etched in the annals of world sport hail from Samara.

Naturally, a bright chapter in sporting history was written in 2018, when the city hosted matches of the FIFA World Cup, held right here at the Solidarnost [Solidarity] Samara Arena – the main venue of our forum, which has long served as a meeting place for like-minded individuals devoted to sport, its ideals, and values.

These qualities, your readiness for cooperation and dialogue, and your unity in achieving goals are reflected in this year’s forum theme – Sport for the Future: Winning Together.

We all recognise the importance of sport as a universal tool for developing a person’s physical, creative, and spiritual potential, and we understand that many challenges of the modern world can only be overcome together.

Russia, like most nations around the globe, advocates for broad international cooperation based on equality, a strict respect for mutual interests, and an appreciation for national cultures.

Sport has a lofty mission: to unite people and to build bridges between nations. This is one of the essential missions and core values of international sports organisations.

In this regard, I would like to thank our partners for their recent balanced and fair decision to reinstate the rights of the Russian Paralympic Committee.

Our position remains unchanged: athletes’ access to international tournaments must be equal and based solely on their sporting achievements. There is no place for politics in sport.

For Russia, these are not empty words. When preparing and hosting competitions at all levels, we have always warmly welcomed representatives of international sports associations, committees, and federations. We create all the necessary conditions for athletes who, through tremendous work and talent, have earned the right to represent their countries. In doing so, we are guided by sporting principles, not by the state of our political relations with any given country.

I will repeat: sport, along with cultural and humanitarian cooperation, must not become a hostage to conflicts or geopolitical disagreements.

It is worth reminding ourselves that the United Nations’ sustainable development agenda identifies sport as a key factor in achieving goals for healthcare, education, and social integration. Russia fully shares this approach and incorporates it into our own national development goals.

We prioritise developing mass sports infrastructure, making it accessible to people of all ages and abilities. We are building large stadiums and sports centres, as well as smaller facilities for daily use in schools, universities, parks, and courtyards. Russia currently has over 370,000 sports facilities, and we have no intention of stopping there. We will continue moving forward.

Modern information technology is also playing an increasingly important role in developing sports. Alongside traditional sports, new disciplines such as phygital sports and e-sports are gaining popularity both in Russia and globally. We are actively working in this area and are ready to share our experience.

We will continue to pay special attention to engaging children and adolescents in sports. The values and benchmarks instilled in a person at a young age often shape their entire adult life, and fitness and sport are always a path to success.

Friends, I wish you a productive forum and all the very best. Thank you all for being here today.

Thank you for your attention. Good luck and thank you again.

20th anniversary of RT TV channel

2025-10-18T10:42:16+04:00

Vladimir Putin delivered an address at a gala evening held at the Bolshoi Theatre to mark the 20^th anniversary of the RT television channel.

Ahead of the ceremony, Margarita Simonyan, the channel’s Editor-in-Chief, accompanied by participants in the special military operation and journalists, presented to the Head of State an RT film about those involved in the special operation. The President also met with the main characters of documentary films produced under the RT.doc project.

The RT international television channel commenced broadcasting in 2005. Its output is transmitted in English, Arabic, Spanish, French, German, and Serbian. The television network is complemented by multilingual digital platforms. Furthermore, RT maintains a presence on popular social media networks in Chinese and Hindi.

* * *

Address at the gala evening marking the 20^th anniversary of RT

President of Russia Vladimir Putin: Ladies and gentlemen, colleagues, friends.

It is a great pleasure to welcome you to this magnificent hall of the Bolshoi Theatre for the celebration marking the 20^th anniversary of the Russia Today channel.

Today, I extend my congratulations on this milestone to everyone who has worked and continues to work for the television channel, and of course, to Margarita Simonyan – your leader, the steadfast Editor-in-Chief.

Dear Margarita, we all know – and everyone in this team certainly knows – how difficult this period is for you and what your family is presently enduring. Yet at work, you invariably demonstrate courage and resolve. I am confident you will overcome this challenge, too.

Margarita Simonyan: Thank you. I promise.

Vladimir Putin: Your friends, your colleagues – they have always been by your side and will remain so.

These past 20 years represent an entire epoch in the media landscape. Russia Today has matured from a concept into a global brand now recognised worldwide. I thank your dynamic, creative, and close-knit team for the high level professionalism, dedication to your craft and duty. For boldly, selflessly, and persistently upholding the truth in the global information space.

We recall how, in the early 2000s, leading Western media outlets exploited their hegemonic position. Often – or rather, almost invariably – under the guise of objective news, they disseminated content entirely at their discretion, attempting to impose not merely new rules but an entirely new civilisational paradigm based on false moral values into the minds and hearts of millions.

To this day, it remains nothing short of outrageous when terrorists who took hostages and orchestrated deadly explosions in our cities, schools, and hospitals were referred to as “insurgents” on prominent Western channels – as if the world should sympathise with these scoundrels and child-killers.

At that time, it was difficult for us to defend the truth, to uphold an accurate depiction of events, because beyond our borders, we lacked a powerful voice. Let me underscore that Russia’s sovereignty – for which we have fought, continue to fight, and will always fight – depends, among other things, on our ability to deliver objective, unbiased information to people across the planet.

This is why RT had to emerge – and it did, 20 years ago. The company faced a formidable task: to build its operations at a qualitatively new level, both substantively and technologically. I am genuinely pleased that we – that you – succeeded. And succeeded brilliantly: millions of citizens in different countries came to trust you. Moreover, it turned out there was enormous demand for news that differed from the endless propaganda which, frankly, today differs little from the well-worn Soviet-era clichés many in this hall remember. That’s how they work.

This is precisely why, I believe, true professionals, including those from the United States, Europe, and across all continents, wanted to collaborate with you. Not merely collaborate, but work with you. Not because of the money, of course, but above all because you provided these people with a platform to express their views and convey them to millions. That is why we saw among RT’s leading figures the legendary WikiLeaks founder Julian Assange, the global television star Larry King, Ecuador’s President Rafael Correa, and many, many others.

You were rapidly gaining popularity and influence. As a result, your competitors began to envy you, and sometimes, in my opinion, not just envy, but fear you, which is a sure sign that you were one step ahead of them setting the information agenda and doing important and meaningful work. And when you made yourself truly known, those same competitors and the so-called ruling elites behind them showed their true colours. Margarita just told me about this. She regularly updates me on how they tried and continue to try to pin you down on international platforms.

For years on end, they have been lecturing us on how to live our lives, how the media should operate, how to understand democracy and what democracy is, what true freedom of speech is, and convinced us of the importance of competition, pluralism, and so on. What happened to these mentors when RT came on the air and hundreds of millions of people began watching a channel offering a different interpretation of ongoing developments?

The reaction of the elites I have just mentioned was primitive and straightforward: ban, cancel, and block. You know, when I served as director of the Federal Security Service of Russia, I tried to abolish this style of work even in an agency like the FSB. I was of the opinion that we should work more subtly by way of persuasion, we should mitigate threats differently, not the way it used to be done in the Soviet Union, which we referred to as “grab them and hold them back.” This is exactly what is happening, unfortunately, in the information sphere, with regard to your channel.

Accusing anyone of spreading propaganda and disinformation, or interfering in internal affairs does not require much effort. In fact, you were not imposing anything. You were simply offering an alternative and truthful point of view. And in doing so, you were upholding, among other things, the right of your viewers and listeners to choose. But your partners saw the very existence of such a choice as a threat to themselves. Over the years of RT’s development, you sincerely tried to build, and you did build, precisely this kind of partnership with your audiences. And you succeeded. Any monopoly inevitably comes to an end sooner or later, no matter how much those who maintain it pay to preserve it.

Today, in an increasingly multipolar world, intolerance of any sovereign and independent thought is more than just an anachronism. It is a huge obstacle to the development of mutual understanding and trust between peoples, which we all need. And this obstacle, like all others, will, without a doubt, be removed. There is no other way.

For two decades already, including thanks to RT, we have been listening to an entire palette of voices from all over the world. Residents of Asia, Africa and Latin America can now speak out, with your assistance, without regard to the approval by former colonial powers and former colonial authorities. It is very important that the RT TV channel provides its platform to journalists, scientists and experts from all over the world. And the main thing: people of different views, convictions and ethnic origin continue to watch RT and read your social networks despite prohibitions and technical obstacles. Even representatives of Western elites admit that Russia Today has a larger audience than their own TV channels.

Last year alone, the total number of views of the channel projects on social networks reached almost 24 billion and the total audience of the RT channels on the pay television platforms made up almost a billion of viewers. This figure gives us confidence that everything will go on developing in the same vein.

It is clear why. In Europe, in the United States as well as in other countries their citizens seek to preserve their national culture, the memory of generations, and oppose social inequality, destruction of the family institution and encroachments on children’s innocence. All this is consonant with the position of Russia on these issues and largely thanks to RT the world has learnt that our country firmly stands for traditional values and constitutes their stronghold in the contemporary life full of contradictions, conflicts and challenges. And we do not discriminate anybody at that, we do not prohibit anything, including in the areas that I have mentioned. We are simply trying to defend our point of view and our outlook on the modern world and the future.

I am sure that this similarity of views helps people on different continents believe in themselves, their strength and abilities.

It is hard to overestimate the contribution of Russia Today to our common struggle for a fairer and more stable world order, for preserving civilisational diversity, for the consolidation of more and more countries, people and nations around these creative ideas.

I would like to stress: you are performing difficult and intense work in your area both for the future of our people and for the future of millions of people on the planet, who are striving for real, genuine freedom.

Friends,

Journalists, camera operators, and colleagues from RT’s other media projects are consistently at the epicentre and forefront of events – perpetually on the frontline, both literally and figuratively. Fearlessness and a steadfast commitment to the truth are the defining qualities of the channel’s staff. We have witnessed this in Iraq, Syria, across the Middle East, and in various other conflict zones. Today, in the special military operation zone, you continue this tradition. Risking your lives, you report on the heroism and deeds of our soldiers and commanders.

There are countless examples demonstrating that RT employs individuals who are true to their profession, devoted to their Homeland, and unwavering in their convictions. Even foreign nationals – of whom there are many within the channel – while defending their own beliefs, assist in promoting these ideas in their own countries and among their own communities. They act with absolute honesty and openness.

Just before arriving here, onto the historic stage of the Bolshoi Theatre, we met and conversed with your colleagues working in the combat zone, filming documentaries about the heroes of the special military operation who are present in this hall. I would ask you to give them a special welcome. What was so striking? Both the fighters who have returned from the frontlines of the special military operation and the journalists working for the channel appeared as one family – because they are all courageous, heroic individuals fighting for their convictions. This is the true value of your work.

Friends,

Twenty years represent a significant milestone in the journey of your channel and your remarkable team. The world is changing rapidly: technology is transforming journalism. Social media sets new rhythms, and audiences increasingly consume news in digital formats. You are successfully meeting these challenges, remaining bold, open, and creative. RT possesses the most essential assets: experience, a professional team, and the trust of its viewers. RT fosters a free-spirited atmosphere, with many young people who represent the future, and, undoubtedly, new victories lie ahead.

I wish you continued growth, the discovery of new formats and themes in the fierce battle for hearts and minds. To prevail in this struggle, you must continue wielding your secret strategic weapon – high-precision, intercontinental in its reach – the truth.

The voice of truth, the voice of Russia, must resound loudly, confidently, and persuasively!

Happy anniversary! Happy birthday!

Margarita Simonyan: You mentioned, by the way, Rafael Correa – he is now in this hall.

Present in this hall are our friends, our colleagues from every continent, from a vast number of countries, who have come to congratulate us, including people whose ancestors would be proud of them, I’m sure. Here, for example, are descendants of Charles de Gaulle and Otto von Bismarck; here is the son of the current President of Nicaragua; there are members of the European Parliament – though I do not know what will happen to them when they return, yet nevertheless they made it here. I want to thank everyone.

I want to express a tremendous thank you, Mr President, to you for rightly noting that we work based on our convictions, that we defend our beliefs. It is a privilege to have the opportunity not merely to lie on the sofa and grumble, but to work for one’s convictions. This privilege we have thanks to you. I remember when you appointed me 20 years ago – it seemed to me the world had gone mad, and the main task was not to disgrace myself. It was impossible to imagine, firstly, that all this would be created, and secondly, that it would grow into such a colossal enterprise.

I want, in your presence, to bow. To bow to the people who work for RT – these are thousands of people who risk their lives. Yesterday, our colleague from Rossiya Segodnya was killed; a second is in critical condition, and doctors are now fighting for his life. This, unfortunately, is news that has become routine for us, it is part of our professional life. When we enrol in journalism school and receive our diplomas, we understand what we are signing up for. And yet, each time, it is always a tragedy.

What you all endure – what we endure when they fight us, as you rightly noted, Mr President – well, it rather makes us laugh. We are Russian people, even if some of us are Armenian. We grow tougher, as they say. So, it only makes us more spirited.

All the sanctions, the inability to travel somewhere, to watch something, to speak with someone – it is all such insignificance to us compared to the incredible honour and pride of serving our Motherland! Thank you, from the bottom of my heart, for this.

I congratulate everyone!

Plenary session of the 10th Eastern Economic Forum

2025-09-08T15:32:38+04:00

Vladimir Putin took part in the 10th Eastern Economic Forum.

In 2025 the Forum is held under the motto “The Far East: Cooperation for Peace and Prosperity.”

Taking part in the plenary session were Prime Minister of the Lao People's Democratic Republic Sonexay Siphandone, Prime Minister of Mongolia Gombojav Zandanshatar and Vice Chairperson of the Standing Committee of the National People's Congress Li Hongzhong. The day before, the President held bilateral meetings with each of the three officials.

* * *

Plenary session moderator Maria Rybakova: Mr Putin, honourable guests, good afternoon.

I also extend my greetings to the participants of the forum, the audience and the early risers in the western part of our country who have woken up to watch our plenary session.

Our guests of honour will deliver their statements soon. But first, if you don’t mind, Mr Putin, I would like to steal the spotlight for a moment. Just a couple of minutes to say a few words of explanation.

I should say straight away: I am not an economist. I am a news presenter with a legal education who lives in Moscow. In short, I am oriented towards the humanities. But I also go shopping quite often, and I am someone who pays attention to prices, which, frankly, sometimes surprise me. I really know very little about economics, and you know, sometimes when you are looking for answers, you go on a video platform – which, as you know, now runs a bit slowly in Russia – and there, economists tell you that everything is bad: inflation is rising and the budget has been stretched to the limit. Then you go on another platform, and there, other economists tell you that everything is fine, everything is great, that there are breakthroughs ahead, we will beat everyone, and so on.

Like any other Russian citizen, I have a question: Mr Putin, which of these economists should we trust?

President of Russia Vladimir Putin: You know, I have already answered questions of this kind. Don't take anyone at their word. The truth is, you should proceed from your own experience, rather than seeking the opinions of those who like to voice their views online. Instead, I suggest you consult the opinions of experts if you truly want to get to the essence of the issue that concerns you. I am not saying anything revolutionary here.

But even among specialists, views differ. The questions you have raised only appear simple on the surface. Take prices, for example. Rising prices are, essentially, inflation. The Central Bank is working to curb this inflation and bring it back to the well-known and necessary target of no more than 4–5 percent. But this requires keeping the key rate high, which raises concerns for those engaged in real production. Many people here in this hall will no doubt say: “This is unacceptable, it is impossible, the key rate must be sharply reduced.” But if that happens, prices will only rise further.

So the only thing I can say is this: I want to assure you that Russia’s financial authorities – the Government of the Russian Federation and the Central Bank – are acting professionally. We have always, and I want to stress this, always proceeded from the principle that a stable macroeconomic policy is the foundation for developing the Russian economy and, consequently, the social sphere. We have pursued this course for many years, at least a decade and a half, and it has consistently delivered positive results, creating the conditions for the country to move forward. I am confident this will be the case again.

Maria Rybakova: Thank you very much.

Perhaps my introduction was a little scattered, but the main point I wanted to make is this: today I would like us to talk about the economy not in abstract, highbrow terms, not about institutional economics, but about the economy that matters to ordinary people in Vladivostok, to a typical family. That is the kind of economy that concerns me, and people like me.

Let me briefly explain how we will proceed, what the format will be. I think everyone here is familiar with it. First, we will have the official part, with speeches by our distinguished guests, including Mr Putin. After that, we will move on to the Q&A session. I very much hope it will be a real discussion. I am not sure how it will unfold, because it’s not easy to argue with Mr Putin, but I will do my best.

I will now give the floor to the president of the country hosting this forum. Mr Putin, you have the floor.

Vladimir Putin: Mr Sonexay Siphandone, Mr Zandanshatar, Mr Li Hongzhong, ladies and gentlemen,

Allow me first to address the Russian part of the audience. I would ask you to extend a warm welcome to all our international guests. For my part, I wish to express my gratitude to our foreign colleagues for coming here, showing an interest in working with us, and devoting their valuable time to this forum.

Russia and Vladivostok once again are hosting participants and guests of the Eastern Economic Forum, with representatives from more than seventy countries around the world.

This year, the forum is being held for the tenth time. Let me remind you that the very idea of establishing it coincided with the launch of a new stage in the development of the Russian Far East. This major undertaking is aimed at creating broad opportunities for citizens, for young people, above all for businesses, to fully unlock the resource, industrial and logistical potential of this strategically important region of Russia, and to improve the quality of life for its residents.

Today’s anniversary forum is not only an opportunity to take stock of the joint efforts of government bodies, entrepreneurs and public organisations, but also to outline the next steps – our long-term plans for the Far East. These plans concern strengthening its role both in Russia’s national economy and in international relations, above all in the rapidly growing Asia-Pacific region.

As you know, the development of the Far East and Siberia has been designated as Russia’s national priority for the entire 21st century. This was announced in the Address to the Federal Assembly at the end of 2013.

Subsequently, the legal framework was formed and updated, and a whole range of instruments to support business was introduced, including advanced special economic zones, the Free Port of Vladivostok regime, preferential arrangements for the Kuril Islands, and the establishment of a special administrative district on Russky Island.

Ambitious plans have been rolled out to strengthen transport, energy and utilities infrastructure. Decisions have been made to support housing construction, renovation, and the development of social facilities: schools, kindergartens, clinics and hospitals, and sports complexes.

All these measures are united within the large-scale State Programme for the Development of the Far East. It sets ambitious targets for accelerated economic and technological growth and for improving the wellbeing of the population across the Far Eastern regions of the Russian Federation.

These efforts are delivering results. In recent years, the Far East has taken a leading position across many key indicators – first and foremost economic ones – outpacing Russia’s overall growth rates.

Over the past 10 years, the gross regional product of the Far East has increased more than 2.5 times, from 4 trillion rubles to 11 trillion.

During this time, 20 trillion rubles were invested in the fixed capital of Far Eastern companies and enterprises. A quarter of this amount was channelled into projects with state support in such sectors as mining, oil and gas chemistry, construction and others.

Let me name the leading regions in terms of fixed capital investment over these 10 years: Yakutia, with 4.5 trillion rubles, Amur Region, with 4 trillion rubles, and Sakhalin Region, with 2.6 trillion rubles. Together, these three account for 55 percent of all investment in the Far Eastern Federal District.

The investment dynamics in the Far Eastern regions are such that, in real terms, their volume last year was double that of 10 years ago. For comparison, across Russia as a whole the figure was 1.5 times higher. That, too, is a good result. But still, the Far East has done better.

Per capita, investment in the Far East today is twice as high as the national average.

What does this mean? It means that not only is a modern industrial base being formed, but in fact a new industrial map of the region is emerging. Thousands of new growth points have already appeared, including world-class enterprises such as the Baimsky mining and processing plant in Chukotka, the Udokan Copper project in the Trans-Baikal Territory, the gas processing plant and petrochemical complex in the Amur Region, the Nakhodka mineral fertiliser plant, the Zvezda shipbuilding complex in Primorye, the hydrometallurgical plant in the Khabarovsk Territory, and many others.

The growth of business and entrepreneurial activity, along with the expansion of economic opportunities in the Far East, forms the foundation for the region’s future development. It is important to maintain steady progress in its traditional sectors, in areas that are already on an upward trajectory, to develop infrastructure and logistics links, to ensure reliable supplies of affordable and clean energy, and, of course, resources.

I should also note that the Far East’s resource base and mineral extraction are expanding. Over the past decade, coal and gold production in the region has grown almost 1.7 times. This has been made possible in part by the declarative principle of subsoil licensing, which has enabled greater private capital involvement in geological exploration, significantly increasing the number of newly discovered deposits, including major ones such as the Lugokan gold and copper deposit in the Trans-Baikal Territory and the Roman gold and silver deposit in Yakutia.

I will separately touch on the issue of rare earth metals, which are used in high-tech industries, instrument-making, nuclear technology, electronics and other spheres.

These resources are often accumulated in dumps during the development of deposits, including here in the Far East. There is a system for registering these resources. They can be extracted and effectively used with the development of new technologies. I spoke about the launch of such programmes at the St Petersburg International Economic Forum.

At the same time, we should regularly review these valuable components throughout the production chain, including at the stage of their reprocessing and export in the form of concentrates. In addition, we must introduce advanced technologies for enriching and processing rare and rare earth metal ores. We must also encourage demand for them at new industrial facilities in Russia.

Some months ago, in February, we agreed to approve a long-term plan for the development of the rare earth metals industry. I would like the Government of the Russian Federation to do this no later than November this year.

Next, a meeting on the development of the energy complex of the Far East was held on the eve of this plenary session. Many of you have likely taken notice of it. It is clear that the demand for electricity in the region will increase with the development of the economy and the social sphere. Consequently, we must plan the construction of energy facilities so that they meet the growing demands of businesses, cities and villages, and the people. The focus is on the expansion of gas and modern coal generation, as well as using the huge potential of hydropower generation.

The hydroelectric power plants on rivers in the Far East are a low-impact electricity source, and new ones must be built. Their construction implies modern engineering and technological solutions, and our leading company in this field, RusHydro, has the necessary experience and groundwork. However, it is obvious that the development of hydropower generation calls for major investments.

Relevant instructions have been issued. I hope that the Government and our colleagues in the regions will continue to give special attention to the development of small and large hydroelectric power plants. I would like to emphasise that we are not only talking about the economic aspect. Responsible water use, maintenance of perennial runoff, and flood prevention are integral parts of the development of hydropower generation that have a direct impact on the environment, agriculture and the safety of cities and towns.

Rivers in the Far East are also natural transport arteries connecting territories and ensuring deliveries to cities and towns within the framework of the northern supply.

In this context, a separate issue is logistics. In recent years, the load on the transport system of the Far East has grown significantly. The region’s ties with foreign countries are being strengthened. All of this requires the upgrading of road and rail arteries, the expansion of seaports and the creation of modern transport hubs with automated warehouses and digital cargo processing.

We will continue modernising the Eastern railway network – the BAM and the Trans-Siberian Railway. By 2032, their carrying capacity should be one and a half times higher than at the beginning of this year.

It will also be necessary to further expand the railway links to the seaports of the Far East, which are developing dynamically, primarily through private investment. Over the past 10 years, port capacity in the region has effectively doubled. Today, it stands at almost 380 million tonnes of cargo per year.

According to the current federal project, the Far Eastern ports’ capacity should increase by a further 115 million tonnes of cargo per year by 2030.

In the Far East, transport bridges to China have already been built: the Nizhne-Leninskoye-Tongjiang and Blagoveshchensk-Heihe bridges. Plans also include the construction of new bridges, including one to the Democratic People’s Republic of Korea across the Tumannaya River, which is scheduled to open next year. It is essential to actively develop transport and logistics hubs in the vicinity of these bridges to make full use of their capacity. In addition, border crossings are being modernised. This task has also been set, as it is of considerable importance: a single transport artery is not enough, and appropriate administrative logistics are required.

I would also add that airports in every region of the Far East are being upgraded. They now handle more than 14 million passengers a year, including tourists, who are increasingly visiting these remarkable and beautiful places.

In this context, I would like to note the initiative of VEB.RF. Master plans have been prepared for the development of twelve new all-season resorts in Primorye, Sakhalin and Kamchatka. This will allow the number of tourists visiting these regions to almost double over the next ten years.

I would also highlight such landmark developments as the restoration of flights between Vladivostok and Pyongyang following the COVID-19 pandemic, as well as the launch of direct air services between the capitals of Russia and the Democratic People’s Republic of Korea. The flight on this route took place at the end of July. A month earlier, direct train services between Moscow and Pyongyang were resumed. I am confident that these measures will contribute to the further rapprochement of our countries and the establishment of stronger ties.

Of course, a particularly significant topic for the Far East, for our entire country, and for the whole Eurasian continent is the development of the Trans-Arctic Transport Corridor. It runs from St Petersburg through Murmansk, Arkhangelsk, and the Northern Sea Route, all the way to Vladivostok.

We see that interest in this route is growing, both from Russian companies operating in the Arctic and from foreign carriers. And this is not just about individual, one-off shipments, but about forming a stable cargo base.

We will develop the Trans-Arctic Corridor.

We often speak about the Northern Sea Route. But if you have noticed, I specifically said – and continue to say – Trans-Arctic Corridor, because we have concluded that we need to operate on a larger scale, and that this artery must function as part of a complex system with all the territories adjoining the Northern Sea Route and their capacities.

So, this is a comprehensive system that should integrate maritime, rail and road transport. It will allow us to use the potential of our largest rivers, such as the Ob, Yenisei, and Lena. Everything must work as a single, unified system.

Our task is not only to establish reliable and safe sea routes in the Arctic and enable year-round operation of the Trans-Arctic Corridor. There is also work, as they say, onshore: developing communications and navigation, ship servicing systems, and emergency and rescue infrastructure. And, of course, this includes modernising seaports in the Arctic and the Far East.

Incidentally, just yesterday, the multimodal hub Artyom was opened here, in the Primorye Territory. It handles containers arriving both from abroad and from Russian regions, and it is expected to improve the efficiency of northern supply deliveries.

It is very important that similar modern transport and logistics centres develop in our country, that there are more and more of them, and that cargo delivery and handling become faster and more efficient. And I would like to emphasise that it is precisely at such points, in logistics hubs, that advanced technologies, including unmanned systems, should be applied.

Next, the Trans-Arctic Corridor must primarily operate in the interests of the domestic economy and our regions of the Far East, Siberia, and the Arctic, taking into account cooperation between them and opening new opportunities for business. Here, I would like to underline two potentially significant directions for development.

First, the creation of modern shipbuilding centres. They should be capable of producing the full range of vessels needed for the route, from tugs and supply ships to bulk carriers and ice-class gas carriers, as well as ultra-powerful icebreakers.

Second, to increase the efficiency and resilience of the Trans-Arctic Corridor, we need to provide direct access for cargo from Siberia and the Urals to Arctic maritime routes.

I ask my colleagues in the Government and the Russian Maritime Board to assess the feasibility of these proposals and provide their recommendations.

Back in the day, mechanisms that were advanced and innovative for our country, such as priority development areas (PDAs), gave a strong boost to economic growth and private initiative in the Far East.

As you may recall, the law on PDAs was adopted in late 2014, and the mechanism was launched in 2015. The goal was to create truly globally competitive environment for doing business in the Russian Far East. Therefore, we developed PDA arrangements based on the best business and investment climate practices, including from the Asia-Pacific region.

What benefits does this mechanism provide today? Our colleagues are well aware of them in general, but I would like to go over them for our guests. These are, first of all, low insurance premium rates (7.6 percent for 10 years). The federal revenue tax will be zero for five years. The regional revenue tax will amount to anywhere from zero to five percent in the first five years, and ten percent in the next five years. The subsidised tax rate on mineral extraction is provided. In addition, the PDAs provide for a free customs zone, as well as reimbursement of a portion of the expenses involved in building infrastructure and issuing low-interest loans to businesses.

The reason I am dwelling on the PDA terms in such great detail is because they are unique for business, and not only in our country, but in many other countries around the world as well, for our colleagues and friends from other countries.

PDAs have proven their effectiveness. They have helped launch numerous investment projects, systematically support entrepreneurs and companies at the most important stage during construction, setting up the production cycle, and reaching design capacity. In the Far East, 18 PDAs have been created employing over 300 residents, who have invested almost four trillion rubles and created 95,000 new jobs. The Government has made several decisions to expand the boundaries of specific PDAs to accommodate new projects.

Based on existing successful experience, I propose taking a radical step and, as the saying goes, seamlessly, while keeping the terms and conditions for the existing investors unchanged, launch a single preferential regime for business throughout, I emphasise, throughout the entire Russian Far East and the Arctic. This work must begin on January 1, 2027.

The task is to simplify the use of support measures for entrepreneurs, companies and their new projects. In other words, investors should have access to incentives wherever they take their money, in every Far Eastern or Arctic region, city and town.

I would like to point out that the launch of the single preferential regime will preserve all the terms extended to investors in priority development areas. They do not have to worry that anything will be changed spontaneously. This also concerns the residents of international priority development areas. This instrument stipulates even longer-term profit tax privileges and the so-called grandfather clause – not everyone in the hall knows what it is, so I will explain this term. This clause precludes any changes in the terms of operation for up to 15 years and stipulates an individual approach and support for each investor, including foreign companies.

The legal framework is ready, and international priority development areas will start operating in the Transbaikal Territory, the Amur Region, the Jewish Autonomous Region, and the Khabarovsk and Primorye territories on January 1, 2026. We invite all interested partners to take advantage of this opportunity.

Regarding the single preferential regime for the Far East, I would like to say this: the list of incentives, their precise parameters, deadlines and industry focus will be determined by the Government together with our colleagues in the Far Eastern entities of the federation. But there are some fundamental issues I would like to point out.

Using the results achieved in the mining and processing industries and solid infrastructure, we must start a new development stage in the Far East, shaping an economy of the future, radically improving living conditions in cities and towns, training in-demand professionals and launching high-tech projects. This is the essence of the new stage. We must turn the entire territory of the Far East into a hub for high-tech projects. It is a vast territory with a sparse population and large areas where people can be employed. We must use modern methods for the development of this territory.

National projects to ensure the country’s technological leadership have already been launched. On the basis of each of these, I instruct the Government to prepare and approve an appropriate development programme for the Far East and the Arctic by the end of the year.

For a technological breakthrough, a genuinely bold approach to regulation and the legal framework for business operations is required. These must give the green light to innovation, stimulate the development of cutting-edge solutions, and facilitate their implementation in pilot and subsequently serial production, as well as in the social sphere and everyday life.

For instance, an experimental legal regime is already in effect on Sakhalin. It allows for the accelerated testing of unmanned technologies. I instruct the Government to create conditions for their widespread application on agricultural lands, in environmental protection and natural resource management, as well as at industrial and logistics sites. Why should unmanned technology not be developed in such areas? There are none of the risks that might arise in densely populated regions of the country. Moreover, life itself demands the use of such technologies. Take, for example, forest fires that break out hundreds of kilometres away from the centres responsible for responding to them. Unmanned technology is perfectly suited for use in these vast areas.

There are other opportunities for applying modern technologies across these vast territories. This is precisely where they should be deployed. However, this requires a corresponding workforce. What must be done to ensure such a workforce? Conditions must be created so that people can live here, so that they want to live here. Social infrastructure must be developed, cultural facilities must be enhanced, and so on. Otherwise, there will be no workforce, and consequently, there will be no people capable of advancing these technologies. This is a comprehensive task.

It is evident that such solutions will be in demand not only on Sakhalin but also in other regions of the Far East, including the Amur Region, the Trans-Baikal Territory, Chukotka, and so on.

In this regard, I consider it possible to extend the experimental legal regime for unmanned systems to all Far Eastern regions and expand it primarily to include such areas as the use of digital platforms, artificial intelligence, and data exchange.

In June, at the St Petersburg Economic Forum, I spoke about the importance of leveraging the advantages of electronic marketplaces. Within the framework of the experimental legal regime, I propose utilising the infrastructure of domestic information platforms for state and municipal procurement in the field of education.

There is more to it. The Russian Far East must become an advanced digital development region, especially in data circulation. Of course, this circulation should take into account matters of confidentiality and security. We talk about this all the time. We will definitely revisit this topic at the artificial intelligence forum, which will take place closer to the year end. I look forward to the Government preparing corresponding proposals.

Next up, to develop and master technologies and to establish modern production facilities, at least 100 industrial, business and technology parks with the proper areas and utilities will have become operational in Russia by 2030. At least ten such parks will need to be created in the Russian Far East and the Arctic regions. I am confident that their state-of-the-art infrastructure and capabilities will be popular with the start-up companies that are implementing promising projects and, among other things, planning to manufacture products that are designed to replace foreign analogues, including construction materials, and medical and transport equipment, to name a few.

In order to promote the development of domestic production facilities, conditions must be met for a wider use of the so-called offset contracts, when investments in new factories, workshops, or enterprises are guaranteed by state orders. It is likewise important to expand the practice of interregional offset contracts, under which production facilities open in one constituent entity of the Federation, and products manufactured under guaranteed orders are shipped to more than one region.

Financing innovative ideas and technological projects is a separate issue. Private investors and venture investment have a greater role to play under these arrangements than the state. The Voskhod Fund, which has supported about 40 companies in robotics, medicine, and space technologies, is a compelling example to back up this point.

I am asking our colleagues from the Government to carefully review the experience of this Fund and to help scale up its activities to include our technological leadership projects. Please focus on this.

In general, I believe a transparent, modern, and effective financial ecosystem must be created in the Far East. The Eastern Exchange, which is, for all intents and purposes, a Far Eastern stock exchange, is operational. I suggest working out plans for further expanding it, including financial channels, regulatory framework, and incentives for placing corporate shares.

Colleagues, developing the Far East and the Arctic, and building the economy of the future should improve the well-being of the people, increase their incomes, and lead to structural changes in employment in favour of high-skilled and well-paying jobs. This is the underlying logic and the core meaning of the strategy that we are implementing in these regions and throughout the country. To reiterate, the Russian economy must become an economy of high wages. This is not an empty phrase, not some kind of populist rhetoric. There is economic sense to it.

Over the past ten years, the average salary in the Far East has increased by 2.5 times. As of the end of last year, it exceeded 100,000 rubles per month in nominal value. The unemployment rate in the region went down from 7 percent to 2.4 percent. The poverty rate is down across Far Eastern constituent entities of the Federation. Indeed, in most of them it is still higher than the national average, and there is room for improvement. However, overall, I emphasise, the dynamics are good and positive. On average, the poverty level in Russia decreased from 11.3 percent to 7.2 percent from 2014 to 2024. Among the Far Eastern regions, poverty is below the national average in some regions, namely, 5.3 percent on Sakhalin, 5.9 percent in the Magadan Region, and 4.4 percent in Chukotka.

We remember how, amid economic headwinds and challenges in the social sphere in the late 1990s, people began to leave the Far East. It was a truly threatening trend, and reversing it was a challenge. But we are getting there. Gradually, we are getting there.

I will give you some telling figures. Since 2014, the migration outflow in the Far East amounted to 211,000 people over five years, but it decreased to 109,000 people in the next five years, which is also a lot. But it was down almost by half. Moreover, 2024 saw a migration influx, albeit a small one at 24,000 people. Not many, indeed, but the very fact of trend reversing was a major achievement.

Particularly important is the fact that young people from all over the country headed to the Far East. Since 2015, an influx of young people aged 20 to 24 has been noted for nine years in a row. Last year alone, it more than doubled compared to the year before that.

This means that you can go there to get an interesting profession, find a well-paying job, settle down, solve housing issues, start a family, and raise children. The future of our country is being created in the Far East. Young people sense it, see it, and react accordingly.

We will continue to improve the system of general and higher education in the region, encouraging it to adjust to the personnel demands of enterprises and organisations, and to take into account potential changes in the employment market due to the development of new forward-looking economic sectors.

We have agreed to open university campuses in Yuzhno-Sakhalinsk, Petropavlovsk-Kamchatsky, Yakutsk, Khabarovsk, Blagoveshchensk, Ulan-Ude and Chita, to build the second phase of the Far Eastern Federal University campus and to establish world-class campuses in the Arctic, namely Murmansk and Arkhangelsk. In other words, we will create all the necessary conditions for receiving a quality modern education.

Of course, it is necessary to support not only those who plan to move to the region but also those who were born and are living and working here, making the Far East and consequently, the whole of Russia stronger and better.

We must ensure a sustainable improvement in the standards of living for people and families in the Far East. This is a crucial aspect and the basis for creating an economy of the future.

Regarding housing affordability, urban development, the environment and the social sphere, the standards in the Far Eastern regions must rise above the country’s average within a decade.

As you know, master plans for 22 Far Eastern cities and agglomerations have been prepared with this aim in view. They include the economic development of residential areas and are designed to create a modern and truly comfortable living environment, with renovated housing and utilities, developed public spaces, parks, boulevards, children’s playgrounds and sports grounds, and a modernised social sphere.

These master plans are being implemented. To date, over 160 facilities have been built in accordance with them, including an embankment and a children’s technology park in Komsomolsk-on-Amur, a stadium in Ulan-Ude, and a roofed skating rink in Nakhodka. A shipyard has been modernised, an embankment has been built and a park has been laid out in Yakutsk. The construction of the Kamchatka Region Hospital has been completed.

It is clear that the successful implementation of these master plans depends on interaction between local authorities, including proper regard for governance elements in the urban agglomerations that comprise several municipal areas.

I would like to ask the Government, working jointly with local colleagues, to test the mechanisms of such interaction in the Vladivostok City Agglomeration, with the results of this experience formalised by 2030.

By the end of this decade, within the framework of the Far Eastern and Arctic master plans, more than 600 facilities are to be put into service. In their development, it is important to apply advanced solutions, both in design and in construction.

Next, for the financing of the master plans, we have agreed to create special sections in the national projects specifically dedicated to the Far East and the Arctic, and to allocate 5 percent of the expenditures of relevant state programmes in the social sphere, infrastructure and other areas to master plan initiatives.

I ask the Ministry of Finance to note that these decisions have been made. Yes, there is work to be done, and all of these programmes need to be carefully reviewed. But I ask that 5 percent be allocated here unconditionally, to address the tasks facing the region.

In addition, at the last Forum, I instructed that a separate limit of treasury infrastructure loans be allocated for the master plans of Far Eastern and Arctic cities. By 2030, 100 billion rubles will be directed to these purposes, primarily for the construction and upgrading of infrastructure.

Projects from the regions are already being selected locally and reviewed by the Government. I want to emphasise that resources for them are allocated to the Far Eastern regions in addition to the existing instruments of the so-called infrastructure menu. These include funds from the National Wealth Fund, the issuance of infrastructure bonds, and financing under the Modernisation of Utilities Infrastructure and Housing federal projects. All of this is an important contribution to the development of housing construction in the Far East and to improving housing availability for Far Eastern families.

If in 2015 the region completed the construction of 2.9 million square metres of housing, last year the figure stood at 4.7 million. The Far Eastern Quarter mechanism, with incentives for developers, played a role here. And, of course, the Far Eastern and Arctic mortgage programme with a low rate of 2 percent – originally covering young families, families with children, and participants in the Far Eastern and Arctic Hectare programmes – also contributed.

More than 165,000 loans have already been issued under this mortgage programme. We have extended it until 2030, and expanded it to include participants in the special military operation, employees of defence industry enterprises, doctors, and education workers. Specific age limits have been applied to these categories.

I would like to make an important clarification. The opportunity to receive a mortgage at a 2 percent rate should be available not only to teachers, but, I emphasise, to all employees of state and municipal educational institutions in the Far East and the Arctic. I ask the Government to make the necessary amendments to the regulatory framework. These are funds that, even under current conditions, are quite manageable, and I ask that this be done.

I also propose using the Far Eastern and Arctic mortgage programme for the secondary housing market as well, not just primary market, but specifically in those urban areas without blocks of flats, where developers do not offer anything. Of course, the year of the construction and the condition of the buildings will need to be assessed before a mortgage loan is issued. I am asking our colleagues to have a careful look into that.

We have discussed this in relation to other regions. Subsidised arrangements must definitely be allowed on the secondary market. Well, what if no new housing is built there? Please work it through. This decision must be made.

The housing issue is the key to improving the demographic situation. Families in the Far East are paid one million rubles for the third baby, rather than 450,000 rubles as in the rest of the country, which makes perfect sense. All of that together produces the result that I just talked about. Young people are coming here.

Initially, this support mechanism was introduced in the Primorye Territory, and then in seven more regions. Twenty-five percent more third and subsequent babies are born into Far Eastern families than the national average. It is also a telling indicator. Since this payment of one million rubles is used to pay off mortgage loans, I think the right thing to do is to make the Far Eastern and Arctic mortgage programme available to all families in the region with three or more children. To reiterate, to all large families, regardless of the age of the parents. We had a cap of 35 years. But now women give birth at 35, 40, and even older. God bless them. The more babies we have, the better.

Of course, Far Eastern families, families with children should be provided with social facilities such as outpatient clinics, kindergartens, schools, and hospitals.

Building such facilities at the expense of businesses, or more precisely, strategic partners that carry out major investment projects and conduct large-scale production operations in a particular population centre is a popular approach in remote Far Eastern urban and rural areas.

As a reminder, last year we agreed to create such a convenient mechanism, so that businesses could use their own funds to build social facilities when they are building their production facilities. They would build social facilities concurrently and then transfer them to regional or municipal authorities and have their expenses reimbursed. How will the reimbursement work? By way of future tax deductions when an enterprise becomes operational.

I would like the Government and the VEB.RF corporation – Mr Shuvalov, please note that – launch this tool widely and use budget resources that are set aside to cover investment tax deductions. Without a doubt, public-private partnerships and concessions should be used widely as well.

In this regard, I count on VEB’s energetic participation in further improving concession and PPP mechanisms. I am talking about creating a national standard and financing model in this area, which should ensure transparency and a common understanding of the terms of public/private partnership in socially important projects. This is a simple mechanism, and there is nothing important here. The budget will not be overly burdened by it. It is a quite feasible project.

Colleagues,

The Russian Far East and the Asia-Pacific region as a whole is an area of dynamic change and burgeoning growth. We should maintain high rates of positive change, improve the structure of the domestic economy, increase the technological efficiency of all spheres of life, and more effectively use the resource, production, logistics, and research potential that the Far Eastern regions and the country as a whole possess.

To be able to do this, we need to widely implement bold innovative solutions. All of that must be reflected in the regulatory framework and business environment, as we continue addressing issues that define the quality of life of our citizens. All of that should be done in a timely manner.

Such approaches have proven themselves in the Far East and the Arctic. We will continue developing them and adjusting them to the needs of people and the needs of businesses and regions. We will use them to ensure Russia’s national interests.

Of course, the success of this work largely relies on a systematic and comprehensive approach, the ability to look forward, to see prospects, to set big goals, and to set the plans to achieve them. Based on the outcomes of this forum, I am asking the Government to approve a long-term Strategy for the Development of the Far Eastern Federal District to 2036. Please do that within the next 12 months.

Much is being done in the Far East and the Arctic, and a lot more will need to be accomplished. Importantly, and I want our foreign friends to hear me, we are open to everyone who is willing to take part in this work.

Thank you for your attention. Thank you.

Maria Rybakova: Thank you very much, Mr Putin.

I have a quick question to follow up on that. The Far East will be just fine near-term and long-term as well. We can breathe a sigh of relief.

Traditionally, we have two main economic forums in Russia: the Far Eastern Forum, which has always been oriented towards Asia and the Pacific region, and the St Petersburg Forum, which, I think, has always served as a platform, or a small window to Europe.

If you look at our main symbol – the double-headed eagle – it also looks to the West and to the East. You had quite a fulfilling trip to China for the SCO summit. One can get an impression that the eagle is now looking to the East with its both heads.

A group photo of you, Xi Jinping, and Narendra Modi has made it to tabloids around the world. It was dubbed a new alliance of the elephant, the dragon and the bear. My question is: what place does the bear have in this alliance? What is it in this group?

Vladimir Putin: A bear is a bear.

Maria Rybakova: But bear is a fairly tough animal, Mr Putin.

Vladimir Putin: You just said that our eagle is looking to the East and to West. But there is also South.

Maria Rybakova: Alright, let us say the eagle is looking southeast.

Vladimir Putin: I have discussed this issue with my colleagues many times. What I was saying is that our interaction, our expanded interaction and joint work with our friends from the Asia-Pacific region and the Global South has nothing to do with the current political developments.

Look, President Xi Jinping and I took up this major effort 20 years ago. It has nothing to do with the current circumstances, but is related to our respective national interests. Our economies are complementary, we are neighbours, and we share many common interests, common approaches, and common values. To be sure, traditional values.

We, in Russia, knew the inner workings of the global economy. What are they? The whole world knows well that it is growing at a fast pace featuring new areas of focus and growth points. Naturally, we are guided by this, all the more so as we enjoy excellent neighbourly relations with many countries, including the People’s Republic of China, India, and Indonesia. Please note the pace of growth in these countries: Indonesia has almost 300 million people. That is quite a market.

There are small, but rapidly growing countries, such as Malaysia, Thailand, and Vietnam, with which we have had special relations for decades. Why would we not put all of that to good use? It is a natural thing to do. This is not a pivot anywhere. It is simply an answer to objective processes occurring around the world and in the global economy.

We have never refused to cooperate with those who wish to work with us, including in other countries across Asia. At the moment, I simply do not want to put anyone in a difficult or awkward position. Companies from certain countries that face some problems due to the current political circumstances have not left our market; they are still there, they continue to operate and even seek to expand cooperation.

For political reasons, many European companies have exited – yes, at a loss to themselves. We are aware of this and remain in contact; many are eager to return as soon as political restrictions are lifted. We do not turn our backs on anyone. Contrary to suggestions that we are “looking elsewhere,” we are not… Our foreign and economic policies remain stable and predictable.

In my view, this represents a clear competitive advantage, as stability is crucial for business. We have not turned away anyone or forced anyone out. Those who wish to return are always welcome, but based on the conditions that are developing at the moment.

Regarding the dragon and the elephant dancing together – this analogy was originally made by President Xi Jinping, not me – later the bear was added. The bear, of course, symbolises Russia. But we are staying in the Far East, and here we also have the world’s largest tiger – the Ussuri tiger, which is a Russian tiger.

Maria Rybakova: Continuing with the theme of returns:

Overall, it seems to me that there is a global trend towards protectionism. In other words, it appears that many countries prefer focusing inward, supporting domestic business rather than attracting external competitors. I want to emphasise that this is just my observation and my opinion – I am not an economist and would like to hear your opinion.

What do you think: is this policy, which seems to be actively pursued in some countries, beneficial or not?

Vladimir Putin: This approach is harmful, both to those who adopt it and to the global economy and international trade. It fosters separatism, both regional and national. Nothing positive comes from pursuing such a policy, as today’s world is highly interconnected and driven by possibilities and technological development. Isolating oneself within a purely national framework is difficult and counterproductive, as it inevitably undermines competitiveness.

We proceed from the fact that Russia is open to cooperation with all countries of the world, and above all with those who are willing to work with us, with our friends. At the same time, we are not shutting ourselves off from anyone. I believe the vast majority of those who are present here, if not everyone, will agree with me: such openness is beneficial to everyone who adheres to this point of view and this policy.

Maria Rybakova: Thank you.

Vladimir Putin: As they say in such cases – thank you for your support.

Maria Rybakova: Exactly. Thank you for your support.

Next, I would like to turn it over to the Prime Minister of the Lao People’s Democratic Republic. Mr Sonexay Siphandone, please come up to the podium. You have the floor.

Prime Minister of the Lao People’s Democratic Republic Sonexay Siphandone (retranslated): Your Excellency Mr Putin, President of the Russian Federation.

Ladies and gentlemen.

It is a genuine joy and honour for me to participate in this forum. I was very happy to receive an invitation from President Putin and to come to Vladivostok. This is my first time in this city.

On behalf of the Government and the people of the Lao People’s Democratic Republic, I would like to express my sincere gratitude to His Excellency President Putin and the Government of the Russian Federation for the warm welcome extended to me and our delegation.

I would also like to thank you for the excellent organisation of the 10^th Eastern Economic Forum. I am absolutely sure that this forum is an important driving force in promoting cooperation in the sphere of economy, social development, and cultural interaction. This forum contributes to improving the quality of life in the Russian Far East and in the Asia-Pacific region as a whole.

Our meeting today clearly demonstrates Russia’s leading role as it strives to promote international cooperation within bilateral and multilateral formats. This also applies to political and economic interaction, as well as to promoting innovative technologies and designs.

Today, we have found ourselves in an extremely difficult situation, where changes in the international arena are absolutely unpredictable due to the geopolitical situation, with existing problems, primarily caused by protectionist measures that some countries are introducing in an attempt to compete and even hinder the growth, accelerated growth of other countries.

This is aggravated by a number of other problems, including natural disasters, climate change, exceedingly rapid development of modern technologies, and innovative technological solutions, especially the introduction of artificial intelligence.

We are facing the problem of instability on the energy and raw materials markets. Food also poses certain problems. We are witnessing crises in this area as well.

These problems must be solved in order to ensure global peace, prosperity and stability now and in the future. In order to solve all these problems, we must cooperate. We must use the existing consultative, multilateral and bilateral mechanisms that are based on the principles of mutual respect and compliance with international law. This is an important mechanism that often requires certain reforms in order to properly reflect the current situation and to meet its challenges.

The theme of this year’s forum is “cooperation for peace and prosperity.” This choice is highly relevant in today’s circumstances, because without peace, prosperity cannot be achieved. Conversely, without prosperity, peace cannot be truly sustainable or lasting. That is why we must work together to ensure that the concepts of prosperity and peace go hand in hand.

Your Excellency, ladies and gentlemen,

The Far East brings together a number of countries with enormous potential. We can see that the Russian Federation plays a key role as a driving force for strengthening cooperation in this region, both in bilateral and multilateral formats.

Above all, associations such as BRICS, the Asia-Europe cooperation framework, the SCO, and others contribute significantly to advancing regional economic cooperation. These formats are based on the principles of mutual respect and the independence of their members.

Laos also seeks to promote cooperation within the framework of open and inclusive mechanisms. We believe that only through such cooperation can we find effective solutions to modern challenges. It is essential to make use of international mechanisms that continue to remain relevant in addressing these problems.

For the Government of the Lao People’s Democratic Republic, it is essential to create a more favourable economic environment for attracting investment and expanding trade.

Among other measures, we are working to establish and develop special economic zones and industrial parks across the country. We have also eliminated unnecessary bureaucratic barriers in order to make the process of attracting direct foreign investment as comfortable and transparent as possible.

We have also updated the investment law, introducing a number of provisions that make investing in our country more attractive to both domestic and international partners.

Our focus is on the most promising sectors: agriculture, renewable energy, geological exploration, manufacturing, pharmaceuticals, education, technology, services, tourism, transport, infrastructure projects, and logistics.

I would also like to stress that Laos is the only ASEAN member state without access to the sea. This makes it especially important for us to maximise the advantages of our strategic geographical position. Our goal is to ensure connectivity through land transport routes and thereby contribute to the development of logistics across the region as a whole.

Our government makes considerable investment in infrastructure and the construction of high-speed railroads across the entire country. We also continue to extend transport and logistics connectivity with friendly countries to become a regional hub for investment and trade. Tourism obviously plays a major role in that respect.

It is thanks to such policy and measures that the Lao People’s Democratic Republic has earned trust and recognition at regional and international platforms. I would like to note that Laos held the 2024 ASEAN presidency during which we identified nine priority tracks.

All of them concerned the promotion of greater connectivity and sustainability of the region built around ASEAN’s three major principles. We had a very fruitful ASEAN presidency, and we remain loyal to the declared principles, namely, the principle of ASEAN’s central role.

Today we can safely say that ASEAN is a community which has proved its commitment to peace and regional cooperation, acting invariably in the spirit of mutual assistance, in accordance with the path ASEAN has chosen.

Therefore, the Lao People’s Democratic Republic believes that enhancing ASEAN requires the promotion of economic cooperation and connectivity in the overall region. We will continue to augment regional integration and connectivity.

Your Excellency,

ladies and gentlemen,

The Lao People’s Democratic Republic is open for cooperation with all countries to achieve the goals of promoting peace, stability, prosperity and wellbeing in the region and worldwide.

It is in this spirit that I would like to invite you all to visit Laos so as to learn about our rich culture and beautiful nature as well as to see your potential in fostering cooperation and making investment in our country.

Also, on behalf of the Government and the people of Laos, I wish every success to the 10^th Eastern Economic Forum here in Vladivostok. I hope it will remain a venue for free exchange of opinions, for cooperation and building a future where all countries have equal opportunities.

I would like to express my sincere gratitude to President Putin, and thank and congratulate him on the successful holding of the forum.

Your Excellency, ladies and gentlemen, I wish you all good health and successful performance of all your duties.

Thank you for your attention.

Maria Rybakova: Thank you very much for your kind words. Thank you for the invitation, I will gladly accept it as I have never been to Laos.

In addition to what you have told us now, I would like to separately discuss an amazing thing. You are now the biggest exporter of electrical power. You are even nicknamed as a Southeast Asia battery.

How did you manage to increase it in such amounts so fast? Respectively, we may also learn on your example, the more so as Vladimir Putin said we must also build hydroelectric power stations and increase the fuel and energy complex in every possible way.

I beg your pardon, we have technical issues with translation.

Mr Putin, I will have to ask you then. Yesterday, you had a major meeting, where you discussed the fuel and energy complex in the Far East, and the importance of investing in expanding it.

My main question is where will the money come from? We are talking enormous amounts of funds, the volumes are large, and the goals you have set are, let us say, quite serious.

Vladimir Putin: Money is always important, but not the main thing. The main thing is to properly organise work, to identify priorities, and to establish interaction between various entities that have been assigned a common task.

This common task is for the regional authorities to, on the one hand, come to terms with investors and, on the other hand, investors must guarantee – some of our colleagues present here, for sure, are planning to do something – and these investors must guarantee the consumption of this energy, meaning that those who will produce it must be sure that as they invest money in creating energy capacities and grid facilities, their efforts will not be in vain, and things will not hang up after they spend their money.

The first thing that needs to be done is to organise joint work, and then to look for the latest technologies and investors who are ready to use these technologies in conjunction with the oversight organisations in charge of monitoring the fragile ecosystem of the Arctic and the Far East. This is the common task.

In that case, money will not be a problem, because the invested funds will pay back quickly. Ultimately, this will benefit the budget as well, since it will receive more tax revenue from the effective and competently organised work at new enterprises.

Maria Rybakova: What about supporting the industries? I mean the coal industry which is going through difficult times. You mentioned gas yesterday and said that we may face gas shortages in the Far East and volumes must be increased. How do you see solutions to these problems in these particular industries and who should we start with?

Vladimir Putin: You mentioned coal miners, who, like you said, are going through difficult times. Times are difficult in the sense that our coal mining industry is large, and the situation on international markets has changed, but we must largely focus on the domestic needs and the domestic market. This is my first point.

Second, to reiterate, we possess large amounts of coal in the Far East that will last 900 years. In order for us to use them effectively, we need the latest technologies. This is what we need to focus on in the first place.

If the domestic market consumes the volumes we need, we will be able to use it effectively, and we will simply have no difficulties with the situation on international markets, since it will be irrelevant. We will then be able to regulate the work of all industries, including coal mining, in the ordinary course of business. This is what we should strive for, and this is one of our critical goals.

The situation on international markets matters, no doubt about it, and we must take it into account. But in order to be more flexible and more sustainable, we must rely primarily on the domestic market.

Maria Rybakova: Thank you.

I would like to invite our next speaker. Prime Minister of Mongolia, Gombojavyn Zandanshatar, you have the floor.

Prime Minister of Mongolia Gombojavyn Zandanshatar (retranslated): Esteemed President of the Russian Federation, Mr Putin,

Esteemed Prime Minister of the Lao People’s Democratic Republic Sonexay Siphandone, esteemed Member of the Politburo of the Central Committee of the Communist Party of China Li Hongzhong!

Ladies and gentlemen!

Allow me to extend my greetings.

Mr Putin, I would like to sincerely thank you for your kind invitation to participate in the Eastern Economic Forum, which grows in significance and scale with each passing year. It is a great honour for me to take part in the jubilee tenth Eastern Economic Forum as the head of the executive power of Mongolia.

The regular assembly of the Eastern Economic Forum, along with its discussions on key issues of international and regional economic development, investment, infrastructure, energy, and environmental cooperation, is of great importance for shaping the future trajectories of our countries. This has firmly established the forum as a vital mechanism for dialogue in the Asia-Pacific region. I am confident it will continue to serve as an authoritative platform for meaningful discussions.

This year’s theme – Far East: Cooperation for Peace and Prosperity – is both timely and highly relevant. I believe that our deliberations here will help chart new avenues for joint development.

Amid large-scale political, social, and economic changes on the global stage, our countries are facing complex challenges in the social and economic spheres, including rising prices and persistent logistical and financial difficulties.

I am confident that the Far Eastern region – home to the majority of the world’s population and accounting for one-third of global GDP – will play a decisive role in the future. For this reason, Mongolia is keen to deepen trade and economic ties and to expand investment, particularly with the states of East and Southeast Asia.

Along with our geographical advantages, Mongolia boasts abundant natural resources as well as a young and skilled workforce. The Government of Mongolia has been pursuing consistent policies to harness these assets, attract investment, and foster trade and cooperation, and these efforts are already delivering results. Over the past three years, our economy has grown at an average annual rate of six percent, contributing to the region’s stable development.

The Government will continue its work on diversifying the economy, strengthening macroeconomic stability, creating a favorable business climate, and enhancing the openness of foreign trade.

Ladies and gentlemen,

We are currently celebrating the 80th anniversary of the end of the Second World War, an event that has been ingrained forever in the history of humankind including the peoples of Mongolia, Russia and China.

Our countries, eternal neighbours and strategic partners, keep strengthening and fostering bilateral and trilateral relations, overcoming all barriers, as we are set on expanding mutually beneficial cooperation.

Ten years ago, the three countries’ leaders signed a roadmap of cooperation between Mongolia, Russia and China, and identified the priorities of trilateral interaction. Several days ago – in fact, three days ago – the leaders had a meeting in China to discuss further cooperation plans.

I want to stress that Mongolia is ready to actively participate in the alignment of the Steppe Road Initiative, the Eurasian Economic Union, the Belt and Road Initiative, and also to promote and deepen the implementation of the economic corridor with Russia and China. We will ensure stable and fruitful participation on this track.

The programme of establishing an economic corridor Mongolia-Russia-China designed to develop and enhance comprehensive cooperation within the strategic partnership between Mongolia, Russia and China, will definitely enhance political trust, attract investment and contribute to regional integration. In this context, Mongolia has always had highest regard for the significance of and prospects for the 33 projects of the economic corridor. We believe that laying foundations for mutually beneficial cooperation, especially in road transport, helps attract investment from international banks and financial institutions. Regular trilateral meetings on the implementation of these projects also promote their advancement.

The parties have also agreed in principle on another major project – construction of a gas pipeline across the territory of Mongolia. I would like to declare with full responsibly from this rostrum that the Mongolian government is committed to rendering every possible support to this mega project. We believe this project will unveil new economic opportunities, will be beneficial for the environment and strategically important. It will become a project of great significance for trilateral cooperation.

Esteemed Mr Putin, I express sincere gratitude to Alexei Miller for this project. Thank you.

In addition, our countries are also discussing an upgrade of the central transport corridor connecting our three nations, setting up new railway interchanges and the development of cross border checkpoints which meet international standards. These are all strategically important and economically advantageous projects. We think the implementation of these programmes and projects contributes to expanding trade and transport links between Russia, China, Asia and Europe and also steps up regional cooperation.

An interim agreement on free trade between Mongolia and the Eurasian Economic Union and its member states was signed at the meeting of the Eurasian Economic Commission Supreme Council in Minsk last June. Under the agreement, tariffs were cut on 367 goods and temporary customs duties on some goods were completely scrapped, which was in important step forward in regional economic integration.

Ladies and gentlemen,

The Eastern Economic Forum will help open up new opportunities to fight crises in the Far East, Asia and the Pacific Region, invigorate regional cooperation in the economy and other areas, and also launch new important joint projects and programmes.

We are totally ready to expand cooperation and to advance the development of the region together. Over the past time, we have initiated a multitude of programmes and measures to enhance integration. Stepping up these efforts, filling them with new content will definitely serve our common interests.

I wish all the participants of the Eastern Economic Forum success, achievements in work, and good health.

Thank you.

Maria Rybakova: Thank you very much.

I have a follow-up question. Mr Gombojavyn Zandanshatar, you mentioned the Power of Siberia. Mongolia took an active part in the SCO Summit when a trilateral meeting was held.

I have the following question – I was looking for information which was not available until now – will you buy our gas or will you render transit services only?

Gombojavyn Zandanshatar (retranslated): We are engaged in trilateral efforts to lay that gas pipeline from Russia across Mongolia to China. At present, all technical and economic aspects have been completed, including research.

It is a large-scale trilateral project. The parties agreed in principle on laying this gas pipeline.

I can say with all responsibility that we are fully prepared for the construction. We attach great importance to laying this pipeline in a proper way. At today’s meeting with Alexei Miller we had a detailed discussion of all the relevant issues, how to implement this project efficiently and without any failures, and also to ink a trilateral intergovernmental agreement.

Mongolia is not only a transit country. It can also buy and consume natural gas, connect its big cities to this gas pipeline, that is, build a gas distribution network. It will contribute to industrial development and mitigate environmental disasters such as winter smog in Ulaanbaatar, and will offer new opportunities for Mongolia’s economy. It will become a strategically crucial natural resource to solve current issues. Under the project, 50 billion cubic metres of gas will be transferred by that pipeline annually. It is evidently one of the biggest projects of the century. I believe it will also involve a lot of organisational efforts.

I would like to thank and congratulate everyone on this project.

Maria Rybakova: So are you ready to buy gas?

Gombojavyn Zandanshatar: Research work is currently underway. The devil is in the details, that’s why more research and discussions are needed.

Maria Rybakova (addressing Alexei Miller): I ask you to place it on record, Mr Miller, that I have just reached an agreement, as it appears.

Mr Putin, obviously, the next question is a logical follow-up on our discussion of the Power of Siberia. The memorandum has been signed and caused a stir. Everybody had a sigh of relief, as it seemed to me. The term of the agreement is 30 years. I have not seen the specific price. As I understand, it must be a commercial secret, yet they say that the prices will be lower than in Europe, at least.

There was a Soviet joke that we are giving our oil to Europe through “Friendship.” What do you think, are we going to give the “power” of our Siberia to China?

Vladimir Putin: This is a mutually beneficial project.

As for prices, they are based on the market and are actually estimated using the same formula as for Europe. The formula is the same but its components, the prices of various products, which make up the gas price, they are simply different in different regions of the world. The prices in Europe differ from those in Asia. And the formula to determine the price is the same, it is absolutely market-based.

We had long talks and every time when participants in the economic activity are talking and trying to find a solution – and most of the people here are like those – everybody understands well enough: this is not an easy process yet everybody is striving to reach the result both negotiating sides are interested in.

Gazprom and its Chinese partners have reached such a result in the course of their years-long efforts. I can only congratulate them all once again. It is really one of the major energy projects in the world.

Maria Rybakova: Thank you.

Since we have approached the energy projects anyway, I still want to listen to the story about how Laos managed to make such a stride. I want to ask how you could become the main power source? I understand that our technical issues have now been resolved. Mr Sonexay Siphandone, please tell us the secret of your energy market. How did you manage to achieve such great results? Why does everybody want to connect to your power source?

Sonexay Siphandone (retranslated): Thank you very much for your question.

This is a very important question. We consider the electric power to be a priority area for us, like oil and natural gas. The thing is that we are a country that purchases 100 percent of its oil and gas, and for this reason the electric power is important for us, and it is also green power. Our government encourages a broader use of electric power.

We also regard the development of hydropower engineering as a priority, as we have abundant water resources and many rivers in our country. All this allows us to build a large number of hydroelectric power plants. Ninety-five percent of the energy that we produce comes from hydropower engineering. The total capacity exceeds 12 million megawatts. We plan to increase this figure to 30 million megawatts.

Still, given the climate changes and other calamities, the problem looks still greater for us, especially during the rain and draught seasons. This is why we resort to other, alternative energy sources. Specifically, we use wind and the solar energy.

We would like to thank President Putin, after our President visited Russia at the end of July. During the talks, peaceful use of nuclear energy was discussed, as well as the use of nuclear energy products in medicine. We talked about cooperation in agriculture. I firmly believe that cooperation with the Russian Federation will make it possible for us to develop our energy sector, and it will develop in a more stable manner. Moreover, we will ensure stability in the production and consumption of energy.

Of course, we cannot speak for entire Asia, but given our development priorities, we focus on advancing technology and science. We are creating a network of metadata centres to develop the ICT sector, and all of this requires energy. Therefore, we give priority to meeting domestic demand for energy and then export energy to neighbouring countries.

We are developing a power transmission network in order to cover more Asian countries.

Previously, we exported electricity to Vietnam, Cambodia, and Thailand. We also exported electricity to Singapore and Malaysia. Nowadays, we are beginning the second stage of all these projects. Yes, these are all priority areas for us, but, I repeat, energy must be provided first for our own domestic consumption and also meet the needs of neighbouring countries if we export this electricity there. There are very good prospects for our sector. I have just described them.

Thank you.

Vladimir Putin: We are discussing cooperation in the Asia-Pacific region. You keep bringing me back to cooperation, say, with our friends and allies in the People’s Republic of China. We have not yet talked about India: there are many plans there, too. But the Asia-Pacific region also includes, say, the United States. And there are many interested parties there who want to resume or begin new work with us.

We are talking about the Asia-Pacific region. We have received excellent proposals for working with US companies in Alaska: they have resources there, and we have technologies for extracting and liquefying gas that are much more effective than those that some of our American partners have. They know this, and at the level of economic players, companies are ready for cooperation. It does not depend on us. We are also ready, but if any political decisions are made there, we will move in this direction, and we can work together in the Arctic, too.

By the way, we have already discussed possible work in a trilateral format on some of our Arctic fields with our Chinese friends. In fact, all these options are being discussed, they are on the table. We only need a political decision. This is possible, and cooperation in both gas and oil would be mutually beneficial.

Maria Rybakova: Mr Putin, what do you think is the obstacle now preventing us from starting this as soon as possible? What is putting spokes in our wheels?

Vladimir Putin: This is not a question for me. We are not putting spokes or anything in any wheels.

Maria Rybakova: I see.

Vladimir Putin: Initially, you asked about our eagle, which is one of our symbols. It looks in one direction and in the opposite. Look at the eagle now. Did we turn away from anyone? No, we did not turn away from anyone. The eagle continues to look both ways.

Maria Rybakova: Thank you.

I would like to give the floor to Li Hongzhong, member of the Politburo of the Communist Party of China Central Committee and Vice Chairman of the Standing Committee of the National People’s Congress.

Please, the floor is yours.

Li Hongzhong (retranslated): President Putin, Prime Minister Siphandone of Laos, Prime Minister Zandanshatar of Mongolia.

Ladies and gentlemen, friends,

I am delighted to meet you all in Vladivostok, the pearl of the Russian Far East, at the 10th Eastern Economic Forum.

This year marks the Forum’s tenth anniversary. A decade ago, thanks to the initiative of President Putin and his personal support, the Forum’s remarkable journey began here.

Over the past nine years of dedicated work, the Forum has grown into a vital platform for fostering cooperation in the Far East and advancing regional development.

It has become a powerful driver for unlocking the potential of the Russian Far East and strengthening the economy of Northeast Asia.

Over the past nine years, we have witnessed not only the growth of the Forum, but also remarkable progress and breakthroughs in the history of China–Russia relations. Under the strategic guidance of President Xi Jinping and President Vladimir Putin, political mutual trust has deepened steadily, while comprehensive cooperation between our two countries has continued to expand.

The breadth, depth, and high quality of our bilateral cooperation reflect the vitality of interregional ties and exchanges. In this context, I would like to highlight the strong momentum of cooperation within the Northeast China – Russian Far East framework, made possible by the personal attention and efforts of our two heads of state.

For many years, China has remained the largest trading partner and leading external investor in the Russian Far East. In 2024, trade under the Northeast China – Russian Far East framework reached $105.8 billion, representing 43 percent of total bilateral trade and serving as a key driving force in China–Russia economic relations.

Ladies and gentlemen,

Friends,

This year marks the 80^th anniversary of the Chinese People’s War of Resistance Against Japanese Aggression, the Great Patriotic War, and the world war against fascism. Eighty years ago, in the face of the evil forces of fascism, China, the Soviet Union, and other peace-loving countries and peoples stood firm in defending historical truth and justice, and delivered a decisive rebuff.

China and the Soviet Union, as the principal theatres of World War II in Asia and Europe, endured enormous sacrifices and made a historic contribution to the victory in the world anti-fascist war.

In May and September, Chinese President Xi Jinping and Russian President Vladimir Putin took part in the celebrations of the victory anniversary in Moscow and Beijing. They defended the outcomes of World War II and the principles of international justice while calling on the entire world to remember history and open a path to the future.

Ladies and gentlemen,

Friends,

Today, the world is undergoing profound and accelerating changes. Global challenges are not diminishing, and the lack of global governance is becoming increasingly acute. Many issues transcend the internal affairs of individual states and cannot be resolved by any country alone.

Just a few days ago, President Xi Jinping put forward an initiative on global governance at the SCO Plus meeting. This initiative focuses on the vital question of what kind of global governance system should be created, and how it can be reformed and improved.

This represents China’s vision for effectively addressing global challenges and deepening international cooperation. It reflects the expectations of many stakeholders, demonstrates the responsibility of a major power, and expresses its desire to build a community of shared destiny for humankind.

China and Russia are influential powers and constructive forces supporting global strategic stability and advancing global governance. We are ready to fully leverage the advantages that our two neighbouring countries enjoy, and to strengthen close and united cooperation with all regional partners, including Russia, in the spirit of joint consultations, joint construction, and shared benefit. Together, we can move toward a bright future of peaceful development and mutually beneficial cooperation. In this context, I would like to offer the following opinion.

First – peace and stability contribute to development. Peaceful, stable and prosperous Northeast Asia meets the interests of all the countries in the region and is a common dream of its peoples. China has long been pursuing the path of amicability and establishing neighbourly, partner relations with adjacent nations, supporting the countries of the region in selecting a development path consonant with their national realities. We are ready to deepen mutual political trust and alignment of interests, jointly safeguard the regional stability and respond to common risks and challenges.

Second – openness and tolerance contribute to prosperity. As the Chinese adage goes, ‘Openness leads to progress while isolation – to lagging behind.’ Amid current globalisation, none of the countries is progressing alone. We back up an open, transparent, inclusive and non-discriminatory multilateral trade system and advocate the creation of an open-type regional economy, unlocking the potential of natural peculiarities and the geographical advantages of the world’s countries. We are ready – through joint consultations, joint construction and joint use – to strengthen cooperation in production and supply chains, remove protectionism, assist in the free movement of capital, market and technologies for the sake of economic integration in the region.

Third – reciprocal exchange and assimilation contribute to cementing mutual understanding. Spiritual bonding of nations is a foundation for friendly relations between our countries. Our countries are bonded by common mountains and rivers, our cultures influence each other. Our peoples maintain close ties while our friendship is rooted in the past.

We need to continue this friendly timeline, deepen reciprocal exchanges and training, enhance cooperation in tourism, education, youth affairs, culture and art. We need to make people’s trips easier so as to foster neighbourliness and friendship.

Ladies and gentlemen,

Friends,

A Chinese adage says, ‘When everyone’s efforts are joined, victory is inevitable.’ Peace and prosperity in our region are inseparable from each party’s efforts. China is ready “to open its doors” so as to share new development opportunities with all countries of the world on the basis of the news results of China’s modernisation and China’s greater openness.

We are ready to promote neighbourliness and friendship, strengthen mutually beneficial cooperation for the sake of joint usage of the results of the development of all the region’s countries for our wonderful common future.

I wish all the participants fruitful work. Thank you for your attention.

Maria Rybakova: Thank you very much.

Right after your remarks, I would like to touch upon your meeting yesterday, which focused on Russia’s reciprocal decision to abolish visas. We discussed this earlier, and you mentioned during your visit to China that China introduced a visa-free arrangement for Russians.

My immediate question is this: While expanded tourism will certainly benefit both countries’ economies and cultural ties, the main concern remains, Mr President, which is the matter of payments.

For example, I want to visit China as a tourist, but I don’t have a Visa card, and my Mastercard is blocked here. I got a UnionPay card issued about three years ago, but it no longer works. Today, very few banks can issue such cards, and those that do are ruble-based, meaning payments are made in rubles. The only option is to carry cash and exchange it or find a more creative solution. Unfortunately, I haven’t mastered cryptocurrency yet.

Are there any preconditions for making the system of payments between our countries more transparent and accessible?

I would like to pose the same question, in turn, to Mr Li Hongzhong.

Vladimir Putin: First of all, I would like to emphasise that the decision by China’s political leadership – clearly made at the highest level – allowing visa-free entry for Russian citizens into the People’s Republic of China came as a complete surprise to us. We had no prior knowledge of it, and it was especially welcome.

Naturally, this decision is a strong sign of friendship, which we deeply appreciate. It will undoubtedly lead to a significant increase in mutual travel, create more favourable conditions for businesses, and further strengthen the ties between our two countries. This is simply self-evident.

To travel to any country, including China, an ordinary person usually needs to visit several authorities, submit documents, and go through various formalities. Now, with this visa-free arrangement, one can simply board a plane and fly – no bureaucracy. Right? This will undoubtedly bring our two countries closer together. Naturally, we will respond in kind to this gesture of friendship and adopt the same measures.

Regarding tourist travel, it is true that the system of payments needs further improvement. We are working on this intensively. Our financial institutions of the highest level are attending to this matter, along with commercial banks.

I do not want to make more comments at the moment, so as not to create any difficulties for future decisions. This is also connected with the need to respect the interests of financial institutions operating under sanctions pressure. Nevertheless, possible solutions do exist.

We are perfectly aware that steps must be taken for tourists to have as few difficulties as possible. They can certainly use our Mir payment card, and similar Chinese instruments. These payment instruments can be aligned, third countries’ bank cards can also be used. I assure you that the central banks of both countries are working on this and will find a solution.

The heads of the financial institutions discussed all these issues in my presence and in the presence of President Xi Jinping right now, during our delegation’s visit to the Chinese People’s Republic. They are maintaining a dialogue and keep discussing this matter.

I am confident that decisions are forthcoming.

Maria Rybakova: OK, then we’ll be waiting.

Mr Li Hongzhong, we would like to hear a comment on the matter from the Chinese side.

Li Hongzhong (retranslated): Thank you for your question.

The Chinese Government is introducing a visa-free regime for Russian citizens. These are important outcomes and agreements between our heads of state. It is a meaningful sign of enhanced large-scale progress in the Russian-Chinese relations.

I have attentively followed President’s Putin’s reply. I think President Putin’s answer is very professional and sets benchmarks for further development.

I will not go into detail either, but I think, since our countries will meticulously work out all the issues together, we are sure to remove difficulties and technical issues related to payments. Therefore, we are confident we will achieve our goals.

For example, circulation of Chinese currencies and payments. Of course, we hardly use cash now in China, we use our telephones for payments. This is a hard time for thieves because we do not use cash, it’s just a payment method.

When I arrived in Vladivostok, I also had a good impression because I used my telephone here just like in Beijing. It means we already have good alignment in telecommunications.

We also have to work on financial communications at the next stage. I think that we will certainly reach these goals through joint efforts.

I have just mentioned Russian-Chinese cooperation. I said we need to ensure the free movement of capital, markets and people. I firmly believe that we will definitely solve this issue.

Maria Rybakova: Thank you for the answer.

Well, it looks like my only hope is the QR codes, no other options.

Then, I want to come over from a good and friendly agenda to a not so friendly agenda and travel to the other part of the planet. As a matter of principle, you have answered media questions at the news conference in China just the day before. I mean the Ukraine crisis and everything concerning relations with America, everything happening in the area of the special military operation.

Just yesterday, another meeting of the ‘coalition of the willing’ was concluded in Paris. Basically, I didn’t see any specific decisions taken at the end of it. So far, it's just talk about deploying military forces in Ukraine. But Donald Trump said he would call. First question: has he called yet? And the second question: What do you think about the decisions proposed by the other side?

Vladimir Putin: We have an open dialogue with President Trump. We have agreed to call each other, if need be, and talk. He knows that I am open to such talks, as well as he is – I know it. However, so far, based on the results of these consultations in Europe, we have not had any discussions. Actually, it was difficult for me to do this, as I have just arrived from China and am here now. We have no communication problems here. This is the first point.

Second, regarding possible military contingents in Ukraine. This is one on the basic reasons for dragging Ukraine into NATO. So, if any troops appear there, especially now, during combat operations, we will deem them legitimate targets for destruction.

And if any decisions leading to peace, a lasting peace, are achieved, then I will not see the sense of their deployment in Ukraine, that’s it.

If agreements are achieved, then no one should doubt that Russia will execute them in full. We will observe the security guarantees, which, of course, would be drafted both for Russia and Ukraine. And I will say it again: Russia will observe these agreements. Anyway, nobody has ever discussed it with us seriously, that’s that.

Maria Rybakova: Thus we will be waiting. Time will tell, as they say.

The next question is about peace settlement. You said earlier that you basically see a certain potential in this regard and even invited Vladimir Zelensky to Moscow. However, the Ukrainian Foreign Ministry has officially declined it. Do I take it right – or maybe I am wrong – that we cannot speak about any steps towards peace settlement in the nearest future?

Vladimir Putin: I would like you to stick closer to the topics of the Asia-Pacific economic cooperation. But I realise that without solving such acute problems, cooperation as a whole is burdened, so these are legitimate questions.

What can I say?

First, just recently the leadership of the Kiev regime spoke unflatteringly of us, to put it mildly, and excluded any possibility of direct contacts. Now we see that they are asking for such contacts, at least they are suggesting having them.

I have repeatedly said that I am ready for such contacts. At the news conference in Beijing that you mentioned I said that I do not see much sense in them. Why? Because it will be impossible to come to terms with the Ukrainian side on the key issues. Even if they have political will – which I doubt – there are legal and technical difficulties which are related to the fact that any agreements on territories must be confirmed, under the Ukrainian constitution, in a referendum. To hold a referendum, a martial law must be lifted, as referenda are not held under martial law. If martial law is lifted, presidential elections must be held right away. After the referendum, if it is held, regardless of its results, it must be endorsed by a Constitutional Court’s ruling. But the Constitutional Court is not functioning because, as I see it, after it received enquiries on the legitimacy of the incumbent authorities, the court dodged rulings while the head of the regime ordered the security guards not to let the Constitutional Court Chairman to his office. This is the kind of democracy they have there. Meanwhile the Supreme Court Chairman is in jail on corruption charges. It is common knowledge that corruption abounds in Ukraine. But is not clear why it is exactly the Supreme Court Chairman who should be put behind bars. Although it is clear that they have reached the point of destroying their judicial system as such. This is yet another vivid example of how “democratic” the current Ukrainian authorities are. So this is an endless process leading to nowhere. Nevertheless, we said that we are ready for a top-level meeting.

Look, the Ukrainian side wants this meeting and suggests it should be held. I said, ‘I am ready, please come, we will certainly provide proper conditions for work and security, with a 100 percent guarantee.’ But if we are told, ‘We want to meet with you, but you should go to some place for this meeting,’ I think these are just excessive demands towards us.

Let me reiterate – if someone really wants to meet with us, we are ready. The best place for it is the capital of the Russian Federation, the hero city of Moscow.

Maria Rybakova: Mr Putin, thank you for the answer.

May I ask one more question? And then we will definitely switch to the Far East.

Vladimir Putin: Go ahead.

Maria Rybakova: I would like to go back to the root causes of the special military operation.

Literally, during the same news conference, you said you saw no obstacles and had no problem with Ukraine accessing the EU. That same day, a statement by former Ukrainian President Yanukovich was released. He enjoyed support at the time, and we got along with him just fine. I understood that he also always said that he wanted and looked to the West. Maybe, I misunderstood it. Were you talking about the same thing, or not?

Vladimir Putin: I have no way of knowing how you understood it. I will tell you how things are, and things are as follows. Indeed, Ukraine set itself a goal – and still has it – to join the EU. To reiterate, this is Ukraine’s legitimate choice. It decides how to build its international relations, how to ensure its interests in the economic sphere, and whom to conclude alliances with.

The problem for us when Yanukovich was president was that Ukraine’s integration into the European system of economic relations entailed certain economic issues, because Ukraine was part of the free trade zone, our customs borders were open, and for us this implied certain consequences. Ukraine had to compare, put on the scales and see what it was losing in contacts with us in direct monetary and cooperative terms, and what it was gaining there. This is what President Yanukovich thought about. He ran the numbers and that made him cry, because opening markets to competitive, highly competitive European products was killing the manufacturing industry in Ukraine and shutting down cooperative and trade relations with Russia. That was the problem. As far as I remember, he did not say no to joining the EU, on the contrary, he wanted to join it. I do not know what he said, but I know for sure that he wanted it and was striving for it, but on terms that were acceptable to Ukraine.

It did not concern us in any way other that it affected our interests in cooperation ties. But otherwise, no problem, we have never objected to any integration moves in Ukraine’s policies with Europe.

Security issues are a different matter. President Yanukovich and Ukrainian prime minister were against drawing Ukraine into NATO. This issue directly affected us and continues to affect us from the point of view of ensuring Russia’s long-term security interests.

What happened next? As a result of the coup, they got Yanukovich out of power. They removed the person who was against Ukraine joining NATO, and used a bloody coup in Kiev to bring to power forces that advocated and continue to advocate for Ukraine’s NATO membership. This does not suit us at all.

Even though each country can choose how it prefers to ensure its own security, such issues cannot be addressed without regard for Russia’s security, because there is a general rule included in the European documents: the security of one country cannot be ensured at the expense of the security of another country.

Maria Rybakova: Thank you.

Russia, and especially the Far East – we are going to talk about wealth – naturally boasts enormous natural resources. This also applies to fish resources. Recently, I came across some interesting statistics, which I would like to share with you.

According to the data, in 2024, Russia’s crab exports to China reached a historic high of over 41,000 tonnes. For comparison: supplies of Russian crab to the domestic market over the same period amounted to about 8,000 tonnes. In other words, we have a sort of crab paradox: the crab really does walk sideways, bypassing us and heading instead to Korea, Japan, and China.

Do you think Russia has sufficient processing capacity at its ports to add value through processing, and supply it to the domestic market instead of just catching and auctioning it? After all, live crab is the most expensive product and, as far as I know, all live shipments are currently going in the opposite direction.

Vladimir Putin: It is not about prices, although that is certainly one of the key factors.

In order to improve and expand the supply of this product to Russian regions, the issue of logistics must first be resolved. We transport it by rail, which is costly, or by air, which is even more costly. That is the problem. Seafood – both fish and crab – ends up mainly in expensive restaurants. Why? Because it has to be flown in. If we could organise transportation and build logistics correctly, the situation would change.

However, I should note that fish products from the Far East – not only crab, but seafood in general – account for about 75 percent of the national catch, if I recall correctly. Of this, about 65 percent is also processed here.

Today, logistics is the most sensitive issue. We are working on it. We are giving it serious attention, and we will expand our capacity to distribute seafood, including crab, to all regions of the Russian Federation. This is indeed a problem.

Moreover, according to Ministry of Health standards, we are not yet meeting recommended levels of seafood and fish consumption. If I am not mistaken, the norm is 28 kg per capita per year, while today we are at around 23–23.5 kg. Clearly, there is work to be done here. We are thinking about it, and I hope this issue will be resolved.

Maria Rybakova: Wonderful.

Since we mentioned transport and accessibility, intraregional flights in the Russian Far East are not, of course, a matter of comfort but a matter of survival. There is simply no other way to reach some areas with such long distances.

I would like to tell you a brief story. I have a friend who lives in Khabarovsk. He needed to fly to Vladivostok but there were no direct tickets available. I think everybody who lives here knows how difficult it is to grab an intraregional flight ticket. And you wouldn’t want to drive 750 km. I hear from drivers they travel with two spare tyres just in case. Anyway, my friend bought a connecting flight through Moscow and flew from Khabarovsk first to Moscow, where he spent four hours in an airport, then boarded a plane and flew to Vladivostok. So, he did all that and, as their plane was approaching Vladivostok, due to adverse weather, their flight was diverted to a backup airfield in Khabarovsk. Overall, he spent 24 hours flying from Khabarovsk to Khabarovsk. Clearly, it is an anecdote but I think it explains a lot.

When do you think we can resolve the issue of medium-haul aircraft? Today, I’ve also come across news that the State Transport Leasing Company signed an agreement to lease 50 Baikal aircraft.

Perhaps I have missed something. Is Mr Trutnev here? I can’t see him. We have spoken and he told me that there is no such thing as a Baikal aircraft. They bought an aircraft that does not exist yet. I am a little confused. I don’t know, perhaps there is a reason to stop by the stand of the Prosecutor General’s Office? Do these aircraft exist or not, Mr President? And what are the prospects of intraregional flights in the Russian Far East?

Vladimir Putin: Unfortunately, although there was a rather decent local airline network set up in the Soviet times, it was lost in the 1990s. It was mostly neglected in the early 2000s, so people had to, and still have to, fly from one city, even if major, to another city via Moscow, like your friend. But we have already established a local airline. Of course, the key issue is the availability of medium-haul aircraft in sufficient quantity. The Government, the Ministry of Industry and Trade and our domestic enterprises have many plans in this area.

Unfortunately, I have to agree that this matter is taking longer than we wanted. But there is Baikal and other small aircraft that are to replace Antonov An-2. This is work in progress.

I will be honest, sometimes we argue with some of our responsible parties. They will have to expedite these efforts.

We have plans and specific models ready. They have been launched, and I have seen them in operation. The next step is serial production and supplies to airlines. We will certainly do all we can to speed up the process.

We are aware of this problem and of the fact that it still persists. We will keep on working on solutions.

I will not list everything. We have Baikal and many other aircraft models. I have seen them in operation. But serial production is not yet launched.

Maria Rybakova: Thank you very much.

In your speech, you mentioned investment growth; and indeed, foreign investment has increased over the past four years.

My question is this: if we look at the investment climate as a whole, foreign investment mainly comes from a few major countries, including China.

Also, it seemed to me that in your speech, you placed considerable emphasis on technological progress, underscoring the need to develop knowledge-intensive and complex industries. Yet, and this is no secret to anyone, investment is still largely directed toward commodity sectors such as mining, oil, gas, coal, and the infrastructure that supports them.

So, perhaps a logical question would be: is there a risk of falling into a commodity trap, where we would be perceived exclusively as an investment partner in these areas?

Vladimir Putin: No, there is no such trap or threat of falling into one. That risk would exist only if we did nothing. You paid attention to my speech, and one of my central – if not the main – arguments was precisely that: when it comes to investment, we must make the region as a whole more innovative.

This is not a problem of our partners that they tend to invest into the extraction of mineral resources. It is our problem. We should create conditions for the development of innovative sectors of the economy, and for people with the right expertise to come to work here. In fact, such a trend is already emerging, as I mentioned. Our task is to build the right environment.

I can assure you that our partners will be eager to invest in promising enterprises, provided that their implementation also brings them benefits. That is the only way it works; there is no alternative. I am confident that we can implement all of these plans.

By the way, we discussed these issues with our Chinese partners, our friends, in Beijing. Overall, we should organise our work, calibrating it to high technology economic sectors. This is what we are going to do. This is the only future for our economies and our countries, the foundation of our shared success. This certainly applies to the regions of the Far East as well.

Maria Rybakova: Thank you.

I would like to ask about the economy more broadly…

Vladimir Putin: One more thing about mineral resources – I have just looked at Mr Miller and recalled it – is that the concept that we can just drill a hole, and oil and gas will just pour through it is a primitive one. Mr Mikhelson here knows very well what liquefied natural gas is. The technologies he and his team have adopted do not exist anywhere else in the world. This is a high technology sector. And I say this without exaggeration, without hyperbole – it is the truth. The same applies to the gas sector as a whole.

Gazprom’s cooperation with our Chinese friends and partners is not limited to supply contracts. It is a genuine strategic partnership, which means that people are working together on technology-intensive industries, including gas. And there is plenty of work to be done to ensure the effectiveness and profitability for both suppliers and buyers. An extensive number of advanced technological solutions are necessary.

This work within the framework of strategic partnerships between interested companies has already been established and is underway. The only task now is to extend it to related and promising industries, such as artificial intelligence, and of course, we will do this.

We have agreements in the aviation industry with China as well. I am going to fly to another Russian city soon, where I will talk about engine manufacturing. There are plans to work on aviation, which is, by the way, well-represented in the Far East, including both military and civilian aircraft. Sukhoi Superjet 100 is manufactured here in the Far East. There are areas that can be improved, and the same applies to shipbuilding.

Maria Rybakova: Thank you.

I have a joke. I did not know how this plenary session would go so I checked a job hunt website in Vladivostok. By the way, I did not find a single job opening for a television presenter but I was curious to see what else is offered. What jobs and professions are really in demand here? I have mostly seen driver jobs – with salaries of up to 400,000 rubles, by the way – junior executives or pressing operators. Mr President, I have hardly seen any jobs for IT professionals. Even the most in-demand professionals section did not mention IT. I found one job opening in software development, but this is not much.

According to a SberIndex analysis, businesses in the Russian Far East are growing faster than on average in the country – and you said so yourself. And yet, this is mainly due to building large production facilities and production of mineral resources. The IT sector is lagging behind.

In your opinion, what could solve this problem if employers start seeking IT professionals? Are they to be ‘imported’? How can the Far East attract highly qualified technology professionals and incentivise them to stay here and treat this region as their home rather than a temporary placement?

Vladimir Putin: I have spoken about this at length in my remarks and said that young people do move here as they see prospects. There is a demand for young professionals. This trend is apparent but it needs reinforcement from the government. The region needs support in shaping a new image of local economic development, mainly with the help of advanced technologies.

I do not know what you have seen on websites, but I know for certain, having heard it from top managers of local companies, that there is a shortage of highly qualified workforce. The Zvezda shipbuilding complex that we have mentioned today is building a large-capacity fleet that we have not had before. We also need aviation professionals here.

It goes without saying that we need to develop all modern technologies so that we can go beyond developing the Far Eastern and Arctic mineral resources and can make this region part of Russia’s technology-intensive production in general. It is what we plan to do and it will elevate the region to a new development stage.

Maria Rybakova: Mr President, another aspect concerns the exorbitant wage demands among blue-collar workers as drivers want 400,000 rubles and welders want 500,000, for example. This is another side of the story. How can this matter be resolved in your opinion? Is it appropriate today to seek such high wages?

Vladimir Putin: I believe the more people earn the better.

Maria Rybakova: Certainly.

Vladimir Putin: It does matter. I said that it is an economic category. The higher the wage the higher the spending. The higher the spending the more Russian products are popular in the market because usually, people wish to buy Russian-made goods, and so on. This is another economic factor – and a positive one. Moreover, it makes people’s lives better.

Maria Rybakova: Thank you.

Of course, since we are talking about wages, I would really like to discuss what is happening with the Russian economy in general. Many statements have been made on the sidelines of the forum.

Vladimir Putin: I am not the only one here.

Maria Rybakova: Yes, of course, Mr President. But you see, I have so many questions for you. I will certainly have questions for the other guests. For now, I would like to focus on what is happening in the economy.

German Gref says he has noted signs of technical stagnation in the Russian economy. Do you agree with this?

Vladimir Putin: No.

Maria Rybakova: Mr Gref, there you go.

Vladimir Putin: He knows this well. We maintain constant contact. He regularly participates in our meetings, including those I hold with the Government and the Central Bank. Some members of the Government share his opinion, mainly because the Central Bank is holding the rate high to combat inflation.

You complained about prices in shops. The goal is not only to bring prices in shops down but also to ensure that economic actors also restrain price growth. We can discuss anything but I do not want to give assessments now. I have my own view, of course, but let me refrain from evaluating the Central Bank’s work. Let me note instead that our Central Bank is highly respected across the international finance community. This is first-hand information.

The Central Bank’s policy is deliberate. In 2023, Russia’s GDP grew by 4.3 percent; and in 2024, by 4.4 percent. At the same time, inflation rose, too. We need to address macroeconomic challenges and ensure a soft, smooth landing of the economy to stabilise key macroeconomic indicators and slow down price growth.

Yes, I know the debates very well: we discuss this daily. Just yesterday we were talking about this. Some experts believe that the economy has cooled down, but lending has not stopped. Ask Mr Gref himself: has lending stopped? No. The pace has slowed down, yes.

I know some industries are going through rough times, and people present here also understand this very well. However, everyone also understands that nothing good will happen if inflation spins out of control. It would become impossible to plan anything, not just years ahead, but even ten days ahead. This is a very delicate issue. Take banks, for example. You can ask the Chairman of VTB. He will tell you: yes, perhaps they have overdone it, maybe the economy has cooled somewhat too much.

Maria Rybakova: Mr Kostin often complains about the key rate.

Vladimir Putin: Yes. The Ministry of Economic Development will tell you the same thing. And all of them are right in their own way. But I am confident that we will eventually find a way to maintain the necessary pace of economic growth while keeping inflation to a minimum. I think that’s enough for this discussion format.

Maria Rybakova: Thank you.

My next question is for Prime Minister Sonexay Siphandone. In 2021, Laos and China launched one of the largest high-speed railways. There have been reports that the railway may be subsequently extended to Thailand. It is a major project that requires complex technology and infrastructure.

My question is: is there an opportunity, a chance, or prospects for connecting the railway to Far Eastern ports? And how can this be done sooner? It would expedite both our trade and cooperation. Is this a realistic prospect? Perhaps discussions have already taken place.

Sonexay Siphandone (retranslated): As for transport, we are using a modern railway that is far more advanced compared to the railway we built many years ago.

As I have already said, we are turning from a country with no sea access into a country connected to others. On this project, we cooperate with China.

As you have noted, we cooperate in railway development. We have successfully completed this project. Of course, the coronavirus pandemic was a certain obstacle, but we have managed to overcome these difficulties in our strategic cooperation.

According to the respective initiative, I am completely certain that there is an agreement between Russia and China. If there is also an agreement between Russia, Laos and China, we will be able to transport products from Laos via China to the Far East, including to Russia.

The railway may open new cooperation opportunities for Russia and ASEAN, China and ASEAN, and improve Lao products’ access to the market. I would like to stress that this is an alternative route that is faster and more sustainable.

The government of Laos is considering the possibility of establishing sea routes to Vladivostok through China, potentially via Hainan or a Vietnamese port. We have already agreed on some aspects of this project to date.

It would be an excellent opportunity for us to cooperate with Vietnam. We have no access to the sea but we have made an agreement with Vietnam that would help us reach both China and Russia.

As for Mongolia, we could also use similar transport infrastructure to exchange products. Certainly, there are many advantages to developing the Laos-China railway network.

Thank you.

Maria Rybakova: Mr President, do you have anything to say in response?

Vladimir Putin: No, we are discussing it with our Lao friends, and we talked about it just yesterday.

We are in contact with our partners from third countries, including from Vietnam. Indeed, we are discussing all these logistic options; we are talking about expanding them. I think prospects are good.

Maria Rybakova: As for the railway tracks here, in Vladivostok, I know that it is a vexed question, I mean we want to have more and better railway tracks. The railway logistics still accounts for a large part [of infrastructure] in the Far East. Will it be renovated? You have already spoken this.

Vladimir Putin: Not large – they account for the larger part of the entire infrastructure. This is the so-called Eastern Operating Domain, the Trans-Siberian Railway and the Baikal-Amur Mainline; now a new railway has been built to Magadan, to the Sea of Okhotsk. This is a very good project and the results will be good. We will continue to develop all this.

I, as well as my colleagues, constantly talk about it. This is a key development area for the Far East and the country in general. The shipment volumes have multiplied. Well, what can I say about it? We will develop the Trans-Arctic Corridor – there are things to work on – together with the Northern Sea Route.

As for our friends in the Asian-Pacific region, I very much expect that all our efforts to develop transport logistics in the Far East would benefit – that was the intention – trade and economic relations with our partners, including our friends in Laos.

Maria Rybakova: Thank you. So, welcome as they say.

I want to note that this is my first time in Vladivostok. And, of course, I am very impressed both by its size and by how interesting it is. Really, it is a well-tended and, let us say, an interactive city. There is much to see here, and it has a certain authenticity. But I went on an excursion not far from here and I was, so to say, a bit surprised by the contrast. Central cities and regional centres really do look great, they are being transformed, but, to put it mildly, we certainly will not see a Zolotoy Bridge anywhere near Pevek.

What do you think should be done to make remote towns comfortable, authentic and beautiful, including from the point of view of infrastructure?

Vladimir Putin: Practically, it is all the same everywhere: the centre of the city looks one way, and the suburbs look differently. Thinking about developing our population centres so that people can live a comfortable life in any part of the city is an issue to be addressed by the municipal authorities, primarily regional authorities.

As for small towns, we have a programme to develop population centres. As far as I remember, there over 800 (I think, 804) towns in the country with the population under 50,000 people, or around 50,000. This is a major programme.

As regards the development of Russia’s towns and cities, there are many areas that work quite effectively for small towns. Without a doubt, this work needs to be expanded.

With regard to the Far East and the Arctic, we have a separate programme that includes 22 towns and cities at the first stage. The appropriate resources have been allocated, development plans have been drawn up, and the work has begun. I have briefly mentioned some of the results, but I believe that this is one of the key areas of work. We have just discussed this with our colleagues who stood, so to speak, at the beginning of this road, who initiated this process, which turned out to be very popular and effective.

I have already covered the importance of giving a new boost to economic growth. We need to bring in well-trained specialists to the region, who, of course, need adequate social conditions. There must be kindergartens, good schools, good education, and medicine. All of that should be developed in small towns as well.

To reiterate, there is a properly funded programme that covers 22 towns. Of course, we will expand this work.

Maria Rybakova: Still, we are discussing spending. I am just trying to smoothly segue to the budget deficit. In 2025, it was planned at about 1.2 trillion rubles. In the summer, it grew, according to official figures, to 3.8 trillion. We are only in September now. Clearly, things may change by the end of the year. I even heard a figure of up to eight trillion rubles. Again, I am not an economist, and I have no idea if it is possible or realistic at all.

How do you think this can even out? What mechanisms are planned to be used in the first place?

Vladimir Putin: I do not operate in terms such as “I think,” I can tell you what I believe, and I believe as follows. Indeed, spendings are growing, which is due to the infrastructure development plans, including in the Far East, because they require large financial resources. The Eastern Operating Domain, the Baikal-Amur Mainline, the Trans-Siberian Railway, and so on, the development of port infrastructure, airports, and so on. Spending on education and healthcare throughout the country, and spending in the defence and security sphere, including spending related to the special military operation – these are all spendings.

First, we need to work on the revenue part, and there are things to discuss, meaning, of course, not an increase in the tax burden, but simply an increase in production efficiency. We need to increase labour productivity, introduce the latest technologies, and better organise production processes. Here, I assure you, we have things to address, and the reserves are countless, meaning the opportunities are vast.

However, there are other things that can quite reassure us, and, rest assured, there is nothing scary about it. Some of our colleagues in the Government believe that this deficit can be increased, and it is not a big deal. Why? Because our debt burden levels – external and internal – are not just acceptable but are low. This guarantees the stability of the entire financial credit system, including the budget system.

The budget is built on a balanced basis. This is not an easy thing to do. It is actually a complex and even stressful effort, if I can put it that way, because achieving a balance between different sectors of the economy is a challenging task. The Government is coping with it.

Maria Rybakova: Mr President, I read the other day, and it was discussed during the forum sessions as well, that the Finance Ministry and, I think, Sberbank – (Addressing German Gref.) – is that correct, Mr Gref? – are planning to introduce artificial intelligence for budget work, to have the artificial intelligence somehow help form the budget? If I understood it correctly.

Mr President, how do you feel about the idea of using AI this way?

Vladimir Putin: My view on this is positive. But AI can only be an assistant, at least at this particular moment, at this stage of AI technology development. Today, these tools can only be used to assist the decision-making both at the level of the Central Bank and at the level of the Government.

Maria Rybakova: Then, the ball goes to Mr Li.

China has achieved quite significant success in the field of AI and is now among the leaders. In fact, the American and the Chinese neural networks are probably the two most popular ones. I know that China has been actively developing the platform economy for a long time now. This is a completely innovative type of economic activity. We are actively implementing these processes as well.

I have a question. How do you generally assess this leadership? What does China plan to do to keep cooperation between AI and the state going? What will it look like? What is the plan?

Li Hongzhong (retranslated): Thank you for your question.

You have touched on a critically important topic. AI is a way for all of humanity to achieve progress. AI is a new production force that drives our evolution, and it is very important to develop it. All countries around the world, including China, Russia, the United States and other countries, pay great attention to developing AI and promoting its technologies.

President Xi Jinping said in 2023 that the world will advance just four main principles of AI development: its universal popularisation, its further advancement, and our joint use of human and machine resources, as well as the promotion of these technologies in our everyday lives. These principles have been put forward.

In general, we will be implementing these principles in approximately three areas, such as scientific and technological innovations, and scientific and technological development. Innovation is the central element of developing the AI concept. Increasing the intended capacity, the computing capacity, and creating neural networks and models. This is connected with the development of high technology and the implementation of high-tech development plans overall. This is connected, of course, with the training of specialists and personnel management. This, of course, helps us train personnel.

We are creating new platforms. The United States is, without a doubt, leading here, but nevertheless China is constantly making great efforts to achieve an advantage in this area. For example, artificial intelligence. The level of forecasting and the degree of monopolisation in China in this area has reached 60 percent. We are making progress in matters of monopolising AI technology at a pace of about 20 percent annually. This, of course, is our advantage. We patent these technologies. This is one of the key areas of development.

The second component is that we are implementing our approaches, viewing AI as a path for the development of humanity, as a path to achieving well-being. President Xi Jinping put forward in his speeches the most important concept of a community of common destiny for humanity. We profess these ideas. One of the key components of this concept is an affluent and powerful state, and the promotion of general welfare for all groups of population.

We are steadily following the path of promoting high technologies. Take, for instance, China’s DeepSeek neural network. This model is already widely known. It makes it possible to achieve great results. It is an advanced technology. We were able to significantly reduce the cost value and thus overcome the threshold of achieving great benefits at minimal costs. This is, of course, one of the ways to develop AI.

Increasing the AI compute capacity offers new opportunities. We have discovered completely new areas of using it. Take, for example, technologies such as unmanned control of production processes. Its open source makes it possible to use these technologies efficiently. We can thus reach new heights in our work, simultaneously developing these AI technology and implementing them. Benefitting from the use of AI, we pay great attention to the environment that is necessary for using these technologies.

All this is designed to increase the production and capacity. Already now, the scope of AI use in production is showing exceedingly high growth. Its capitalisation has reached 700 billion yuan representing growth of about 20 percent annually. There are many areas that can help us improve the well-being of our people, develop these technologies across the board, and improve the lives of people in our country, as well as spread these technologies in the interests of industries and enterprises. This, of course, provides us with new advantages. The multifaceted and comprehensive use of such technologies is the key area of our country’s development.

We have opened the gates to the use of AI technology in people’s lives, and we would also like this technology to make progress in Russia, as you, Mr President, and our President, Comrade Xi Jinping, have already jointly stated. We must make the most out of the Russian Far East and our territories in order to develop AI in our respective countries.

Thank you very much for your attention.

Maria Rybakova: Mr President, I am not going to ask you whether it is possible to use AI to run a country.

My question is: Do you think that AI can be trusted with setting the key interest rate? I hope Ms Nabiullina forgives me for asking this.

Vladimir Putin: I have already said, I think, no, take that back, I believe that the capabilities of AI can be used when making any kinds of decisions, and they should be used in making any decisions across all areas, including in matters overseen by the Central Bank. However, decisions of that kind must be made by a specific person that should bear responsibility for them. You cannot hold AI accountable. It is just a tool. Humans should do the actual work.

By the way, our Chinese participant, our friend from China has a high political rank, he is a member of the Politburo of the CPC Central Committee. But we just heard him provide expert assessments in a fairly serious area of AI. Humans should make decisions. And such people should be in China and in Russia. They should use AI and develop these tools.

Maria Rybakova: I hope AI will not replace me or other people who do my kind of work.

Vladimir Putin: Why not? There are neural networks, and I think there are AI-based television presenters as well.

Maria Rybakova: That is it, I'm done for. But the human side, Mr President, will go away if AI were to ask you questions.

Vladimir Putin: Or it will get better with the help of AI.

Maria Rybakova: Thank you.

Ladies and gentlemen, does anyone have anything to add to the questions that have been asked? We are gradually approaching the finish line.

I have one last question left, which is rather philosophical. Mr President, it is about the Far East, but, not entirely about the economy.

Here it goes. For some reason, I thought that the Far East really does live in the future, because it is 5:00 pm here, and it is morning in Moscow. You and I are in the middle of the day, or rather, it is almost an evening.

Overall, the world looks rather strange today. Everyone is talking about it a lot, including turbulence and crises that flare up non-stop, and this is not only about the Ukraine crisis, but Israel and Palestine as well. Flashpoints like that abound.

What do you think of Russia’s future in this world? This is the first question. And the second is do you think the world of the coming decades will be more Western or Eastern?

Vladimir Putin: It will be multipolar.

Maria Rybakova: Thank you.

All that remains for me to do is to thank you for trusting me with asking you questions today.

Also, in closing, I am very grateful to the Far East for such a warm welcome.

As Mr President has rightly pointed out, tomorrow, and some of us today, will be heading west. Therefore, I would like to sum it up and say that, since we mentioned the double-headed eagle at the very beginning, perhaps our uniqueness and strength lie in the fact that we are not choosing but looking in both directions at once. I think this seamlessly fits with the motto of the anniversary forum on cooperation in the name of peace and prosperity.

Thank you very much.

Vladimir Putin: For my part, I would like to thank all the participants, including our foreign guests, my colleagues who are working here with me today, and the audience for their joint efforts, because this is also part of the work, as well as our charming moderator for making such an interesting discussion possible.

Thank you very much.

Maria Rybakova: Thank you. This is the best assessment. Thank you very much, Mr President.

Have a safe flight everyone, at least those who are leaving today.

Joint news conference by the President of Russia and the President of the United States

2025-08-16T15:13:29+04:00

Vladimir Putin and Donald Trump held a joint news conference following Russia-US talks.

President of Russia Vladimir Putin: Mr President, ladies and gentlemen,

We held our talks in a constructive and mutually respectful atmosphere, and they have proved substantive and productive.

I would like to once again thank my US counterpart for the proposal to come to Alaska. It is quite logical to meet here since our countries, albeit separated by oceans, are, in fact, close neighbours. When we stepped out of our planes and greeted each other, I said, “Good afternoon, dear neighbour. I am glad to see you alive and in good health.” I believe it sounds very friendly and neighbourly. Our countries are separated only by the Bering Strait — essentially, there are two islands, one Russian and one American, separated by a mere four kilometres. We are close neighbours, that’s a fact.

It is also important to note that our shared history and many positive events are largely related to Alaska. There is still an enormous cultural legacy preserved since the age of Russian America, with Russian Orthodox churches and more than 700 place-names of Russian origin.

During World War II, Alaska served as the starting point for the legendary air route that delivered lend-lease supplies, including military aircraft and other equipment. It was a dangerous and challenging route over enormous ice-covered territories. Nevertheless, the pilots and experts of both countries did everything they could to bring victory together. They risked and sacrificed their lives for our common victory.

I have just visited the Russian city of Magadan. A monument honouring Russian and American pilots stands there, adorned with the Russian and American flags. I know that here, too, there is a similar monument, and at a war cemetery a few kilometres away from here, there are graves of Soviet pilots who lost their lives in that heroic mission. We appreciate the efforts of US officials and citizens to preserve their memory. This is a dignified and noble undertaking.

We will always remember other examples from history when our countries stood together against common enemies in the spirit of combat camaraderie and alliance, rendering each other help and support. I am certain that this legacy will help us restore and develop mutually beneficial and equal ties at this new stage, even in the most challenging conditions.

As you know, Russian-American summit talks have not been held for over four years. That is a long time. This period has proved exceptionally difficult for bilateral relations, and, let’s face it, they have deteriorated to their lowest point since the Cold War. And this does not benefit either our countries or the world in general.

Obviously, sooner or later we had to remedy the situation, to move from confrontation to dialogue, and in this regard, an in-person meeting between the two heads of state was really overdue – of course, with serious and thorough preparations, and this work has been done.

President Trump and I have established very good direct contacts. We have had frank conversations on the phone multiple times. As you know, the US President’s Special Envoy, Mr Witkoff, has visited us in Russia several times. Our aides and heads of foreign ministries have maintained regular contacts.

As you are well aware, the situation around Ukraine is one of the key issues. We acknowledge the commitment of the US administration and President Trump personally to help resolve the Ukrainian conflict, and the President’s willingness to understand the root causes and its origins.

I have repeatedly said that the developments in Ukraine present fundamental threats to Russia’s national security. Moreover, we have always considered the Ukrainian people – and I have said this many times – a brotherly people, no matter how strange it may sound in today’s circumstances. We share the same roots, and the current situation is tragic and deeply painful to us. Therefore, our country is sincerely interested in ending this.

Yet, we are convinced that, for the conflict resolution in Ukraine to be long-term and lasting, all the root causes of the crisis, which have been repeatedly explained, must be eliminated; all of Russia’s legitimate concerns must be taken into account, and a fair security balance must be restored in Europe and the rest of the world.

I agree with President Trump. He said today that Ukraine’s security must be ensured by all means. Of course, we are ready to work on this.

Hopefully, the understanding we have reached will bring us closer to this goal and open up the road to peace in Ukraine.

We hope that Kiev and the European capitals will take the current developments constructively and will neither try to put up obstacles nor attempt to disrupt the emerging progress with provocative acts or behind-the-scenes plots.

By the way, under the new US administration, our bilateral trade has been on the rise. So far, it is a symbolic figure but still, the trade is 20 percent higher. What I am saying is that we have many interesting areas for cooperation.

It is obvious that the Russian-US business and investment partnership holds tremendous potential. Russia and the United States have much to offer each other in trade, energy, digital and high technologies, and space development.

Cooperation in the Arctic and the resumption of region-to-region contacts, including between the Russian Far East and the West Coast of the USA, also appear relevant.

Overall, it is crucial and necessary that our countries turn the page and get back to cooperation.

Symbolically, as I have already said, there is an international date line nearby, on the border between Russia and the United States, where you can literally step from one day into another. I hope that we can do the same in political affairs.

I would like to thank Mr Trump for our joint work and for the friendly and trust-based conversation. The main thing is that there was a commitment on both sides to produce a result. We see that the US President has a clear idea of what he wants to achieve, that he sincerely cares about his country’s prosperity while showing awareness of Russia’s national interests.

I hope that today’s agreements will become a reference point, not only for resolving the Ukrainian problem but also for resuming the pragmatic business relations between Russia and the United States.

To conclude, I would like to add the following. I remember that in 2022, during my last contacts with the former US administration, I tried to convince my former US counterpart that we should not bring the situation to a point fraught with serious repercussions in the form of hostilities, and I said directly at the time that it would be a big mistake.

Today, we hear President Trump saying: “If I had been president, there would have been no war.” I believe it would have been so. I confirm this because President Trump and I have established a generally very good, businesslike and trustworthy contact. And I have every reason to believe that, as we move along this path, we can reach – and the sooner the better – the end of the conflict in Ukraine.

Thank you for the attention.

President of the United States of America Donald Trump: Thank you very much, Mr President. That was very profound, and I will say that I believe we had a very productive meeting.

There were many-many points that we agreed on, most of them, I would say, a couple of big ones that we have not quite gotten there, but we have made some headway. So, there is no deal until there is a deal.

I will call up NATO in a little while. I will call up the various people that I think are appropriate, and I will, of course, call up President Zelensky and tell him about today’s meeting. It is ultimately up to them. They are going to have to agree with [what] Marco [Rubio] and Steve [Witkoff] and some of the great people from the Trump administration who have come here, Scott [Bessent] and John Ratcliffe. Thank you very much. But we have some of our really great leaders. They have been doing a phenomenal job.

We also have some tremendous Russian business representatives here, and I think, you know, everybody wants to deal with us. We have become the hottest country anywhere in the world in a very short period of time. We look forward to that, we look forward to dealing, we are going to try to get this over with.

We really made some great progress today. I have always had a fantastic relationship with President Putin, with Vladimir. We had many tough meetings, good meetings. We were interfered with by the Russia, Russia, Russia hoax. It made it a little bit tougher to deal with, but he understood it. I think he has probably seen things like that during the course of his career. He has seen it all. But we had to put up with the Russia, Russia, Russia hoax. He knew it was a hoax, and I knew it was a hoax, but what was done was very criminal, but it made it harder for us to deal as a country in terms of the business and all of the things that we would like to have dealt with. But we will have a good chance when this is over.

So just to put it very quickly, I am going to start making a few phone calls and tell them what happened. We had an extremely productive meeting, and many points were agreed to. There are just a very few that are left. Some are not that significant. One is probably the most significant, but we have a very good chance of getting there. We did not get here but we have a very good chance of getting there.

I would like to thank President Putin and his entire team, whose faces, who I know, in many cases, otherwise, other than that, whose faces I get to see all the time in the newspapers. You are almost as famous as the boss, but especially this one right over here.

But we had some good meetings over the years, right? Good, productive meetings over the years, and we hope to have that in the future. But let’s do the most productive one right now. We are going to stop, really, five, six, seven thousand, thousands of people a week from being killed, and President Putin wants to see that as much as I do.

So again, Mr President, I would like to thank you very much, and we will speak to you very soon, and probably see you again very soon. Thank you very much, Vladimir.

Vladimir Putin: Next time in Moscow.

Donald Trump: Oh, that is an interesting one. I do not know. I will get a little heat on that one, but I could see it possibly happening. Thank you very much, Vladimir. And thank you all. Thank you.

Vladimir Putin: Thank you so much.

Plenary session of St Petersburg International Economic Forum

2025-06-25T18:26:06+04:00

Vladimir Putin took part in the plenary session of the 28^th St Petersburg International Economic Forum. This year’s theme is Shared Values: The Foundations of Growth in a Multipolar World.

The SPIEF plenary session was also attended by President of the Republic of Indonesia Prabowo Subianto, National Security Advisor, Commander of the Royal Guard of the Kingdom of Bahrain Nasser bin Hamad Al Khalifa, Vice Premier of the State Council of the People’s Republic of China Ding Xuexiang, and Deputy President of the Republic of South Africa Paul Mashatile.

The discussion was moderated by Nadim Koteich, a journalist, General Manager and presenter at Sky News Arabia.

The St Petersburg International Economic Forum (SPIEF) has been held annually since 1997, and since 2006, has taken place under the patronage and with the participation of the President of Russia. In 2025, SPIEF events are being held on June 18–21, bringing together 20,000 guests from 140 countries.

* * *

Journalist, Sky News Arabia General Manager and presenter Nadim Daoud Koteich: Good evening, everyone.

Mr President, thank you so much. It’s a pleasure and an honour to be with you on this panel with your esteemed guests.

If anything, the St Petersburg International Economic Forum is again and again proving itself as a pivotal platform for discussions around global economy, global trends and geopolitics. There is no better time than now, being here and discussing what we are going to discuss after listening to these speeches – one by you and the rest by your esteemed guests.

Thank you again. Thank you so much.

This is a very interesting panel, if you look at the structure of the panel. We have China, we have Indonesia – a very important country from ASEAN. We have Russia, we have Bahrain – a very important and vibrant GCC country, and then we have South Africa, which is a founding member of BRICS.

And still some people would say Vladimir Putin is isolated. So, I don’ know, if this panel says something, it says how multipolar the world has become.

Mr President, the floor is yours for the first speech.

President of Russia Vladimir Putin: Mr Prabowo Subianto,

Your Highness Sheikh Nasser,

Mr Ding Xuexiang,

Mr Paul Mashatile,

Friends, ladies and gentlemen,

I am delighted to welcome all participants and guests of the 28^th St Petersburg International Economic Forum. The forum’s format traditionally fosters substantive and meaningful discussions on the most pressing issues. We are pleased that representatives from 140 countries and territories have joined this important dialogue.

This year, among the important topics – referred to by our colleagues as key discussion tracks – is the quality of growth in the context of a multipolar world and major global challenges. These include profound shifts in the global economy and demographics, such as the planet’s population dynamics, as well as social, public, and geopolitical tensions that manifest through crises and rapidly escalating regional conflicts, unfortunately visible today in the Middle East.

Finally, these include climate change and urgent environmental issues that demand our attention and response. And, of course, the transition to a new technological era driven by digital platforms, artificial intelligence, and autonomous systems capable of making decisions independently of human input is also a central focus.

The key question is how to ensure that positive technological advancements are accessible everywhere, so that new digital and technological solutions enable countries, regions, and cities to achieve new levels of development and progress. It is essential that the benefits of these technological breakthroughs are shared broadly, transforming society, reducing poverty, improving quality of life, and providing equal opportunities for every individual to acquire the knowledge needed to fulfil their potential. In other words, it is crucial to uphold the fundamental principle of justice.

In my speech, I will focus on the challenges Russia faces in these areas, the steps we are taking in collaboration with business, scientific, and public organisations, as well as the approaches we propose to support economic growth, not only within our country but also through creating joint mechanisms for global and regional development in partnership with our friendly nations.

I will start with the current state of the Russian economy. Despite a challenging international landscape, Russia’s GDP has been demonstrating an annual growth rate of over four percent over the past two years, which is above the global average.

Regarding the structure of this growth, let me share a specific indicator with you – the so-called non-oil-and-gas GDP. It excludes sectors related to hydrocarbon production. In 2023, Russia’s non-oil-and-gas GDP increased by 7.2 percent, followed by an additional 4.9 percent, or almost five percent, in 2024. These are solid figures exceeding the overall GDP growth rates.

In other words, commodities no longer play a defining role in Russia’s economic growth patterns. Moreover, the contribution of the commodities sector is even negative currently.

By the way, defence manufacturing was not the only driver of our overall GDP growth, as some may believe. Of course, it did play a role in this regard, but we must keep a close eye on the way this growth has been structured.

Over the past two years, the top performing industries have included agricultural production, manufacturing in general, the construction industry, logistics, services, finance and the IT sector, covering almost all the key, essential segments of the national economy.

What does this mean? It means that thanks to the efforts of tens of thousands of enterprises and companies, their teams, managers, and their proactive approaches, as well as the work of millions of entrepreneurs, the Russian economy has been steadily developing, achieving new heights in terms of quality, complexity and diversity. The idea of the Russian economy being completely commodity-based and dependent on the exports of hydrocarbons is clearly outdated; it is becoming a thing of the past. We are living in a different reality now.

Russia is the world’s fourth largest and Europe’s number one economy in terms of GDP. I am not talking about the per capita GDP, but about the sheer size of the economy. Still, this is a major milestone.

Of course, achieving this result is not enough. It is essential that we consolidate our standing as a major economy by offering a business-friendly environment so that businesses from Russia and our friendly countries can invest their assets here, as well as upgrade and expand their manufacturing capabilities in Russia.

Our key task this year is to ensure that the economy transitions to a path of balanced growth. What does that mean? We understand it to mean that we must achieve moderate inflation and low unemployment. According to statistics, annual inflation has already dropped to single-digit levels below ten percent. As of June 16, it stood at 9.6 percent. Of course, that is still high, but inflation targeting continues.

Certainly, this outcome is due both to the Government’s steady efforts to develop the supply side of the economy and to the responsible actions of the Central Bank. That said, I would like to highlight the following: inflation dynamics have been better than many experts expected and even better than the forecasts made by the Bank of Russia. This has made it possible to start cautious easing of monetary policy.

However, consumer price changes are only part of the picture. To reiterate, balanced growth means moderate inflation, low unemployment, and continued positive economic dynamic. It is important to keep all indicators of the health of our industries, companies, and even individual enterprises in focus.

I will say more about the labour market later. For now, I would like to note that in the first four months of this year, Russia’s GDP increased by 1.5 percent year-on-year, including 1.9 percent growth in April alone. At the same time, some experts point to risks of stagnation or even recession. That, of course, must absolutely be avoided.

I know that during the forum you have heard the discussions within the Government, and between the Central Bank of Russia and the Government. You have likely dived deep into the materials.

We need to pursue sound, well-designed fiscal, tax and monetary policies, aligning these mechanisms above all with the goals of supporting and stimulating growth, while, of course, maintaining macroeconomic, inflationary, and financial stability.

In other words, our strategic vector is precisely to actively and consistently transform the structure of the national economy, step by step. As I mentioned earlier, we have achieved a great deal in this area, but it is clear that moving forward is critically important, especially in light of the dramatic changes taking place in the world.

We discussed the need for additional measures on this issue at the Council for Strategic Development and National Projects back in December 2024. Working together, the Government, regional authorities, businesses, experts, and the scientific community identified key tasks to accelerate long-term growth and structural changes in the economy. Today, I will focus on these critical areas in a broader context.

Foremost among these is the transformation of employment and consumption patterns. We must create conditions that boost the economic activity of our citizens, enabling both young and mature individuals to realise their potential in the labour market, acquire new skills, build successful careers, and increase their incomes.

In other words, we are aiming for a transition to a high-wage economy, not driven by labour shortages that compel employers to raise wages to attract workers but grounded in improving job quality and boosting labour productivity.

Over the past four years, employment in Russia has grown by 2.4 million people. Since October last year, the national unemployment rate has stabilised at around 2.3 percent, reaching a historic low. Importantly, this positive trend extends to regions where employment challenges have traditionally been acute. Russian colleagues are well aware that this primarily refers to southern Russia and the North Caucasus, where unemployment has been reduced roughly by half – an excellent achievement.

This success is the result of a combination of sound macroeconomic policies, proactive regional government initiatives supported by federal employment programmes, and the broad adoption of modern technological solutions such as platform-based employment and digital marketplaces.

Some of our colleagues, including our guest from Bahrain, recently visited the Chechen Republic and witnessed firsthand its development. Indeed, Chechnya serves as a vivid example of this progress.

I would also like to highlight that employment is increasing notably among young people who are just entering the labour market and securing their first jobs. In terms of youth unemployment, Russia ranks among the best globally, with a rate of approximately seven and a half percent.

For comparison, youth unemployment stands at around 16 percent in France and 11 percent in the United Kingdom. Globally, youth unemployment remains one of the most pressing economic and social challenges. In Russia, however, we are clearly moving in the right direction. I believe we can confidently say that we are coping successfully with this issue.

Of course, there is still room for improvement. However, I want to emphasise once again that the progress made in this area is clear. This is particularly important because the impact of active youth employment extends far beyond the present moment. A strong start and being in demand in the labour market shape a young person’s successful professional career, their role in society, and greatly influence their decision to start a family, care for their parents, and raise children – not just the first child, but hopefully the second, third, and beyond. This is a vital matter for the country’s social, economic, and demographic development.

Next. Employment is growing in the sectors that produce final products, in high-tech economic areas, including the manufacturing sector, information technology, and tourism. Meanwhile, in supporting sectors such as trade, public administration, and finance, employment is objectively and justifiably declining. These – I believe some are aware, though perhaps not everyone – are very positive trends and a commendable indicator.

For reference, if we consider the dynamics: in the information and communications sector, there has been an increase of 353,000 people – a rise of 29.7 percent; in manufacturing industries – 10.2 percent. Conversely, the number of workers in trade, for example, has decreased by 170,000 people – a drop of three percent.

These are gradual but highly significant and important trends that reflect structural, qualitative changes. We intend to continue – through enhancing economic efficiency and implementing digital platform solutions – to facilitate a reduction in the share of employment in so-called supporting sectors. Naturally, we must provide those employed in these areas with alternatives.

To achieve this, we will encourage the creation of modern, more attractive jobs with high labour productivity that align with the new technological paradigm. Labour legislation must be further refined to meet its demands and, most importantly, in the interests of the people. The Government has prepared a package of such amendments, and I request the State Duma to adopt them without delay.

I reiterate: high-quality, structurally new employment is the key to increasing citizens’ and households’ incomes and reducing social inequality. Of course, this remains a challenge for us, but we are addressing it consistently. We have already accomplished much to ensure the accelerated growth of incomes for the least well-off citizens and have achieved – I wish to emphasise this separately – we have achieved a record reduction in the poverty rate in the history of the Russian Federation.

By the end of last year, it stood at 7.2 percent, and the positive trend continues. In the first quarter of this year – compared to the same period last year – the number of citizens with incomes below the subsistence minimum decreased by more than two million people.

Our Russian colleagues here today are aware, but I will repeat for our guests. In 2000, the poverty rate in the Russian Federation was 29 percent, and – let us be frank – as many as a 42.3 million people found themselves in this humiliating situation. By the end of 2024, this was no longer 29 percent but 7.2 percent, and not 42.3 million people, but 10.5 million people. Obviously, we must strive to reduce this figure further – and that is precisely what we intend to do: lowering it to seven percent and then to five percent.

However, the level of wages across the economy in Russia is still insufficient, and I would like to stress this as well. I have said that we need to set ambitious goals and create an economy of high wages. Let me repeat this once again because this is important – this should be done through higher labour productivity. Let me also note that the share of wages in Russia’s GDP increased from a little over 40 percent in 2021 to almost 44 percent in 2024.

So, what do we focus on? First of all, we made it one of our priorities to adapt educational programmes to the needs of the real sector. By the way, the recent downward trend in youth unemployment, which I just mentioned, shows that we are on the right track.

I would like to add that this year, shortly before our forum, Russia released the first official ranking of higher education providers by employment outcomes and graduate salaries. This indicates which professionals are most in demand in the labour market, and which universities offer the highest quality training and, importantly, produce the most sought-after specialists.

This ranking is also a key indicator of how effective a university’s management team is. I would like to ask the heads of relevant ministries and our colleagues at the federal and regional levels to review this ranking and use it as a tool for managing changes in professional training.

Next, to raise individual incomes, we must invest in professional development and retraining programmes, empowering employees to grow professionally, transition between companies or relocate to other regions. Increased workforce mobility doesn’t just benefit workers who seek higher-paying jobs and career advancement. It also fuels economic growth.

Equally critical is investing in modern equipment, embracing automation and robotics. In turn, these advanced technologies demand skilled professionals to operate and maintain them, creating well-paid jobs in the process.

I would like to emphasise that while higher wages primarily benefit workers – raising their living standards, improving family well-being, and creating better conditions for their children – they also strengthen the economy and the nation. Higher incomes and reduced inequality reshape demand. These things are deeply interconnected. When demand becomes more balanced, it stimulates greater consumption of domestic goods and services.

I am referring to essential industries such as tourism, public catering, and sectors that capitalise on our natural heritage, unlock the potential of cities and towns, and make urban spaces more comfortable and convenient for living, working and recreation.

In this regard, I would like to remind you that together with my colleagues from the Government, we have agreed to introduce a new taxation system for catering – with a flat VAT rate. Part of the tax revenues will go directly to municipalities, providing them with additional resources for local development projects and programmes, primarily to improve the quality of life in their communities.

We will also actively support the fast-growing sectors of the creative economy – those connected with science, culture, and arts. This includes architecture and design, film and music, publishing and software development, and all facets of what experts call the experience economy.

This year, a federal law came into force that provides a legal basis for promoting the creative industries. By the end of the year, 70 regions will begin implementing development standards for this modern segment of the economy and public life and will start building the necessary infrastructure.

To make this work more thorough and consistent, I am asking the Government, in conjunction with the constituent entities, to draft a long-term Strategy for the Development of the Creative Economy, and also to consider launching a federal project in this area.

Separately, I would like to mention the improvement of the Russian cities and towns’ tourist appeal. Historic buildings, churches, estates, and cultural heritage sites are the tangible embodiment of our national identity and uniqueness, true tourist magnets.

We have agreed that by 2030 we will renovate and refurbish at least 1,000 such sites across the country, giving them a second lease on life by opening museums, educational and exhibition centres, hotels, and so on.

A pilot programme for restoring cultural heritage sites with subsidised lending provided for such projects has already covered nine Russian regions. The next step is to expand it to cover the rest of the country.

For the allocated funds to have greater impact, I propose using the following solutions, namely, to combine the resources of two subsidised lending programmes – one for developing tourism infrastructure, and the other for preserving cultural heritage sites.

That way, additional low-interest funding can be attracted for restoring and overhauling historic buildings for business use, among other purposes. In addition, I propose extending the umbrella guarantee mechanism from the SME Development Corporation to cover these projects.

In addition, cultural heritage sites typically involve a complex investment and construction cycle. Those involved know what I am talking about. The process is time-consuming and should be reasonably shortened by cutting excessive formalities without compromising the preservation of historical monuments, of course.

I am asking our colleagues from the Presidential Executive Office to prepare, within the framework of the relevant interdepartmental group, solutions both for this matter and for the overall restoration of cultural heritage sites.

Earlier, I mentioned the tourism infrastructure development programme. Let me remind you that we are actively and carefully involving our national parks in the tourism sector, creating conditions for visitors, while ensuring respectful and careful treatment of nature and protected ecosystems.

This is another example of Russia implementing an environmental agenda: not chasing short-term profit at the expense of natural wealth but preserving and increasing it for the benefit of the people and society at large.

To follow up, let me add the following. Over the past decades, millions of tonnes of industrial and mining waste have accumulated in our country. Naturally, it is harmful to nature and people and creates problems.

I propose considering the launch of special projects to extract valuable components from this waste. The appropriate technologies are available, and all we need is to use them. That way, businesses can simultaneously generate revenue, help eliminate accumulated environmental damage and stimulate the development of domestic research and the manufacturing industry, as well as contribute to improving the environmental situation.

Colleagues,

The development of new production, high-tech, and service sectors, along with the expansion of economic activities – these are all elements of structural changes in Russia’s economy.

In this regard, the second key focus of our actions, which I will address today, concerns the new quality of the investment climate. Essentially, we are talking about a fundamental minimisation of business costs for entrepreneurs across all areas – from construction and utility provision for new projects to ongoing operational activities, including all forms of accounting and notarial services.

Here we are working in close cooperation with the regions, business circles, and experts. Together, we are ensuring that business and investment activity grows across the entire country, in every city, town, and locality.

Let me remind you of our target: the volume of investments in fixed capital in Russia should increase by no less than 60 percent by 2030 compared to 2020.

The Government has already launched a system to support investment in the regions. It provides comprehensive, end-to-end support for investors, right up to a facility’s launch, with access to all support mechanisms, including tax benefits and deductions.

We will carefully monitor this practice, make adjustments based on business feedback, requests, and needs, and, of course, learn from the regions that are leaders in raising investment, scaling up their successful experience and best practices.

As is tradition at our forum, I would like to share the results of the national investment climate ranking, maintained by the Agency for Strategic Initiatives. The ranking now covers more indicators – 82 compared to 70 previously – meaning it has become more detailed, thorough, and consequently more informative.

Russia’s capital, Moscow, continues to lead this ranking. It is followed by the Republic of Tatarstan and the Nizhny Novgorod Region, which showed the highest index growth this year. Both regions share second place with equal scores. Moreover, their current investment attractiveness parameters exceed those of Moscow in the previous year.

What does this tell us? That the benchmark for leadership is constantly rising. In improving the investment climate, we cannot stand still – we must always look ahead and set new targets.

Third place in the ranking goes to the Moscow Region and the Republic of Bashkortostan. In total, 57 regions improved their composite index over the past year. Special mention goes to the Chelyabinsk, Tver, Smolensk and Kaluga regions, as well as the Voronezh, Saratov, Sakhalin, Novosibirsk and Lipetsk regions, and the Altai Territory – they showed the highest growth rates.

I congratulate our colleagues, the regional teams, on these results and wish all regions further success in this important domain. Let us acknowledge their achievements.

(Applause.)

Thank you.

As I mentioned earlier, alongside supporting investments, we are improving the conditions for day-to-day business operations. As is well-known, this encompasses numerous tasks – from company registration to resolving insolvency matters.

The Government, together with entrepreneurs, industry experts, and specialists from the Agency for Strategic Initiatives, has launched a comprehensive initiative to develop a National Model of Target Conditions for Doing Business. While based on international methodologies – I emphasise – it takes into account our specifics and national development goals. This model should be finalised by September of this year.

What does this involve? Concrete, measurable changes that businesses can tangibly feel. For instance, by 2030, we aim to reduce by nearly half the time required for grid connection and decrease the time spent on preparing and submitting tax documentation by more than one-third.

The benchmark for the National Model is for Russia to rank among the top twenty business environments globally by 2030, subject to updated international methodologies, and to serve as an example for our BRICS partners and friends.

Above all, it is essential that the business climate allows us to expand and strengthen the foundations of our economy, rendering it both more resilient yet dynamic, with a focus on increasing the production of goods and services, as well as promoting them both domestically and globally – on international markets, for export.

I would like to emphasise that the competitiveness of our domestic industry, agriculture, services sector, and many other industries must be based on our own technological solutions.

This represents the third direction of structural transformations: Russia’s economy must become more technologically advanced. And this is not merely a desire – it is an imperative requirement of today, and indeed of tomorrow, a challenge that must be met if we aim to grow stronger. And we do.

We must fully unleash a new phase of the country’s technological development. The key instrument in this regard should be the national projects aimed at securing technological leadership. These were launched this year, and my colleagues and I have agreed that the measures under these national projects will be updated and expanded.

By 2030, combined public and private spending on research and development in Russia must increase to no less than two percent of GDP. Here, a special role is assigned to private business. Its investments in these areas must increase at least two-fold.

In this context, I would like to highlight the following. Nearly two dozen development funds and institutions are focused on supporting the technological modernisation of Russia’s economy. However, each of them has its own methodology and approaches. As a result, entrepreneurs have to process the same technical and other documentation in different ways.

On the other hand, it also occurs that development funds and institutions compete for the same projects. Yes, competition is certainly beneficial, but in this particular case, such “departmental” rivalry does not serve the cause – on the contrary, it diminishes the efficiency of financial and organisational resources.

Not long ago, we created a special working group under the Council for Strategic Development and National Projects chaired by head of Vnesheconombank Igor Shuvalov. I am asking our colleagues from this working group to analyse the technological activities of the development funds and institutions.

The objective is to eliminate overlapping functions, to coordinate the work of the development institutions, and to draft single requirements for business support procedures ranging from patent registration to the serial production of high-tech products.

Notably, over the past two years, the number of patent applications from domestic companies and research organisations has increased by 13 percent which is a good number. This includes growth in optical and computer technologies, consumer goods, and pharmaceuticals.

However, it is important to not only develop solutions, but also to quickly bring them to the market in the form of goods and services that are in demand both domestically and internationally and can improve quality of life and make life more comfortable and convenient.

We agreed that our colleagues from the Government will personally oversee the implementation of innovative technologies within their respective areas of responsibility and will fine-tune the regulatory framework to support experimenting, testing, and scaling of promising solutions.

Additionally, I believe the Government should compile an annual report on the dynamics of the country’s technological development. This report should assess the current level of technological sovereignty and breakthrough innovations in technological leadership, as well as the pace of their adoption across sectors of the economy.

Unfortunately, the current rate of commercialisation of inventions from the scientific and academic sectors remains low. For example, among small innovative enterprises created by universities and research institutions, only one in a hundred inventions reaches practical application. To reiterate, this number is too small and clearly insufficient. There must be more active cooperation between educational institutions, research institutes, and the business community. We must help them find each other.

We have a programme called University of Entrepreneurs. Within its framework, experienced businesspeople work together with students in specialised university-based workshops to develop cutting-edge technological solutions and products.

We already see the first results. More than 270 million rubles in extrabudgetary funding have been attracted to these projects, and the number of participating universities will double this year.

I am asking the Government to consider scaling up this mechanism and establishing collaboration across all stages from articulating a project idea to launching an independent business and creating joint ventures between scientific schools, universities, and companies in the real sector.

I have one more important point to make. It is necessary to expand the intellectual property market, specifically by expanding lending opportunities secured by patents and trademarks. These assets should become real business assets that help attract funding for creating or expanding production facilities.

By the way, Russia now has about one million active trademarks. Last year alone, Russian entrepreneurs registered nearly 77,000 new brands, primarily in the light industry, software, household chemicals, and some other products. That is a 12 percent increase over the last year, a solid and marked growth. We will continue to support new Russian brands. For instance, in a month, we will announce the results of the next round of the Rising Russian Brands contest (Znai Nashikh, or Proud of Our People) in Moscow.

A significant portion of applications to participate in this contest comes from small and medium-sized businesses, which especially need promotion and access to new markets. A small business, an individual entrepreneur, or simply a craftsman from a small town or village can now find customers for their products or services via marketplaces – something that was nearly impossible in the past. The audience and the customer base of such platforms is steadily growing, both in Russia and around the world.

Unlike most countries that depend on global platforms, Russia has good examples of successful domestic digital marketplaces. This is a real and meaningful achievement by Russian business, one that we can and should be proud of.

We will continue to create conditions that allow Russian digital platforms to grow and compete with international giants. A draft law has been prepared, which will be the first step towards building a modern regulatory framework for the platform economy. I am asking the State Duma to expedite the adoption of this draft law.

I should add that the digital platform sector also has its problems, including unfair business practices, violations of competition rules, and misuse of data. I am asking our colleagues from the Presidential Executive Office, together with the Government and industry representatives, to discuss these issues within the framework of the interdepartmental working group.

Please conduct a thorough analysis of the current regulation of traditional, offline retail operations that is brick-and-mortar stores, retail chains, and so on. Much of this regulation is now outdated: it was developed in a different technological era and simply does not correspond to today’s challenges and opportunities.

Lastly, marketplaces have access to a vast amount of market data, giving insight into the health of businesses. They understand what kind of support businesses need, whether it is advertising, product distribution, personnel recruitment, or access to loans.

It is certainly necessary to use these possibilities for developing small and medium-sized businesses across the country. I ask the Government to prepare proposals on coordinating and aligning information and other support tools for the promotion of business available to digital platforms and the state, including financial and guarantee mechanisms of the SME Corporation.

Further. Our own, independent solutions, including digital solutions, should be used to strengthen the foreign trade infrastructure. I mean logistics, insurance and payment systems.

We have already launched the state system of electronic carriage documents. All basic documents for cargo carriage by vehicles – the consignment note and the shipping manifest – can now be executed in electronic form. More than one and a half million such documents are issued every month.

We will adopt digital, platform solutions for the entire transport network of Russia, including road, air, rail, river and sea transport. In other words, we are talking about creating a National Digital Transport and Logistics Platform.

International transport arteries running across our country, including the Trans-Arctic Transport Corridor stretching from St Petersburg to Vladivostok via Murmansk, as well as others, will be developed based on such modern technological solutions.

As for payment infrastructure, we will keep on working hand in glove with our BRICS colleagues and create efficient, reliable and, I repeat, independent from external interference mechanisms and services.

In this respect, of course, the experience of our countries in creating and circulating digital national currencies is highly demanded. In Russia, the relevant pilot project has been underway for almost two years. All the basic operations have been tested, including opening and closing accounts, transfers between individuals and legal entities, and payment for goods and services.

Our present task is to make the use of the digital ruble massive among citizens, businesses and banks. I ask the Bank of Russia and the Government to accelerate the necessary procedures and set the deadlines for transition to a new stage of technological development in our financial area.

In this context, the fourth area of structural changes is bringing a new quality to foreign trade, both exports and imports.

The goal has already been set to increase non-oil-and-gas exports. To this end, we will develop relations with our partners, lift trade barriers, open new market niches, create infrastructure, and deepen investment cooperation.

Let me remind you that we agreed to develop long-term plans for cooperation with our key international partners. A good example of such an approach is the Strategic Interaction Plan with the People’s Republic of China, extending through to 2030. Similar plans, including one with India, are to be finalised in the near future.

We will continue implementing the International Cooperation and Exports national project. We will support initiatives from our international partners that use Russian technological platforms, which directly translates into increased demand for Russian technological solutions.

For example, in the coming years, major energy projects, including nuclear energy, mining and processing industries, will be implemented in the CIS countries, including Belarus, Uzbekistan, and Kazakhstan, as well as in Turkiye, Vietnam and a number of other countries. They are based on Russian technological solutions and involve Russian financial structures.

Increasing our non-oil-and-gas exports is just one of our foreign trade priorities. It is equally essential to systematically transform, change the structure of our imports – the products we purchase, while gradually increasing the share of labour-intensive goods and services that require significant labour resources, physical and manual labour.

Russia instead should focus on the production of more sophisticated, more complex goods and services with a high degree of automation and high added value, that will also contribute to improved quality of employment within Russia.

And of course, together with our EAEU partners, we will continue to fine-tune our customs and tariff policies in order to encourage the creation of new production chains and facilitate the transfer of advanced technological solutions to our countries. This will also help improve the quality of employment and create high-paying jobs here in Russia.

I ask the Government to join hands with businesses to conduct corresponding analysis and present their proposals on specific actions in this area in the following months.

Colleagues,

Russia’s finances, infrastructure, and the real sector of the economy are developing on the principles of technological effectiveness, flexibility, and the capacity for rapid response to external challenges, as well as to shifts in demand from our citizens and our foreign partners.

This approach is fully applicable not only to the civilian sector but also to the fields of defence and security, and to the activities of the defence industry. Our meeting has always focused primarily on economic development, economic growth, and the state of the economy. However, in today’s world, the boundary between the defence industry and civilian sectors of the economy is becoming increasingly blurred. In some countries, no such distinction exists at all.

The profound changes taking place in this area represent the fifth direction of structural economic renewal and, more broadly, the strengthening of our sovereignty. The key principles here are as follows.

First, technological effectiveness at every stage – from development and production to logistics, procurement, and supply to specific military units. It is necessary to continuously analyse technological and organisational innovations in the civilian sector and promptly apply them in the defence and security domains.

Wherever feasible, it is vital to achieve integration between the defence industry and the civilian sector, facilitating the production of dual-use goods – though in many cases, this does not require special measures, as certain items are dual-use by their nature – which are in demand in areas such as maritime and river technology, aircraft construction, the electronics industry, medical equipment manufacturing, agriculture, and beyond.

I would go further: we must move beyond the classification of companies as either exclusively defence enterprises or purely civilian ones. As I have just noted, the current trajectory is such that the most competitive actors are high-technology holdings capable of addressing both military and civilian tasks.

Second, the pace of change. Today, for global business leaders – including some of our own companies – the timeframe from concept to product launch has been reduced to quarters or even months. The period from production to consumer delivery is now measured in days rather than weeks. The defence and security sphere must adapt to these standards.

And of course, flexibility. This involves enhancing the role of commanders of military units and formations, as well as the heads of defence industry enterprises, including in decision-making – from maintenance and testing of new equipment and weapons systems to the development of effective tactics to achieve results. The importance of these levels is increasing.

I believe that colleagues in both the military and the defence industry sectors will agree with me on this point. It is also essential to establish a mechanism for the rapid spreading of such best practices. We are achieving this.

Fourth, economic efficiency in ensuring security and addressing defence-related goals. Compelling examples include the implementation of surveillance and monitoring systems using artificial intelligence, which has significantly reduced the number of offences, for instance, in Moscow. Additionally, the deployment of inexpensive unmanned aerial vehicles has proven effective in targeting expensive military equipment. We will, of course, take into account our own negative experiences. Everything is put to good use to make the necessary and correct decisions in our chosen area.

Overall, our defence industry has picked up a good pace. The enterprises have increased the output many times over and are mastering the production of new types of armaments and military equipment.

To reiterate, we will enhance combat capabilities of the Armed Forces on a new technological basis, modernise military infrastructure facilities, and equip them with cutting-edge weapons and equipment that have proven effective in combat conditions.

At the same time, we intend to develop military-technical cooperation with friendly countries. This includes not only supply or modernisation of equipment and armaments, but also joint developments, personnel training, and creation of enterprises and production capacities on a turn-key basis.

Colleagues,

Today, I have focused on five key areas of structural changes in the Russian economy. These tasks are the focus of existing national projects and state programmes. Their work must be constantly fine-tuned taking into account changes in the global situation and emerging opportunities.

I urge the Government to digitise and place under special control key indicators of structural changes in our economy, regularly monitor their dynamics, and adjust the measures we are implementing.

As I have mentioned earlier, the global economy is undergoing the most significant transformation over the past few decades. Countries around the world are increasing their capacities, reshaping the balance of power, and the economic landscape of the planet.

For example, in the early 21^st century, BRICS countries accounted for just one-fifth of the global economy. Today, this figure already stands at 40 percent of the global economy. Clearly, their share will continue to grow. It is a medical fact, as they say. It will happen inevitably, primarily due to the dynamic economies from the Global South.

This growth needs to become more sustainable and encompass as many countries as possible. To achieve this, a breakthrough development model is needed, one that is not based on the rules of neo-colonialism, where the so-called golden billion siphons off resources from other countries in the interests of a small group of the so-called elites. Not even in the interests of the people of these countries, but specifically in the interests of the elites.

If we look at how funds have accumulated, say, in the United States over the past decades, it was the elites who received the bulk of income. These are open data. Ordinary citizens and the middle class did not benefit from these windfall profits. This could be the basis for the ongoing changes, including in the political sphere.

We must strive to ensure that these changes are reflected in the quality of life of people in our countries, in research, education, technology, and infrastructure. These are the priorities that Russia has set for itself while implementing its own development agenda.

The strategic sectors and areas I have outlined today require stable, long-term capital inflows, including from international companies and investors. To ensure this, we need to create an open and equitable platform for global growth. This platform will bring together investment mechanisms, technological standards, financial and logistics services, trade instruments, and other solutions.

Let me reiterate: the task is not to modernise the outdated mechanisms of the era of globalisation – these have largely exhausted or even discredited themselves. Instead, we must propose a new development model, one free from political manipulations, one that takes into account the national interests of states. Naturally, this model must be focused on the needs of citizens and their families.

At the BRICS summit, which took place last autumn in Kazan, as I mentioned earlier, 35 countries – representing nearly two-thirds of the world’s population and half of the global economy – expressed a shared understanding of the approaches necessary for the future of the world.

Already today, BRICS countries are setting the benchmark in the development of so-called human-centric industries. The largest projects aimed at improving living environments are being launched. BRICS states are implementing large-scale initiatives in nuclear energy and aviation, in new materials and the IT industry, as well as in robotics and artificial intelligence.

Of course, special attention is being devoted to strengthening ties within BRICS. The mutual trade turnover of our countries has already exceeded one trillion dollars and will continue to grow.

All of this, in essence, constitutes the elements of a global growth platform, built on the key principles of BRICS: consensus, parity, mutual consideration of interests, and – most importantly – openness to all who wish to join this effort.

After all, the broader the circle of states involved in shaping and developing such a platform, the stronger and more effective it will be, and the greater the benefits it will bring to all who recognise their responsibility to future generations of their nations.

Russia invites its partners to contribute to shaping a new global growth model, to jointly ensure the prosperity of our nations and the stable development of the entire world for many years to come.

Precisely for this purpose, this year we held the Open Dialogue [The Future of the World: A New Platform for Global Growth] in Moscow, with representatives from over a hundred countries participating. We intend not only to make this format a regular one but also to build an entire ecosystem around it for discussing, refining, and implementing breakthrough ideas.

The global challenges facing the modern world undoubtedly demand a global response. Solving these problems on one’s own, let alone at someone else’s expense, is simply no longer possible – it is an illusion. Only joint action within frameworks such as BRICS and some other formats can ensure the progress of civilisation as a whole.

Thank you for your attention. Thank you very much.

Nadim Koteich: Mr President, thank you so much for the speech that actually set the stage for a very interesting debate after the rest of the speeches. I give the floor to the President of the Republic of Indonesia, Prabowo Subianto. The floor is yours.

President of the Republic of Indonesia Prabowo Subianto: Your Excellency, President Vladimir Putin, President of the Russian Federation,

Your Excellency, Prince Nasser bin Hamad Al Khalifa, National Security Adviser to the King of Bahrain,

Your Excellency Paul Mashatile, Vice President of South Africa,

Your Excellency Mr Ding Xuexiang, Vice Premier of the People’s Republic of China.,

Distinguished ministers, business leaders, ladies and gentlemen, participants of this forum,

I am honoured here today to be invited and to speak at this forum, the St Petersburg International Economic Forum 2025. This is a forum that combines and gathers leaders from the West, the Global South, the East, and where Eurasia meets.

Indonesia views this summit as an opportunity to forge strategic trust, an opportunity to make deals in an increasingly complicated geopolitical situation – deals that can benefit our shared survival and our shared success.

On this occasion, I would like to introduce myself. I am Prabowo Subianto, President of the Republic of Indonesia. I was inaugurated on October 20, 2024. This is my first International Economic Forum. So, I apologise if I am a bit nervous.

Indonesia is the fourth largest country by population. Every year there are five million new Indonesians arriving in this world. Every year, 5 million. That means every year a group of people the size of Singapore. In ten years, there will be ten Singapores in Southeast Asia. The size – I give this as an illustration of the size of Indonesia. This gives us great opportunity but also gives us great challenges.

Any leader of Indonesia must think how to feed five million more mouths every year, five million new school places, etc., etc., the hospitals, and more important, and most important, is the food. In my opinion, the duty of a government is first to protect its people. And to protect its people means to protect its people from hunger and from poverty and from the suffering from a challenging environment.

Therefore, when I took over the Government of Indonesia, my main priority was first, to achieve self-sufficiency in food. Number two, self-sufficiency in energy. Number three, to improve the education level of Indonesians to be able to compete in the challenging era of the 21^st century. And, fourth, to speed up the industrialisation of Indonesia.

Indonesia has been fortunate in being given by the Almighty Lord vast economic resources, but these vast economic resources, if not wisely managed, can actually be a curse to our people. We have vast forests. We have vast minerals. We have a lot of commodities that are useful for the world. But this has to be managed well.

Therefore, in my opinion, every country needs its own economic policy and its own economic philosophy. One of the big mistakes of many countries in Southeast Asia is that we tend to always follow the biggest and the most powerful power in the world. In the last 30 years we see the dominance of the neoliberal, capitalist, classical free market philosophy, which basically tends to be laissez-faire. And the Indonesian elite followed this philosophy. Therefore, in my opinion, we have not managed to create a level playing field for all our people.

There is vast growth. We have grown five percent continuously, especially the last seven years. Yes, 35 percent in seven years, but we have not managed to have this so-called trickle-down effect. The wealth remains at the top – less than one percent. This is not a formula for success in my opinion.

Therefore, my position is this. Each country must follow its own economic philosophy, the economic philosophy that is in tune and that can be accepted by each country’s culture and each country’s background.

Therefore, I have chosen the path of compromise, the path [that combines] the best of socialism and the best of capitalism. Pure socialism that we have seen does not work. It’s utopia. Pure socialism – we see many chances, and in many cases, people do not want to work. Pure capitalism results in inequality, results in only a small percentage enjoying the fruits of the wealth. But our path is the path of the middle way. We want to use the creativity of capitalism, innovation, initiative – yes, we need that.

But we need government intervention to overcome poverty, overcome hunger, to intervene and to protect the weak. Because there’s a danger in developing countries like Indonesia of what we consider the danger of state capture – the collusion between big capital, business and government officials, the political elite. In the end, the collusion between these two groups does not result in the alleviation of poverty and the widening of the middle class.

Therefore, we have chosen the philosophy which, in essence, and in simplicity, can be reduced to one sentence: The greatest good for the greatest many. That is our philosophy. Our Government must work to bring the greatest good to the greatest many, and in this case we have to have a clean Government, free of corruption. This, I think is the key to rapid development.

I am proud to stand here before you. In my seven months of administration, we have achieved an increase in rice and corn production of around 50 percent. This is the greatest increase in production in the aggregate in the history of the Republic of Indonesia. We have now in our government warehouses 4.4 million tonnes of rice, which is the largest reserve in the history of the Republic of Indonesia.

In just a few months of my administration we increased efficiency. We fight very strongly against corruption. We deregulate, we cut all the regulations which increase inefficiency. And we have seen the rapid results.

I believe that if Indonesia can play a good role, a positive role in international relations, for instance, our participation in BRICS – we thank the Government of Russia for supporting our bid to become a member of BRICS very fast (I think we were one of the fastest members to be accepted in BRICS).

Also, Madam President, former President of Brazil and President of the New Development Bank, we were also accepted as a member of the New Development Bank, also very fast. We thank also the Government of China for supporting us and the Government of South Africa. We believe that together BRICS can contribute significantly to stability and prosperity of the world.

I would like just to tell you a short story. It is not part of my speech, but I was asked why I did not attend the G7, but I attended the St Petersburg Forum 2025. And it’s not because I did not respect the G7; it’s because I gave my commitment to attend this forum before they invited me. That’s the only reason.

Please don’t read too much into the event. Sometimes political observers, they want to read: Is this a political statement, right? No. Indonesia, by tradition, [has always been] non-aligned, we respect all countries. Our foreign policy is very simple. One phrase: 1,000 friends – too few, one enemy – too many. We want to be friends with everybody. Only with friendship, collaboration can we achieve prosperity.

Thank you very much, President Putin, for inviting me. And because you invited me, I can be here today in this historic city, a city of heroism, a city of great patriotism, and as an amateur student of history, I follow the history of Russia and I know the significance of St Petersburg. I had the honour of attending the cemetery of the victims of the war a few days ago. Thank you very much for this invitation.

I have said many times at many forums that Indonesia has chosen the path of non-alignment. We consider that this world must develop into a multipolar world and is developing towards a multipolar world. The world of unipolar centrality is past. This is the trend of history. This is what's happening in front of us.

I value very much the leadership of Russia and also the leadership of China. I want to be very frank. In the present world, in the Global South, I think many from the Global South will agree with me, Russia and China have never had double standards. Russia and China have always defended the downtrodden, have always defended the oppressed, have always fought for the justice of all peoples of the world.

I say this from my heart. Indonesia wants to be a good partner and a strong partner. My experts tell me that in this first semester, our economic growth is more than five percent. Actually, it can really end up by the end of this year at nearly seven percent or even more. This shows that we have chosen the right path, and we are achieving our goals. I am very convinced that we will achieve our goals within a few years.

I have given the target: four years – self-sufficient in food. We are experiencing that we can be self-sufficient in food within this one year and we will be in a few years a net exporter of rice and corn. Also, now I have formed a sovereign wealth fund, which we call Danantara, which means the future energy of Indonesia.

This fund [aims] to protect the wealth of our children and grandchildren. The fund now has US$1,000 billion of assets under management. This year we have cash to invest of $18 billion. We want to work together with all strategic partners. We do not ask for assistance. We do not ask for handouts, we want to be a real partner, we want to achieve real prosperity together.

We are open for business. We invite all groups from everywhere, especially Russian entities. Before I was elected, I was an entrepreneur and I have good relations with Russian corporations. My brother has been active in this area for many, many years, I think more than two decades. We know Russian corporations and we would like to see Russia participate more in our economy.

I have mentioned our foreign policy. We have always been, and we will continue to be non-aligned. We thank Russia for helping us and for achieving the Indonesian – Eurasian Union CEPA, Comprehensive Economic Partnership Agreement. We have completed also negotiations with other groups: the block CPTPP, also with the European Union CEPA, and we also request to join OECD.

For us, the world and the planet are getting smaller. We will work together with you for peaceful collaboration, peaceful coexistence with all countries. We view with sincere regret, the escalation and increase of conflicts around the world, especially in the Middle East. We hope that all parties can come to a peaceful resolution as soon as possible.

I think, distinguished guests, I have come to the end of my short speech. I apologise if what I say is not what is expected of me, but what I say comes from my heart. Thank you very much.

Nadim Koteich: Thank you, President Subianto. I’m not sure if this is your first speech. It doesn’t look like it. Actually, you did a great job. Thank you so much.

I’ll give the floor to the representative of His Majesty, the King of Bahrain, for Philanthropy and Youth Affairs, National Security Adviser, Commander of the Royal Guard of the Kingdom of Bahrain and the honour guest of this year’s forum, Sheikh Nasser bin Hamad Al Khalifa.

The floor is yours.

Representative of His Majesty the King of Bahrain for Humanitarian Work and Youth Affairs, National Security Advisor, Commander of the Royal Guard of the Kingdom of Bahrain Sheikh Nasser bin Hamad Al Khalifa (retranslated): In the name of Allah, the Most Gracious and Most Merciful,

Your Excellency Vladimir Putin, President of the Russian Federation, a friendly nation of ours,

Your highnesses, your excellencies, ladies and gentlemen,

May the mercy and blessings of Allah be upon you!

First and foremost, I would like to express my deepest gratitude and appreciation to the Government of the friendly Russian Federation for the kind invitation extended to the Kingdom of Bahrain to attend this year’s forum. I would like to address special thanks to His Excellency, President Vladimir Putin, for his gracious invitation extended to me to participate in this important economic forum as an official speaker.

I would like to convey to Your Excellency greetings from His Majesty Hamad bin Isa Al Khalifa, the King of Bahrain, may Allah bless him, and from His Royal Highness Prince Salman bin Hamad Al Khalifa, the Prime Minister of Bahrain, may Allah bless him.

It gives me great pleasure to recall His Majesty’s visit to Russia in May 2024. During that visit he met with Your Excellency. This meeting was an important stage in the development of our bilateral relations, relations of friendship and our mutual desire to strengthen those ties. This is evidenced by the participation of the Kingdom of Bahrain in this year’s forum as well.

Ladies and gentlemen,

The economic policy pursued by the friendly nation of Russia under the leadership of President Putin is the main driver of stable economic growth of Russia. This policy plays an important role in developing strategically important sectors of the economy, particularly, power sector and industry. This certainly has a positive effect on the international investment climate.

Russia is strengthening its economic ties with the countries of our region and beyond it. It also significantly contributes to creation of new trade and economic opportunities and their use in the world today.

I would also like to remind you, I beg your pardon, I am a poet, I love poetry, I would like to recite the words of Alexander Pushkin from his famous poem, The Monument: “And I shall for long years be loved by all the nation because for noble passions with my lyre I call.” And this wise policy, similar to Pushkin’s words, is your policy to the people. This policy is not measured by numbers only.

Indeed, we are currently attending an economic forum, but this forum is not only about numbers, it is also about the hope that it ignites in people and has a big impact on us.

Ladies and gentlemen,

The Bahrain’s Vision 2030 strategy, adopted under the wise leadership of the Kingdom, defines the framework of our economic development. Vision 2030 is not only a strategy, it is a roadmap for building a sustainable future in its own right. Thanks to it, Bahrain has embarked on a reliable path leading to achieving an optimal balance between economic growth and sustainability. This roadmap allowed Bahrain to attract foreign investments and strengthen its own economic potential.

Various strategic initiatives have been introduced to develop all sectors of the economy and, in particular, the digital infrastructure. Based on the achieved results, the Kingdom of Bahrain has begun to develop a new strategy designed until 2050. And this concept is based on an innovative approach, digitalisation and diversification of sources of income. And this strategic reference point testifies to the Kingdom's desire to keep up with the changes taking place in the world.

Clearly, we need to develop constructive international partnership and ensure comprehensive balanced development. The priority role of human capital is the main prerequisite for our progress.

In Bahrain, we believe that investing in people is the foundation of progress, this is why our country supports strengthening public-private partnership. This is very important.

In this regard, initiatives aimed at training the country's young specialists and ensuring their entry into labour market are extremely important. And this, in turn, allows us to create a flexible economy capable of adapting to changes and challenges.

Bahrain has put a lot of effort in creating a well-developed infrastructure, which allowed our country to become a leading digitalisation centre in the region. This allowed us not only to make business easier today, but also to create a favourable environment for innovations and creativity in various fields.

Today, the digital economy is the basis of Bahrain's strategy to building a knowledge-based economy. On the other hand, strategic partnership with friendly countries, including Russia, is a pillar for the development of the business environment in the Kingdom of Bahrain.

Bahrain is developing effective ties with all international actors, which allowed it to become a stable and attractive economic centre for investment. Bahrain continues its policy of attracting foreign investments by creating appropriate legislative benefits to create a favourable business environment.

Ladies and gentlemen,

The Gulf Cooperation Council as of now is an example of business support and development of an investment sector in the region. We pay much attention to that. We assume that innovations and creativity are two extremely important components of sustainable economic growth. This is why we believe the St Petersburg International Economic Forum is an efficient platform for setting forth ambitious initiatives and expanding cooperation horizons for investors and businesspeople from different countries.

Investment is not just about attracting funds. It is also about sharing creative ideas for implementing creative projects to shape a sustainable economy. That is why great importance is attached to supporting innovations and businesses to accelerate technological progress.

I have to point out that stronger economic partnership creates a favourable environment for supporting SMEs which serve as a driver of the economic development. This requires joining efforts both internationally and nationally and opens up new horizons for investment opportunities and for strengthening cooperation among states.

That is why we are pursuing a well-thought-out economic policy so as to build different industries and businesses including those in the innovation sector. We face a task of building a truly creative and competitive environment opening up new spheres for trade and economic cooperation with friendly nations.

In conclusion I would also like to once again thank you, Your Excellency President Putin, for your kind invitation and the excellent organisation of this forum. It testifies to Russia’s sincere desire to strengthen the international economic dialogue.

We consider the St Petersburg International Economic Forum an important platform for expanding our partnership with friendly nations, primarily Russia. We advocate cooperation for the sake of sustainable development which is in line with our Bahrain’s Vision 2030 concept.

Peace be upon you, as well as mercy and blessing of Allah.

Nadim Koteich: Thank you, Sheikh Nasser.

The address by the Vice Premier of the State Council of the People’s Republic of China Ding Xuexiang.

The floor is yours.

Vice Premier of the State Council of the People’s Republic of China Ding Xuexiang (retranslated): Mr President Putin,

Participants in the St Petersburg International Economic Forum,

Ladies and gentlemen,

Friends,

I would like to thank you for the invitation to participate in the 28^th St Petersburg International Economic Forum, which gained a very important subject this year – Shared Values: The Foundations of Growth in a Multipolar World. First and foremost, allow me, on behalf of the Government of China, to express my most heartfelt congratulations on the successful opening of the forum.

Ten years ago, President of the People's Republic of China Xi Jinping addressed the 70^th session of the UN General Assembly, noting that peace, development, equality, justice, democracy and freedom are universal human values and a noble goal of the United Nations.

Peace, as such, that will be able to overcome the differences between nations in terms of national or ethnic origins, social structure and ideological thinking, unite the whole world around the community of the common destiny of humankind. This received the broadest support and positive responses from the international community.

Actions of unilateralism and protectionism are intensifying, hegemony, dictate and harassment are rampant, geopolitical conflicts are escalating, and various risks are predetermined against the backdrop of rapid changes taking place in the world, which we have not seen for a century. Humanity is facing many common challenges.

Once again referring to important statements by President Xi Jinping, we consider it necessary to firmly adhere to universal human values, implement the concept of the Community of Common Destiny for All Mankind, implement initiatives of global development, global security and global civilization, and jointly promote establishment of an equal and orderly multipolar world, inclusive and universally accessible economic globalisation for the sake of a peaceful, secure, prosperous, progressive future of the entire world.

In this regard I would like to share the following ideas.

First. Global governance should be based on principles of joint consultation, joint construction and joint use. International affairs require a collective solution through dialogue. The fate of our planet must be managed by all states of the world, without exception. Genuine multilateralism should be adhered to, equal rights, equal chances and equal rules should be granted to everyone.

Eighty years ago, China, the Soviet Union and other countries of the anti-Nazi coalition won the Second World War at the cost of the lives and blood of their people, laying down standards of centric multilateralism.

Now, eighty years later, it is important for us to reaffirm our commitment to goals and principles of the UN Charter, firmly defend the world order under the auspices of the United Nations and the world order based on international law, to defend the authority of the United Nations and international justice and to promote the creation of a more just and rational system of global governance.

Second. An open diversified global economy must develop through joint efforts of the entire world. The implementation of the 2030 Agenda is suffering from grave problems caused by anti-globalism.

In this situation we urge to be guided by principles of mutual benefit and joint development and take practical steps to uphold multilateral trade system and international trade and economic order, to promote re-organisation and simplification of trade and investment procedures for the economic globalisation to yield more to all the parties.

China is striving to resolve the issues of the global economy unbalance and inequality. It stretched out a helping hand to over 160 countries and set up high-quality cooperation with 150 nations within the Belt and Road initiative with numerous landmark joint projects. It established the Global Development and South-South Cooperation Fund and made a significant contribution to global development.

We will continue to deepen our cooperation with emerging economies and offer ever more opportunities for the Global South partners for the sake of joint modernisation.

Third. The world’s civilisations should complement each other. The progress of civilisations requires mutual enrichment. We must strive to develop civilisations in the spirit of equality, mutual complementation, dialogue and tolerance; we must respect their diversity and people's right to choose their own ways, implementation of values, and to stand firm against the new ‘cold war’ and any instances of ideological confrontation.

The Chinese people advocate for openness and tolerance, and the Chinese civilisation is calling for harmony while retaining differences, from holding a conference on dialogue between Asian civilisations to adoption by the UN General Assembly of a resolution on instituting International Day for Dialogue among Civilisations. The Chinese concept is gaining an increasing consensus in the world.

Together with all its partners, China is ready to assist each civilisation to flourish in its authenticity with their beauty and achievements to be enjoyed by everyone. We must fully promote universal human values while ensuring the interests of our people.

Fourth. It is necessary to uphold peace and development across the globe. Peace brings forth a development potential while development contributes to lasting peace. We have to assume responsibility for peace on our planet and through dialogue, strive for strengthening mutual trust, settling conflicts and ensuring security, facilitate political settlement of international and regional ‘hot spots.’

China is always carrying the banner of peace, development, cooperation and mutual benefit. It is ready, jointly with all nations and peoples advocating for peace and development, to pass the torch of peace from generation to generation for the sake of long-lasting peace and common security.

Ladies and gentlemen,

Friends,

China and Russia, as permanent members of the UN Security Council and the world’s leading growing economies, are trustful friends in the spirit of time-tested friendship and reliable, mutually supporting partners.

Last month, President Xi Jinping made a state visit to Russia at President Putin’s invitation and attended the celebrations of the 80^th anniversary of Victory in the Great Patriotic War.

The two heads of state agreed to further strengthen political trust and strategic interaction and jointly called for defending the results of the Second World War and international justice.

Together with our Russian friends, we will implement the important agreements reached by our leaders, play a more essential role in promoting multipolar world and global development as well as in improving global governance.

We have to comprehensively raise the level, dimensions and stability of China-Russia relations. While following the general cooperation trend, we must create, on the basis of the Belt and Road Initiative, together with the EUEU, an interconnected cooperation structure with high standards, effectively tap into the advantages of the resource base and mutually complement production structures of China and Russia, expand high-quality and mutually beneficial cooperation in the economy, trade, energy, agriculture, aviation, space, artificial intelligence and others, to continuously consolidate the material basis for comprehensive strategic interaction for the well-being of our countries’ peoples.

It is crucial to maintain close alignment on numerous platforms including the UN, promote the enhancement of the SCO and BRICS, facilitate the Global South’s engagement in global governance so as to shape a more just, rational and flourishing multipolar world.

Ladies and gentlemen,

Friends,

China is currently pursuing, on all fronts, the building of a powerful state and national revival through China’s modernisation.

This year, despite the unfavourable external conditions, the Chinese economy maintains a positive dynamics. Its GDP grew by 5.4 percent in the first quarter, which makes China the leader among the world’s top economies. I will specially highlight the progress in China’s foreign trade under very uneasy conditions which demonstrates to the whole world the incredible viability and resilience of our economy.

We will intensively pursue a more active macroeconomic policy focusing on supporting employment, businesses and the stabilisation of market expectations, advance predictable and high-quality development in response to unpredictability and utter volatility of external environment and contribute to sustainable revival of the Chinese economy. China will open up even more regardless of any changes in the external situation.

We are unswervingly promoting high-level openness including through its institutionalisation for the sake of creating a better business environment based on market, legal and international principles. We will be happy to welcome to China businesses from across the world. We are ready to share with you the opportunities of China’s modernisation and development.

The path to a multipolar world will be challenging but it promises us a bright future. I urge everyone to be guided by universal human values and jointly unlock the beautiful prospects of a multipolar world.

Thank you for your attention.

Nadim Koteich: Thank you, Mr Xuexiang.

The floor is now for the Deputy President of the Republic of South Africa Paul Mashatile.

Deputy President of the Republic of South Africa Paul Mashatile: Your Excellency, President of the Russian Federation Vladimir Putin,

Esteemed heads of states who are present,

Your Excellency Prabowo Subianto, President of the Republic of Indonesia,

His Highness Sheikh Nasser bin Hamad Al Khalifa, representative of His Majesty, the King of Bahrain,

His Excellency Ding Xuexiang, Vice Premier of the State Council of the People's Republic of China,

Distinguished ministers and deputy ministers, diplomats, business leaders, and fellow delegates,

Ladies and gentlemen,

I would like to begin by sending warm greetings from the government of the Republic of South Africa, especially from our President Cyril Ramaphosa and the people of South Africa.

This forum, now in its 20^th year, remains one of the foremost platforms for global dialogue on economic corporation, investments, innovation, and inclusive growth. It is therefore an honour to be given the opportunity to address this distinguished assembly at the St Petersburg International Economic Forum, to convey our vision for a more inclusive, sustainable and prosperous world.

The 2025 theme – Strengthening Multipolarity for Sustainable Development – is not only timely, but central to the moment we find ourselves in. I would like to assume that you will concur with me that the concept of multipolarity has become increasingly relevant in the current global landscape, which is constantly changing. It calls for cooperation, dialogue, and respect for diversity amongst nations to achieve shared goals.

The South African government is certain in its belief that the adoption of multipolarity may result in the achievement of sustainable development and economic prosperity for all nations regardless of their size. It is laudable that as I stand here, I can confidently state that South Africa and Russia are committed to a multipolar world order and actively interact in forums such as BRICS and the G20.

Our cooperation covers various sectors, including trade, energy, and technology. Our aim should be to deepen bilateral connections and shaping global governance. Russia has long played a strategic role in the global economy, not only as a major energy producer, but also as a key actor in food security, industrial technologies, and science-based innovation. It is one of the largest exporters of grain, oil and gas. It is also a rising presence in sectors such as space exploration, nuclear energy – particularly for peaceful purposes – artificial intelligence, and advanced manufacturing.

Importantly, Russia’s increasing orientation towards Asia, Africa, the Middle East, and Latin America is reshaping global trade routes and creating new corridors for commercial and developmental cooperation.

These reconfigurations are part of a broader trend: the steady emergence of a multipolar global economic architecture. Despite the real challenges posed by geopolitical tensions, sanctions, and fragmentation of financial systems, Russia has demonstrated resilience. It continues to foster deep integration with the Eurasian Economic Union, expand its partnership under the BRICS framework and strengthen bilateral and multilateral engagement with emerging economies.

Our country, South Africa, like many others, has also faced numerous challenges on its path to development. The extent, to which individuals feel connected and share a sense of belonging in society, has also been a significant challenge, particularly in the light of the country’s history of apartheid and persistent socioeconomic inequalities.

However, with tenacity, drive and a commitment to diversity, we have achieved enormous strides in reducing poverty, inequality and creating social cohesion. We recognise that sustainable development is more than simply economic progress. It is also about providing opportunities for all our citizens to prosper and contribute to society.

As we look to the future, the importance of the Global South in shaping international economic governance is undeniable. Africa, in particular, is fast becoming a centre of global growth. With the population projected to exceed 2.5 billion people by 2050, a rising middle class, and a youthful demographic dividend, the continent has a potential to drive the wave of industrialisation, digital transformation, and sustainable development.

Africa is not in search of handouts, rather, it is pursuing equitable partnerships. It seeks equitable access to markets, capital, knowledge, and technology. This is where global platforms like the St Petersburg International Economic Forum become crucial for us.

At the same time, the Global South is increasingly demanding a voice in decisions that shape global trade and finance. The collective call is clear: development cannot be dictated; it must be co-created. Africa and the Global South are not merely passive recipients of investments or aid: they are active architects of a new more just international order.

Ladies and gentlemen,

The St Petersburg International Economic Forum has evolved over the years from a primarily Russian and Eurasian platform into a global meeting for policy makers, economists, CEOs, innovators, and thought leaders. The St Petersburg International Economic Forum provides a space for emerging economies to shape global economic discourse, influence trade rules, and negotiate developmental priorities.

In this regard, South Africa supports the increasing inclusion of voices from the Global South at the St Petersburg International Economic Forum. We support the growing participation of delegates from Africa, Latin America, and Asia. It is essential that this platform not only reflects actively but actively amplifies the aspiration and strategic interest of developing economies.

The St Petersburg International Economic Forum’s value lies in its unique capacity to breach geopolitical divides and promote dialogue beyond the dominant narratives. It enables countries with diverse histories, economies, and political systems to find common ground in promoting trade, innovation, and sustainable development. In an era of growing polarization, the St Petersburg International Economic Forum is a vital pillar for pragmatic cooperation.

South Africa is prepared to contribute to the promotion of cooperation and collaboration among nations, in order to benefit all. We believe that a more equitable, prosperous, and tranquil world can be achieved through collaboration.

This year, South Africa has the privilege of presiding over the G20. We have prioritised issues like debt sustainability, global financial reform, access to technology, and inclusive economic recovery. We are championing the representation of Africa in global decision-making structures, including the full integration of the African Union into the G20 framework. We are also working to ensure that global economic policy aligns with the goals of Africa’s Agenda 2063 – the African Union’s blueprint for inclusive growth and sustainable development. It promotes industrialisation, connectivity, regional integration, and the African continental free trade area.

We offer a compelling value proposition to global investors and partners. We regard ourselves as a gateway to Africa, rooted in a democratic governance, a robust financial system and world-class infrastructure. Our institutions are strong. Our people are resilient. And our vision is clear. We aim to be a centre of innovation, inclusive industrialisation, and green growth.

Moreover, South Africa brings to the table decades of multilateral experience, a commitment to peace-building and development cooperation, and a bridge-building role between advanced and emerging economies. We do not merely seek partnerships – we offer solutions grounded in African realities and global aspirations.

In doing so, South Africa hopes to cement G20 priorities in African reality, ensuring that the recovery from global crises does not exacerbate inequality but rather creates opportunities for inclusive transformation. We are pushing for a new international development-funded agreement that resolves historical inequalities, whilst also preparing the Global South to respond to future shocks with resilience.

Speaking of resilience, we need to reinvigorate multilateralism. The multilateral order is under pressure, and economic nationalism is on the rise. At the same time, we face collective challenges that require urgent cooperation: climate change, energy transitions, food insecurity, global health disparities, and digital inequalities.

It is in this context that we must reaffirm the principles of mutual respect, sovereignty, equality, and solidarity. We must resist a return to protectionism and instead build a global trading system that is transparent, rule-based, and inclusive.

Developing economies must have greater representation in global-standing setting institutions. We must accelerate the reform of the World Trade Organisation, the International Monetary Fund, and other Bretton-Woods institutions to reflect contemporary global realities. Through strengthening multipolarity, we are able to harness the collective power of our nations to construct a future that is more sustainable for future generations.

South Africa is prepared to do its share in promoting international cooperation and collaboration for the future of all nations. The future is not being written in board rooms in the Global North alone; it is being written in the towns of East Africa, in the innovation corridors of Southeast Asia, in the minds and digital labs of Latin America, and the energy, agriculture, and science sectors of Eurasia.

The St Petersburg International Economic Forum is one of the few remaining global platforms where this future can be shaped in dialogue. Let us then seize the moment; let us invest in partnerships that are equitable and mutually beneficial. Let us pursue sustainable growth. South Africa stands ready to work with all partners gathered here to forge a new era of cooperation, shared prosperity, and enduring peace.

Thank you very much.

Nadim Koteich: Thank you so much for the heavily loaded speeches that will only make my mission more difficult.

I’d like to start with President Putin. The overarching theme of this years’ forum is “Shared Values in a Multipolar World”. This is a very high ambitions’ ceiling. What does Russia bring to the table on that regard?

Vladimir Putin: I attempted to convey this in my speech. It seems to me that everything that Russia is doing is aimed at uniting the efforts of all our partners, friends, and everybody who wants to work with Russia to address these global civilisational challenges.

And above all, we seek to make global development balanced and consistent with the interests of as many countries as possible, to shape a multipolar world order where members of the international community would agree with each other and create tools enabling them to find solutions even in most complex conditions – solutions that would benefit everybody rather than certain groups or associations, military or economic blocs.

It is my opinion that today’s meeting, this event, organised by Russia, as you know, serves precisely this purpose.

Nadim Koteich: Sometimes, Mr President, this effort to build a multipolar world seems like more of a resistance of an existing order, rather than a genuine, consistent, coherent effort to create a multipolar world that you’re talking about. Is it an objective-driven effort or it’s only resisting current unfavourable kind of order?

Vladimir Putin: To my mind – and I have already spoken about it on various platforms in the past – changes are occurring regardless of whether we facilitate these changes or not. These are objective global development trends.

In my remarks, I also stated, as I have stated repeatedly, including at the St Petersburg Forum last year, that changes in the world are of a fundamental nature, occurring due to the emergence of new economic leaders.

Look how the so-called G7’s share in the global economy has shrunk in recent years. It continues to shrink year after year. And look how the share of BRICS countries is growing.

This is an objective process, independent of any clashes or acute armed conflicts worldwide. This process has continued for decades. And when they claim that Russia has only recently pivoted toward relations with the Global South and Asia – well, this is incorrect. We made this decision long ago, in alignment with persisting global and objective trends.

Our colleague from South Africa has just said that Africa will soon have a population of 2.5 billion. You know, this is a hard fact. It will happen and nothing can stop it. What will all these countries, peoples and continents strive to do? To improve the well-being of their peoples. They will definitely strive to increase their economic and humanitarian potential. These are inevitable things that are happening to our civilisation.

Our task is to give this inevitable process a civilised framework and to undertake joint efforts that will not only accelerate these trends but also render them more balanced. This is to ensure that decisions are timely, most effective, and mutually beneficial for all participants in this transformation, including, incidentally, those nations that are gradually yet inevitably ceding some of their former positions in the global economy.

We remain willing to negotiate with them as well, prepared to seek common ground on all matters, if they genuinely want this. But should they insist on preserving their monopoly at any cost, should they cling to the instruments of colonial influence in global affairs, then they must reconcile themselves with the diminishing position they inevitably assume through such conduct.

This encapsulates the purpose behind all our efforts – both in the national dimension, with due account for our domestic and foreign policy, and in collaboration with our friends and partners.

Nadim Koteich: And obviously, they have the tools to cripple this endeavour that you just summarised, Mr President.

So, I would ask President Prabowo of Indonesia.

Indonesia has always walked a fine line, has always, as you mentioned in your speech, been a non-aligned state. But, as the world becomes more and more complicated, can Asian countries – ASEAN countries – stay non-aligned, or is this more and more not an option? Or a very narrow option, as we go forward?

Prabowo Subianto: Thank you. I think, in my opinion, it is not easy, but it is a line that we are determined to maintain. As I said, we respect all the great powers. We respect our neighbours. And we really believe that the only way for prosperity is collaboration, cooperation, and peaceful coexistence. And this is what we try to achieve. We want to maintain good relations, and we try to convince all parties that the only way forward in this is that this planet is getting smaller, and we cannot afford the rivalry that is going nowhere. Especially if it goes into confrontation. So, no, I am convinced that we have to maintain this path of non-alignment.

Nadim Koteich: Mr Vice Premier of China, China and Russia are building with others this new order in the world. But if you look last year, things started to ease up between Moscow and Washington; there is more dialogue between President Donald Trump and President Putin. Is this a source of concern for you and China? How do you see the developing relationships between the leading powers in the world?

Ding Xuexiang (retranslated): Thank you for your question.

First of all, I would like to state our firm position to President Putin and all forum participants, our friends. China welcomes the restoration of contacts between Moscow and Washington. Russia and the United States are two leading world powers and permanent members of the UN Security Council. It would be abnormal for them not to maintain contact.

The restoration of contacts between Russia and the United States – the revival of this cooperation – would benefit the entire world by fostering greater global stability and supporting world economic recovery.

China-Russia relations are deeply rooted in history. China and Russia are each other’s largest neighbours, and the friendly cooperation between our countries is developing very well. It is founded on mutual benefit, aligned with historical logic, the cultural traditions and strategic interests of both nations. The China-Russia friendship remains unsusceptible to external influences and is not directed against any third country.

Under President Xi Jinping’s and President Putin’s strategic leadership, China-Russia relations have reached an unprecedented level in history and stand strong and unbreakable like a rock.

As you said, global powers have significant influence over the world order and play crucial roles in its protection. President Xi Jinping has repeatedly urged, across multiple international platforms, that major powers should exercise appropriate responsibility.

As far as I understand, the global powers must, firstly, actively fulfil their international commitments and lead efforts to uphold the UN-centric world order, while adhering to the principle of sovereign equality of states, big and small alike, and safeguard international justice and equity, honouring their pledge to reject hypocrisy and promote greater predictability in global affairs.

China is a responsible global power, invariably serving as a stabilising factor amid international turbulence. We are ready to collaborate with all nations in advancing prosperity around the world.

This is my answer. Thank you.

Nadim Koteich: Thank you so much.

Sheikh Nasser,

Bahrain is a very unique country. You have very good, exceptional relations with Washington, yet you are here today representing your country and His Majesty as a guest of honour in the St Petersburg forum. This is a very unique feature. Those who know Bahrain would say that this aligns with the history of Bahrain as a trade hub, as a political bridge. But how are you manoeuvring and navigating a more and more polar world, with the set of skills and experiences you have in the realm of bridging between East and West?

Sheikh Nasser bin Hamad Al Khalifa: Well, you have mentioned briefly the history. Let me take you back nearly 5,000 years ago. The job of Bahrain where it maintained the between East and West.

So, I believe Bahrain, with its geographic position in the region and certain service in the world, we have no choice but to be the arms and the bridges between the East and West. We have no choice but to follow our wise leadership, not just in Bahrain, but in the GCC in total, where we all share a new state of mind: it is the so-called the single-issue alliance. By single-issue alliance, I mean “I do not get my nation, and we do not get our region sucked into wars. I might agree with you in ten points, but disagree in eight, or vice versa. So, we take every point into verticals, and we discuss them.”

And, most important is how do we build on this relation? How do we maintain our relations? How do we seek to a better future? I’d always say: Our past is not better than our present, but I am sure our future should be better than our present.

So, this is what we are doing. We have seen great leadership here with His Excellence President Vladimir Putin, where he showed a stable, long-lasting enduring vision where does he want to take his country and move forward. We do the same. We always say that. We plan for the next generations.

Nadim Koteich: Thank you, Sheikh Nasser.

Vice President,

South Africa is, as well, one of these unique historical experiences in Africa and on the world stage. You said something very interesting about the St Petersburg forum being one of the very, very few places where shaping the conversation around geopolitics and geoeconomics is happening through dialogue. That is a very solid conclusion in today’s world. I’d like you to elaborate more – what did you mean by that, and why? What makes this one of the few and unique places for such a dialogue?

Paul Mashatile: Thank you very much for that question. I want to start by saying I think we should thank President Putin for his great leadership ensuring that, particularly, countries of the Global South should have platforms to be able to collaborate, share ideas, come up with new innovative plans.

As I said earlier, in South Africa we’ve taken a position that we should not continue to go to others for handouts. We should not be queueing for aid, but we should focus on development. And that countries of the Global South can do it. We can see it. We are developing, we are getting stronger; and I think we should keep it that way. So that is why I was saying that the St Petersburg International Economic Forum is a great platform and thank you to President Putin for this leadership. We are with you.

Nadim Koteich: Let me bring the conversation from values closer to the conflict areas in the world.

President Putin,

Israel said that they…I mean, the statements are normalising the fact that a country might kill the president of another country. That is basically the conclusion of last week’s statements. Yes, Ayatollah Khamenei is not a head of state, but he has enough gravitas to be considered the head of state and to be protected by the articles of international law. But when we normalise the idea – no matter where you stand on Iran – when we normalise the idea of a country killing the president of another country publicly, what kind of new rules are being set? They are obviously contradictory to the kind of values you’re trying to put forward, isn’t that so?

Vladimir Putin: You know, our colleagues have already spoken here, and I am making notes for myself for future reference. For example, I have noted what you have just said. You said the following.

During the discussion with my colleague from the People’s Republic of China, I noted your statement: “The Russian Federation and China are creating a new world order.” Russia and China are not creating a new world order; rather, we are only giving it form.

The new world order is emerging naturally, like sunrise. There is no escaping it. Our role is to help shape its contours, perhaps clearing the way for this process to become more balanced and aligned with the interests of the overwhelming majority of countries.

We strongly anticipate that all nations will come to recognise and eventually understand – as I have previously stated – that this approach to finding a solution proves far superior to coercive pressure or the neo-colonial paradigm in which humanity has lived for centuries, if not millennia.

Nadim Koteich: Would you allow me, Mr President, to go back to the question about normalising the talk about a country killing the president of another country, in the case of Iran and Khamenei and Israel within this conflict. I mean, it seems that those who are making the new values are not the Global South, obviously, not Russia, not China, it’s the Israelis. Are you comfortable with that?

Vladimir Putin: While I would strongly prefer that the issues you raised remain confined to rhetorical discussions, I must nevertheless ask for clarification. What do you mean regarding Israel?

Nadim Koteich: I mean, the new values now is that one country is setting the rules for another country that who has or doesn’t have enrichment, for example. One country is threatening to kill the president or the head of that country.

Are these values defendable in any way?

Vladimir Putin: To me, there is nothing new about it. This is the first.

Second, and I wish to emphasise it, the Russian Federation has consistently advocated for guaranteeing every nation’s security without compromising that of any other state. This remains our principled approach.

This may sound like a generalised answer but let me assure you: it is the actionable policy of the Russian Federation.

Nadim Koteich: Allow me for a very direct question about the situation.

Donald Trump is seeking what he calls the total surrender of Iran in terms of the nuclear project. Would Vladimir Putin seek the total surrender of Vladimir Zelensky in the same way?

Vladimir Putin: First, these situations are fundamentally different. Second, our objective is not Ukraine’s surrender. We insist that Ukraine recognise the established territorial realities.

Nadim Koteich: Sheikh Nasser, I’ll go back to you. You see, this conversation unveils the level of tensions on the global theatre. I will go back to the question about how GCC countries keep moving from one success to another, and Bahrain is one of these successful countries. Despite all of these turbulences, despite all of these flashpoints, in your close vicinity and globally, how do you do that, and what lessons can be drawn from that by others?

Sheikh Nasser bin Hamad Al Khalifa: Let me start by saying, ‘Praise the God’ for a wise leadership we have in our region. We always say, ‘the clever tries to solve the problem, but the wise avoids it.’ So, us in the GCC, and especially in your second home in Bahrain, I love that President Putin loved that quote, and you can use it, Mr President, no copyrights on that.

In our country, we talk numbers, we talk facts, we project our plans. As what we saw today from the President of Indonesia, this is a man who is expediting his KPIs by far. He thinks that he will reach in four years’ time that goal, but he reached it in one year’s time. We are sprinting in our region, and if you go back today, especially during that turbulent and eventful nights, look at the numbers, look at the numbers of our real estate, look at the numbers of our stock markets. There is a lot of confidence from the people, from the investors, with our leaderships over there.

Today, in that beautiful city, I sat with the top chairmen and CEOs of your top companies in Russia, and we exchanged the same vision, we exchanged the same purpose and the same spirit during these conflicts. We are only looking forward. We are only looking to de-escalate. We are only looking for a peaceful world. We are only looking for a better future. And, Mr President, we in the GCC and especially in the Kingdom of Bahrain, we live in a constant sunrise like you, but here we are literally in St Petersburg, every day there is a sunrise ahead of us. I still haven’t seen nighttime.

Nadim Koteich: Mr Vice President, as I mentioned earlier, South Africa has a very unique position in history in terms of how it evolved, in terms of how it fixed its wrongs and mistakes and then fixed its history. One of the things that came to my mind when I was preparing for this is the experience of de Klerk, the last president of the apartheid regime. The thing is that he made himself part of the change, and that saved South Africa a lot of blood and destruction and chaos. What lesson can be drawn from this history? When a regime or a state or an idea hits a wall, how can you advise these states or these regimes to change the same way South Africa changed?

Deputy President of the Republic of South Africa Paul Mashatile: Well, de Klerk is not a good example because he was defeated. He was forced to come to the table by the masses of our people. He didn’t come voluntarily. What we are saying is that leaders must recognise that we can resolve our differences through peaceful means but there are those who need to be directed to them, and I think the example of de Klerk is quite that. He was directed to the negotiating table by the masses of our people, and we were quite happy once he came. He had no option. He had to participate. He did try to portray himself like he’s Nelson Mandela. He’s not. He was directed there by Nelson Mandela to say, “We are going to negotiate peace,” and we want to continue to share this example with other countries.

We are quite involved now in the African continent, engaging in peaceful negotiations in South Sudan, in the DRC, and other places. So, yes, there is indeed value in negotiating, in discussions, but there are situations where the masses have to stand up, and they have to fight for their rights, and that’s what we did in South Africa.

Nadim Koteich: Mr President, you were shaking your head when we were exchanging this question. What are your thoughts on bringing adversaries to the table? Is defeat a prerequisite for dialogue, or we can bypass this phase and go to dialogue? And there are so many crises in the world that cannot afford a victorious end.

President of the Republic of Indonesia Prabowo Subianto: Well, I have to say here that Nelson Mandela is one of my greatest icons, my greatest hero. I think he’s an inspiration. He was put in prison for many years.

He was sentenced to death, threatened to be sentenced to death, accused of many things, and his famous statement was that he was willing to give his life for the principle of freedom. But the greatness of Nelson Mandela: when he got out of prison, he worked for reconciliation with his former enemies. So this is the greatness of Nelson Mandela, and this I try also to carry out in my domestic politics.

I reconciled with many of my former opponents. For instance, we had a very long rebellion, separatist rebellion in Aceh, very long, I think more than 30 years. But can you imagine that the former commander of the Aceh Liberation Army, fighting against us for more than 25 years, now he joined my party. He’s in my political party, and he’s now governor of Aceh, and I’m President of Indonesia. This shows that former enemies can come together, and I think this is the lesson of Nelson Mandela.

I want to say: I was a former soldier, and as a former soldier, I really know the value of peace and reconciliation. As a former soldier, I always try now, even before, I always try to negotiate. Negotiate, negotiate, negotiate. Better to talk than to kill each other. This is my position. Always talk, always negotiate.

Nadim Koteich: President Putin, on a more practical question concerning the crisis in the Middle East, now we will talk about Ukraine in a while, but the current crisis, it touches on geopolitics, energy, and it has repercussions that go beyond the parties involved in the struggle.

Is it a test for how the South can play a role in mending the fences between both countries, in putting some good imagination around the solution, architecting a solution that can be acceptable by two parties that are fighting, you know, head-to-head? Is this a test for what you are proposing and trying to create as political weight for the South?

Vladimir Putin: Yes, I believe it is quite possible. Experience and reality demonstrate that many states of the region maintain in some ways complex and in some ways stable relations with both Israel and Iran. This provides reasonable grounds to believe – and indeed to hope – that the Global South collectively, and regional actors specifically, can exert influence to help put an end to this acute phase of confrontation.

When I said that Russia’s principled position is that no country’s security should be guaranteed at the expense of other countries’ security, here we have (without delving into detail, as the context is clear), on the one hand, Iran’s uranium enrichment programme, Iran’s legitimate right to carry out such activity, its right to peaceful nuclear energy development; and, on the other hand, there is Israel’s security concerns. I am convinced that a mutually acceptable solution can be found. Countries of the Global South, especially countries of the region, can undoubtedly have a positive influence on this process, on this search for solution. I believe such a solution exists.

Nadim Koteich: Actually, today, the Russian Ambassador at the UN said that the only way forward is a political solution for the nuclear file between Iran and the Israelis. Are there any preliminary points about the solution or are we still too fat from that?

Vladimir Putin: In such situations, it’s always better not to run ahead so as not to upset the process. That said, in my opinion, there are certain points of common interest.

We have set forth our position to both parties. As you know, we maintain contact with Israel as well as with our friends in Iran. We do have certain proposals involving Russia.

I must emphasise that we are by no means positioning ourselves as intermediaries. We are merely putting forward ideas. Should these ideas prove to be appealing to both countries, we will be simply pleased.

I will repeat, we maintain contact with Israel. As you are aware, not so long ago, I spoke with Prime Minister Netanyahu, as well as with the President of Iran and the President of the United States, who are certainly directly involved in these developments. I presented them with my vision and a potential path to resolving the situation. We will see.

Our proposals remain under discussion. We maintain near-daily contact with our Iranian friends, so we will see how the situation unfolds. I would like to see our ideas among those implemented.

Nadim Koteich: Sheikh Nasser, during the King’s visit to Moscow, he explicitly talked about the role of Russia in maintaining peace in the Middle East. It was an initiative His Majesty put forward during the Arab Summit in Bahrain, in Manama. He was very particular about the role of Russia in achieving that peace, as a pivotal role. What role do you think Russia can play now, in the current crisis?

Sheikh Nasser bin Hamad Al Khalifa: Yes, you are right. During our previous visit, and after the Arab Summit that was conducted in the Kingdom of Bahrain, we have called out for World Peace Forum to end and to reach to a solution with every conflict. His Majesty is a leader of peace. He drives his country towards peace and ending conflicts, and so is President Putin. As you have heard from the President just now, that he continues talking, no mediation. I believe that mediation will always confuse the situation, but any suggestion, any words of wisdom these days are mostly needed. Avoiding the escalation, I think, is the key word of today.

Nadim Koteich: Thank you, Sheikh Nasser. I’ll go back to President Putin about Ukraine.

How is the war in Ukraine reflective of the values that the St Petersburg Forum is trying to put forward, to defend, to underscore?

Vladimir Putin: It is very easy to explain. And it is directly related to what we said before, what I said before. I said that no country’s security should be guaranteed at the expense of another country’s security.

From the early 1990s and for decades, we received repeated assurances that by no means, never, under no circumstances, NATO would expand eastward. After that, we have witnessed five, or effectively six, expansion waves. Despite our persistent objections, these were ignored. This is the first.

Without doubt, these represent rudimentary manifestations of the old, or even centuries-old, neo-colonial policy upgraded to a certain extent in order to align with contemporary trends, while retaining its fundamental nature. These are exercises of power politics that disregard the legitimate interests of the Russian Federation. This is my general assessment.

Regarding Ukraine, all developments there similarly constitute exercises of power politics. What am I referring to? The bloodstained anti-constitutional coup in Ukraine. What did this represent? More power politics. The previous US administration openly admitted it had invested billions of dollars in orchestrating the coup. These admissions were made publicly, without any constraint.

Our objective was to protect the population that historically and culturally identified with Russia, the Russian culture and its people – specifically, the residents of Crimea. Subsequently, we attempted to settle the situation in southeastern Ukraine, particularly in Donetsk and Lugansk. We made attempts.

However, once again resorting to power politics, our ideological adversaries, so to speak, chose to impose a military solution in Donetsk and Lugansk – in Donbass. It was not Russia that initiated hostilities. Following the anti-constitutional coup, part of the population in southeastern Ukraine rejected both the coup’s outcome and the authority of its perpetrators. It was against them that military operations were first launched.

We made attempts to achieve a peaceful resolution and to put together broken pieces, but our so-called “partners” (let’s put them in quotation marks now), as it was further revealed, initiated the peace talks for one purpose only: to arm Ukraine and continue these hostilities.

Ultimately, we had no choice but to recognise the independence of these republics – Lugansk and Donetsk. For eight years we refrained from such a decision, persistently pursuing diplomatic solutions. But eventually, we were forced to recognise their independence and extend our support, including military assistance, in order to end the war launched by our Western adversaries and by those whom they relied and continue to rely on now in Ukraine – the radical nationalists and neo-Nazis.

Therefore, responsibility for the tragedy in Ukraine lies not with Russia. It is the responsibility of those who refuse to reconcile with the global changes in the world.

Nadim Koteich: Mr President, I am in no position to challenge the narrative you put forward. Let’s say this is the baseline of what the reality is. Let’s assume this is the reality. Your army is advancing beyond the four areas that are considered Russian by Moscow. So, what is your endgame? How is your army going to go and for what effect?

Vladimir Putin: You mentioned the regions in Ukraine that we regard as part of Russia. I have stated on numerous occasions that, in my view, the Russian and Ukrainian peoples are essentially one people. In that sense, we see Ukraine as ours.

However, we also recognise the realities on the ground as they evolve. There are many individuals in the neighbouring country who are committed to asserting their sovereignty and independence, and we respect that. In fact, we have never denied the Ukrainian people’s right to independence and sovereignty.

At the same time, the foundation for Ukraine’s independence and sovereignty was clearly established in its 1991 Declaration of Independence, which explicitly states that Ukraine is to remain a non-aligned, non-nuclear, and neutral state. It would be constructive to revisit these core principles, as they formed the basis upon which Ukraine gained its statehood. That is the first and most fundamental point.

Secondly, from the very outset – when the conflict had already escalated significantly – we proposed to the Ukrainian leadership at the time that hostilities be halted immediately. We called for the withdrawal of Ukrainian forces from the regions where the local population had clearly expressed their desire not to remain within Ukraine, particularly in response to what they perceived as unconstitutional and anti-state actions. These people sought either independence or integration with Russia. Our proposals were rejected.

Furthermore, these are not purely political decisions, but rather the result of military logic. Military commanders assess terrain – rivers, hills, ravines – and determine the most strategic paths to advance while minimising casualties and achieving their objectives. As a result, the dynamics of military operations naturally lead to the presence of troops in various territories. There is an old saying, not quite a proverb, but a long-standing principle: wherever the foot of a Russian soldier steps is Russian land.

I do not want this to sound militaristic. But the truth is – and I want to emphasise this very clearly, as it is absolutely sincere – at every stage of the unfolding events, we proposed dialogue. We consistently urged our counterparts in Ukraine to stop and engage in negotiations.

We said: “Let us talk now, before the situation deteriorates further. Continued reliance on military action alone risks leading to more difficult circumstances, after which any negotiations would have to take place from a much less favourable position for you.” This scenario repeated itself more than once. I will not go into the specifics at this moment.

There are well-known political figures from other countries – thankfully still alive and well – who can personally attest to our repeated proposals to halt hostilities. On several occasions, after hearing our suggestions, they would leave Moscow for Kiev, but later on they would tell us: “We’re being accused of acting as Kremlin agents. That’s it, we are stepping back and will no longer be involved.”

Each time, the response we received was a firm “no.” And we warned: if this path continues, the consequences will be more severe. Still, they refused to engage. Why? Because certain actors, particularly in Europe, still operate with outdated, neocolonial mindsets. They believed that they could easily exploit the situation to their advantage by weakening, destabilising, or even dismantling Russia, all in the hope of reaping strategic or economic gains.

I am sure that this is why former Prime Minister Boris Johnson – undoubtedly at the urging of the former US administration and Mr Biden – travelled to Ukraine and advised against reaching any agreement with Russia. Yet the agreement was already on the table. During the negotiations in Istanbul, as I have said before, we had reached an almost complete consensus on nearly every issue. All that remained was to finalise the accord. I was prepared then to meet with the head of the regime and finalise it.

But no, they had to send Mr Johnson, clearly with the support of the then Biden administration, to dissuade Ukraine from signing the agreements. Instead, they attempted to secure what they called a “strategic defeat” of Russia on the battlefield. The result? New territories came under our control. The Russian Armed Forces are now advancing daily along the entire line of contact.

Look at what they have done – they entered our Kursk Region. First, they lost 76,000 people there. That’s a catastrophe for them – 76,000! In the end, as we said, we pushed them out. But they started posing a threat all along our state border with Ukraine, in two other neighbouring regions as well.

What has this led to? They already lack manpower, and now we’ve had to establish a security zone along large sections of the border, forcing them to divert troops – troops they can’t spare – from critical parts of the frontline.

I have said it before: combat units are only 47 percent manned. Just 47 percent. They are losing combat capability. And on top of that, they have stretched the line of contact by nearly 2,000 kilometres. We already had a 2,000-kilometre front, and now they have created new threats along the border, adding another 1,600 kilometres or so.

They have spread their armed forces thin. From a military standpoint, it’s hard to imagine a more strategically flawed decision. They are creating problems for themselves, and we are forced to respond.

You mentioned “some other territories.” Yes, that’s true. But specifically along the state border, they entered the Kursk Region, committing multiple crimes against civilians.

We pushed them out, inflicting huge losses in the process. And now we must establish security zones along the border because they keep launching artillery and drone attacks. What is this?

Nadim Koteich: How deep is the security zone?

Vladimir Putin: In the Sumy Region, the depth of our operations ranges from 10 to 12 kilometres. Around 8, in some others 10 or 12 kilometres. Then comes the city of Sumy, the regional centre. We don’t have an objective to take Sumy, but I would not rule it out either.

Why are we doing this? Because they are creating threats for us, constantly shelling border areas. This is the result of their utterly reckless, unjustifiable actions.

The only goal was political: to demonstrate that they still can receive something from their foreign sponsors. They have already received nearly $250 billion. But no, it’s never enough. They want more and more – and on top of that, half of it is being embezzled, if not more.

That’s why we are now operating in these territories. This is the logic of how the confrontation has unfolded and what has driven it.

Nadim Koteich: Thank you, Mr President.

I will later go back to some aspects of your answer – mainly about the nuclear aspect of what is happening. But I would like to go back to the other participants.

Indonesia, Bahrain and South Africa are three countries actively deepening relations with Russia. From what I understood, this conflict, unfortunately, and I hope I am wrong, might go longer, might go for long. How are you planning to mitigate the fallout of this conflict in terms of secondary sanctions, in terms of political reputation in the world, and in terms of pressure coming from your other allies. This is a very complicated situation you do not want to be in in any way but that is the reality. I will start with you, Mr President.

President of the Republic of Indonesia Prabowo Subianto: I really do not understand actually your question. What secondary sanctions?

Nadim Koteich: I will make it simple.

Prabowo Subianto: In Indonesia, we are very clear that we have always been non-aligned. In the Ukrainian situation, I think, two years ago, we proposed an immediate ceasefire in place and, I think, at that time, the reaction from the Russian side was quite open, was quite positive, in fact. But the reaction from the Western governments… I have to be fair, not all Western governments but many Western media virulently attacked my proposal. They said I was proposing the peace of the cemetery. That was what many Western journalists accused me of. So we will always propose a peaceful solution.

And at the time, I reminded everybody that, in Korea now, North Korea and South Korea, there is a demilitarisation zone supervised by the United Nations. The war in Korea is officially not yet over but there is a peaceful condition. So, that was what we proposed, to save the people of Ukraine on all sides – the people of the Russian-speaking areas. Just to save them. A cessation in place. We are far from the place but we want to promote a peaceful solution. So, I do not understand, who is going to impose sanctions on us?

Nadim Koteich: Sheikh Nasser, same question about the secondary sanctions on the friends of Russia. Let’s agree that this is part of the reality of the international dynamics and people take care of that, pay attention to that. How are you navigating this in terms of sanctions, in terms of reputation as well?

Sheikh Nasser bin Hamad Al Khalifa: Well, you mentioned it, the friends of Russia, but also the Kingdom of Bahrain, being the friend to the world, the link and the bridge between conflicts. We have always opened our arms as a…

I would never say that we are neutral. Neutral means siding with one side or another. I would say that we are peacekeepers, peace seekers. We are opening our arms. Bahrain is a platform for peace talks. So, what we try to achieve all the time by the guidance of His Majesty is we will always welcome – and you remember, Mr President, we actually offered that Bahrain is always ready for whenever there will be peace talks in your conflict then we are more than happy to host it.

So, if we can achieve that, then definitely we are benefitting something that we secure the world’s interest. Because, at the end of the day, with this conflict and what is happening from left, right and centre, I do not see any benefit out of it. I do not see one side as a loser and the other side as the winner. No one is going to get out of this victorious if we keep looking at the event-driven prospect of that whole image. But what we look for is how we can end up with a solution that is foresight in the future that builds our economy, that secures our generations, and how will we look and how will our world look in the next generation?

So, these are difficult questions to answer today because this is all in the future. But all that I know is today. If I go by every sunrise again, knowing what is happening today and what I see around me today, people are readjusting, people are reshuffling and people are expecting that, hopefully, with the leadership and the wise leadership of Mr Putin, something beneficial is going to happen.

So, I am an optimistic person. I look at these opportunities for my nation and for the better to everyone. So, if we seek together how we can bring these issues into solutions then we are on the right path. If we are not thinking this way, then we are definitely not thinking of a solution.

So, at the end of the day, let’s not get deep into these issues but let’s think forward and let’s readjust our posture of today and then this will shape our future together forward.

So, this is our navigating track, I think.

Nadim Koteich: Excellent. Mr Vice President, same question for you.

Deputy President of the Republic of South Africa Paul Mashatile: We are already facing tariffs as we speak. So, if we are going to face secondary sanctions, it is something that we have to deal with.

I did say earlier that the road to multipolarity is not going to be easy. All the things we want to do to ensure equality in the world, not being dictated upon, those things are not going to come easy. But it is always important that, in times of difficulty, friends must stay together, so that we face the challenges together.

I want to recall here the famous words of former president Nelson Mandela. In times of difficulties, when others tried to say, “Why do you go to this country?” He said: “We are not going to be dictated upon who our friends should be. We choose our friends, we work with our friends even in times of difficulties.”

So, the countries of the Global South must work together. We are already working together. We will face this challenge together, and I am sure we will succeed.

Nadim Koteich: Mr Putin, your satisfaction with the answers cannot be hidden in any way. Any comments?

Vladimir Putin: Listen, first of all, I never doubted it would turn out that way. Not because someone wants to cause harm to someone, or say something nice to them. This is not what it is about at all.

We have circled back to the beginning of our discussion, when I said that global changes take place naturally like the sunrise, you see. Everything is connected to that.

What did you say? “Russia and China are shaping a new world.” We are not breaking anything, you see? That is the issue. We are not creating problems for anyone. The Vice Premier of the State Council said, “The China-Russia friendship … is not directed against any third country.” That is true. That is exactly how it is. We are just formalising what is happening in the world naturally. It will happen anyway.

To bend under the pressure of those who want to preserve the old rules means to fall behind. But overcoming all the difficulties, including tariff wars, sanctions, and so on, means moving forward. We are friends with and cooperate with those who want to move forward, who accept this challenge, and are ready for it.

Nadim Koteich: In a previous answer about Ukraine, you mentioned the nuclear aspect of Ukraine in a very subtle way. To be honest, I have read some reports, most of them are in Russian media, that there is an assumption that Ukraine might opt for using a dirty bomb against Russia. Do you take these reports seriously? Do you have intelligence that supports this kind of probability?

Vladimir Putin: First of all, it would be a colossal mistake on the part of those who we refer to as neo-Nazis on the territory of present-day Ukraine. It might even be their last mistake. Our nuclear doctrine, common sense, and the way we operate in real life indicate that we always respond to threats posed to us in a symmetrical manner. We always respond and always symmetrically.

Therefore, our response would be extremely tough and, most likely, catastrophic for the neo-Nazi regime, and unfortunately, for Ukraine itself. I hope it never comes to that.

Nadim Koteich: From the tone of your answer, I can conclude that you take these reports seriously. Is there evidence supporting these reports? Like intelligence evidence?

Vladimir Putin: No, thankfully, we have no confirmation of any such intentions. However, we operate on the premise that someone with a sick imagination might come up with such ideas. I believe I have provided a comprehensive answer with regard to our potential response.

Nadim Koteich: You absolutely did.

We were talking about friendship a while ago and the friends of Russia in this panel. I would start from South Africa, then Bahrain and then Indonesia. And if China would love to comment on that, the floor is open.

Are you surprised that a friend of Russia, Iran, is under attack and Russia did not step up to help that ally? This is at least one of the narratives in the media. Where is Russia in this conflict? As friends, are you surprised?

Deputy President of the Republic of South Africa Paul Mashatile: President Putin has already indicated that he has been in discussions with Israel and also in discussions with Iran on these matters, and offered solutions. We think that is the correct way to do it. So we are not surprised; in fact, we support that approach that he is taking. South Africa is one of the non-aligned countries. We always advocate for peaceful solutions of this conflict. Our president has already issued a statement in that regard, [saying] that there should be negotiations. And that is really the route that we are going to pursue.

Sheikh Nasser bin Hamad Al Khalifa: Well, let me make it simple to you. I like making things nice and simple. To prove friendship, if I can make a Russian laugh right now, then I am a good friend of Russia. I hear one over there that laughed, so that's more than enough.

Nadim Koteich: Mr President, before I go back to you, Mr Putin, [will you comment] on that question, please.

President of the Republic of Indonesia Prabowo Subianto: My position is the logical one: each country is responsible and will defend its own national interests. So, being friends is being friends, trying to cooperate and trying to help each other. But being friends does not mean that every country must [sacrifice] their national interests for another country’s national interests. So it will be the decision of every country to defend and protect its national interests. That is my position.

Nadim Koteich: President Putin, you are taking some notes on that, and I would add one aspect, if you allow me.

Vladimir Putin: We put everything down, mind you. Every step is documented, every single step. (Laughter.)

Nadim Koteich: Am I in trouble?

Vladimir Putin: You will cope with them. And we will even help you. (Laughter.)

Nadim Koteich: So in Western media, there are reports saying the following, and I leave the opportunity for you to comment on that: actually, the Iran war is a good thing for Russia. First, oil [price] is up. Second, the West has one more problem on its table to take care of. And third, Ukraine is on the back burner, so all the news is on Iran rather than on Ukraine. How would you comment on that?

And what do you say for those who are saying that Russia is unreliable, a lie, because it did not step up for Iran?

Vladimir Putin: Those who promote narratives about Russia being an unreliable ally are provocateurs. They are provoking the situation. But it will not help them; they will not achieve their goals.

Because, first of all, conflicts only look similar. But as a former Defence Minister and to some extent a military conflict and an armed confrontation theorist – my distinguished colleague from Indonesia, who is now the President of that country – accurately noted – we have published his book on the art of war in Russian – “Every country is responsible for what happens within its borders.”

Now, regarding whether Russia is a reliable ally, or not. It has already been mentioned here that we must show certain solidarity, and that is true. But in every case, conflicts are, nevertheless, fairly unique.

I want to draw your attention to the fact that nearly two million people in Israel are immigrants from the former Soviet Union and the Russian Federation. Today, Israel is almost a Russian-speaking country. In modern Russian history, we have always taken that fact into account. That is the first point.

Second, we have traditionally had very good, trust-based, friendly, and allied relations with the Arab and Islamic world. Given that around 15 percent of our population is Muslim, we hold an observer status at the Organization of Islamic Cooperation. That is also a factor to reckon with. We must be mindful of these aspects.

We have friendly relations with Iran. First, we always fulfil our obligations – this also applies to the Russia-Iran track. We support Iran in its efforts to defend its legitimate interests, including its interest in peaceful nuclear energy. We have always maintained this position. Our principled stance on this matter and in this conflict has not changed.

Some say we should have done more. More in what sense? Launch military operations? We are already conducting military operations against those we see as opponents of the ideas that we defend, and those who pose a threat to the Russian Federation. Fundamentally, those forces are the same in Iran and in Russia. They are located somewhere in the rear areas, behind our backs. However, they are not the ones who are on the line of contact.

We have certain obligations, and we defend Iran’s right to peaceful nuclear energy not in words, but in actions. What does that mean? Despite the challenging situation surrounding Iran, we have built a nuclear reactor in Bushehr. We have signed a contract to build two more nuclear reactors. Despite the difficult situation, despite certain risks, we are continuing this work. We are not evacuating our personnel from there.

Moreover, relying on a certain level of relations with Israel and our improving relations with the United States, we raised this issue with Israel and President Trump. We will keep doing our work in Iran based on our view of Iran’s right to peaceful nuclear energy, and of us acting strictly within international law, and we request to ensure that our personnel remains out of harm’s way.

Prime Minister Netanyahu agreed with that, and President Trump promised to support our legitimate request. Does that not count as support of Iran? I believe it is direct support. In addition, we have adopted a particular stance at the UN.

I am deeply convinced that our position at the UN and elsewhere serves the interests of both Iran and the State of Israel.

Nadim Koteich: I would say probably enough with the politics, so one more question before you move to economy and other issues about AI.

The forum this year coincides with the 80^th anniversary of commemoration of the Day of Victory in World War II. Are you concerned that we are heading into World War III in any way?

Vladimir Putin: Yes, I am. I mean it. No irony, no jokes.

The conflict potential abounds and it is growing. Right under our noses – and this directly concerns us – there is a conflict that we are enduring in Ukraine. There are the developments in the Middle East as well. Without a doubt, we are very concerned about the events related to Iran’s nuclear facilities and potential ramifications.

Without a doubt, this requires us to not only focus on the unfolding events, but also to look for solutions, preferably peaceful, across all areas.

I mean it sincerely. This is one of reasons we have come together here.

Nadim Koteich: Vice Premier, back to you. We’ll talk more about economic endeavours now; it concerns you more than anything else as we agreed before at this panel. Sanctions are not only in the realm of politics or military. Some countries are even militarising education, militarising technology and innovation research. And this is a big worry for China, or it is a challenge that China takes very seriously. How are you mitigating that through the relationship with Russia and in the realm of your own sovereignty and decisions with other allies?

Ding Xuexiang (retranslated): Thank you for the question.

Let us take a look at the world in its entirety. Research, technology, and education are of great – unprecedented – importance for the progressive development of humanity.

All of that progress would have been impossible without cooperation between different peoples and countries, without mutual learning. That is why education, research, and technology are an indispensable factor for the further development of human society.

As you mentioned, lately – it is not a recent development – seven or eight years ago, certain countries started using diktat that was based on force. It has even come to the point where they obstructed international cooperation in research, technology, and education. This historical regression is causing serious damage to the sustainable development of humanity.

It is gratifying to note that China and Russia are making rapid strides and cooperating in education, research, and technology. One can safely say that our countries provide one of the best examples of cooperation.

Speaking about education, our cooperation is burgeoning across all areas, including student exchanges and language instruction, and has reached a very high level. Over 800 universities from our countries are forming 15 specialised university associations.

Speaking of the research and technology sector, we have created a joint institute for fundamental research and created top-of the-line joint laboratories. We are successfully carrying out joint mega-research projects and expanding mutual open access to research equipment. In other words, we have impressive results to show.

I believe that even without any particular “great power,” the world continues to move forward dynamically. Even without them, we would have made good progress. There is no need to worry about that.

China’s experience in recent years shows that the stronger the external pressure, the faster the progress and development. The Americans have been trying to block the development of our research and technology, and not just today or yesterday, they have been doing this for decades. But their attempts only make us stronger in the areas they are targeting. All current restrictions are doing is providing us with a strong incentive to pursue tomorrow’s development.

In May of this year, President Xi Jinping and President Putin held a productive meeting. They outlined new plans for advancing cooperation in education, research, and technology. I believe that once these agreements get implemented, they will further expand the scale of our cooperation and broaden its scope, especially in the fields such as artificial intelligence, low-carbon technologies, biotechnology, innovative materials, aviation, and outer space exploration. These are scientific and technological innovations. We will undoubtedly have an impressive package of achievements in these areas.

Our cooperation mechanisms are being improved. The governments of both countries are making every effort to promote cooperation in these sectors.

Thank you.

Nadim Koteich: Mr Putin, I listened very carefully to your speech and you mentioned investments, but it wasn't that clear about foreign direct investments. Where does Russia stand on that? Where do you stand on that? Do you still care about foreign direct investments? Do you see it as an opportunity or as a burden? Help us understand where Russia stands in this regard.

Vladimir Putin: We believe that private investment is what we need, and the Russian economy is unlikely to develop effectively without this. Well, this also concerns foreign investment in full measure.

We did not evacuate our investors (who worked here for a long time) from Russia, and we did not expel anyone from our country. Many investors quit of their own accord, suffering major losses. But our policy in this sphere has not changed.

Yes, in principle, our economic operators boast a sufficiently impressive investment potential, but we certainly welcome any foreign investment.

In the first quarter of 2025, fixed capital investment volumes soared by 8.7 percent. I know that certain problems facing Russia were discussed on the sidelines of the forum; this includes tensions linked with the high key interest rate, and investment will not be retained until the end of the year. Nevertheless, the Central Bank assumes that, in late 2025, the real economy will continue to borrow loans at 10–11 percent interest. We shall see how this works out. I would really like this to come true.

But we certainly welcome foreign investment, and we will do our best to create favourable conditions, so that our partners would feel comfortable here.

Our friend from Bahrain is present here. They have already reached an agreement with the Russian Direct Investment Fund on launching specific work. The first steps have been taken. These projects may not be very impressive, totalling about 15 billion rubles. We are working very actively with the United Arab Emirates in the field of sovereign funds. We are cooperating with Saudi Arabia and other countries. By the way, our partners and our friends did not make this decision yesterday or today; they made it several years ago. They trust their Russian partners and simply automatically (I would like to emphasise, automatically) co-invest in projects financed by Russia’s Direct Investment Fund – 10 percent.

They are doing this promptly, without inquiring about future results. This is a sign of their high trust, and we appreciate this very much. Later, they invest more and more. You should speak with Mr Kirill Dmitriyev who will provide the final statistics. This involes many billions of dollars.

It is possible to use this also through other sources and tools. We have virtually no restrictions for our foreign partners, in terms of applying their efforts and channelling their capital. I believe that this is a key trend in our cooperation.

Nadim Koteich: Having said that, there are two trends that I realised talking to Russian businessmen, either here or back in my country, UAE. A, there is a kind of rejection of buyback. You know, when the war happened, there were some foreign investments that were bought by Russians, and now these might want to buy back their investments.

Russia seems to be blocking that, because new Russian entrepreneurs bought and invested in these operations. The second trend that I realised is that people are a little bit worried about nationalisation. There are some nationalisation efforts taking place within Russia.

I heard, I mean, I read about one of the airports being bought back or even taken by force of court from the Russian owners. So, how do you see these two trends impacting the rebound of the Russian economy?

Vladimir Putin: Nationalisation cannot have a positive effect on Russia’s economic growth, and we realise that. As far as I understand, the case you mentioned is the case of Domodedovo Airport in Moscow.

I apologise for my language but the fuss surrounding this facility has persisted for quite some time. The dispute between the entities involved did not emerge recently. It has continued for many years before ultimately being resolved through judicial proceedings. This case has nothing to do with nationalisation.

Nationalisation is a process stipulated by law. We do not enforce this law or its provisions.

As I previously said during a meeting with the business community, in my opinion, the problem is that during privatisation, significant injustice occurred. Assets worth probably millions were privatised for a nominal price of one ruble. This is clear. From a standpoint of social justice, those decisions were far from perfect. However, it would be an even bigger mistake to reverse everything now.

Therefore, my opinion is, we must establish clear statutory limitations for such transactions and resolve this matter once and for all, conclusively.

The situation you described has nothing to do with de-privatisation.

Regarding the potential return of our partners, so-called “buyback,” several aspects also need careful consideration.

First, we need to identify which companies left our market, under what circumstances, and on what grounds. If some companies departed for political reasons, under the pressure from the political elites in their home countries, this makes them unreliable partners. Their withdrawal put their workers at risk of losing their jobs. This appears to have been the intended outcome. However, the negative impact was mitigated as Russian businesses took over management and filled the opening niches. Frankly, from this perspective, those decisions ultimately changed the quality of the Russian economy by enabling our business leaders to join the management of these companies or become owners.

However, where legally binding agreements exist that guarantee buybacks, well, Russian companies will have to honour these obligations. We support fostering reliable and stable business relationships, yet this has not always been reciprocated by all parties.

In light of these considerations, the Russian Government has received instructions to take action. I am asking members of the parliament to endorse the proposed regulatory improvements. It is necessary to ultimately decide on the return of international companies seeking to re-enter our market. We must support everything that benefits us.

Nadim Koteich (addressing Prabowo Subianto): Mr President, how is your country taking advantage of the current economic situation in Russia? You know, people have left, and businesses have left, too. There are opportunities in the market now for a country like Indonesia. How are you leveraging the situation?

Prabowo Subianto: As I mentioned, I have had good relations with Russian business entities and business groups, but mostly – I have to be very frank – they were interested and they are interested in coming into Indonesia. I think we have a lot of sectors that are still, let us say, at a ground level; they have a long way to grow, so basically, it’s mostly Russian groups that want to come to Indonesia.

But before this, our groups have joined ventures with Russian groups in commodities trading, oil and gas; and now we have opened our markets for Russian agricultural products. So, I think it’s not that we are going to take advantage, but we are going to look for all opportunities, because we have also been given a very heavy dose of tariffs. Everybody knows this, right? From the American market. So, we are forced to look for new markets – Africa, Latin America, Eurasia. We are in the process of concluding a free-trade agreement with the Eurasian Union. And the European Union, of course.

So, for us, it is a matter of diversity, but yes, we are confident; we have our strengths, we have our abilities and our relations with China are very good and very strong. So, we are optimistic, to say the least.

Nadim Koteich (addressing Paul Mashatile): Mr Vice President, there are many aspects of the economic relationship between South Africa and Russia, but one of the main aspects is the energy deficit in South Africa. You have been trying to mitigate or solve this problem by cooperating more with Russia in the realm of energy. So far, this hasn’t been as fruitful as you would want it to be, or as much as Russia is capable of helping. How do you assess this?

Paul Mashatile: Thank you for the question. Firstly, let me say that I have already had good meetings with both the prime minister and the president. We’ve agreed that we need to increase trade between our two countries. Currently, trade between South Africa and Russia is estimated at about $1.3 billion. We think this is quite low, so we want to triple that number in the next four or five years.

So, we have looked at various sectors. We’ve looked at the energy sector. Russia has a lot of good technologies in that space: we are looking at solar, gas, nuclear energy. Our ministers are already talking about the details. We have also talked about critical minerals, particularly, to support our local beneficiation efforts.

We also looked at agriculture. We are exporting citrus fruit to Russia. We are exporting wines. But we need to increase the volumes.

We have what we call the South Africa-Russia Business Council. They are also making deals on what we import from Russia. One of the businesspeople was telling me yesterday: yes, just sign the deal to import Russian vodka to South Africa, and obviously to the African continent.

So, the work has started. We all agreed that we need to do more; we need to increase trade between our two countries. What we have to do as well is cut the red tape. You know, some businesspeople are talking about bottlenecks: things that make it difficult for them to trade with their partners in South Africa: the financial situation, the currency, which our reserve bank is looking at, so that we make it easy for businesspeople to do business.

It is our commitment, and we’ve agreed on all these areas; as we speak, the ministers are already working on the details, including issues like water as well. They are also dealing with that, and infrastructure issues – railways, locomotives, signalling – really a lot of work is now happening. We’re going to see trade increasing between South Africa and Russia. We have started. Thank you.

Vladimir Putin: My colleague from South Africa said that vodka deliveries to the Republic of South Africa have been arranged. I would describe this as a correct and serious move. The reasons is that, as we say, if you drink vodka, you need something to eat with it. Therefore, vodka deliveries will certainly be followed by meat or grain supplies.

For example, we plan to set up a hub for the delivery of Russian wheat with our friends in Bahrain. I would like to remind you that Russia firmly holds first place in the world in wheat exports to the global market, which many Arab countries are interested in. We will proceed in this direction step by step.

As for energy resources, we have many possibilities in this sphere, including nuclear energy. I would like to remind you in this context that Rosatom is the undisputed leader in the world in the development of nuclear facilities. I believe it is currently building 22 nuclear power units across the world. This is more than anyone else is doing, which has put it ahead of all its rivals in the United States, Japan and other countries.

We are also considering joint projects in this sphere in other partner countries, including South Africa. There are many good and promising spheres apart from hydrocarbons, which goes without saying.

Nadim Koteich: There is no doubt that more vodka will help improve the mood in the world.

Vladimir Putin: At the very least, life will be more fun. That is for certain.

Nadim Koteich: Mr President, I will go back to the tensions in the Middle East, not from the geopolitical perspective, but from an oil-related aspect, which is the supply shocks expected in the market due to the Iranian-Israeli war that is taking place. Can Russia step in, or is your capacity constrained by sanctions and limitations?

Vladimir Putin: I have already told you what we are doing. What do you mean by step in?

Nadim Koteich: Can you step in to mitigate the supply shocks in the market due to the events? Can Russia do something about that, if this happens?

Vladimir Putin: Yes, of course. To begin with, it is not only about us. We strictly comply with all our arrangements in relations with our OPEC+ friends and partners. These countries deliberately limit the production of energy resources and their delivery to the global market.

On the other hand, production is being gradually increased as per our agreement. This is being done gradually, so as not to unbalance the global market but to ensure a balance of demand and supply, as we say in such cases, and fair prices that will be comfortable for both producer countries and consumer countries.

Of course, we see that the current situation in the Middle East created by a conflict between Iran and Israel has led to a certain price increase. But our experts believe that this increase is insignificant. How much is it now? US$75 per barrel, and the previous price was US$65. The price has risen by US$10 and has settled at the new level.

Many countries, including the Gulf states, can increase production and deliveries to the global market. But as I have said, we usually do this by agreement. I hope it will be like this now too. The United Arab Emirates are making a large contribution, and the Crown Prince has taken an extremely responsible stance on this matter. Once again, our decisions are always balanced. We will take a look at the matter together depending on the situation. There is no need for an immediate reaction so far.

Nadim Koteich: The latest sanctions on Russia aimed at the so-called shadow fleet, how will this impact the supply to Asia and other places, Africa? How would it impact Russia? How will it impact your friends as well?

Vladimir Putin: You know, the thing is, our adversaries and ill-wishers are constantly trying to come up with ways to damage us economically – and in the end, they are the ones who suffer most.

You just mentioned energy. According to our experts – and not just ours, I believe Eurostat also confirms this – the damage to the eurozone from giving up Russian gas alone is estimated at around 200 billion euros. They’ve lost 200 billion. Prices are rising across the board.

As for the so-called “shadow fleet” and related issues, our Chinese friend put it very well, in my view: wherever someone tries to strike a blow, we eventually come out stronger. Why? Because we always find an answer, a solution.

You mentioned tariff policies. Trade between the United States and China accounts for 20 percent of global trade. In the current situation, where debt levels, huge debt load across the global economy has already reached 300 percent – of course, this affects everyone. Any attempts to harm us, including through actions against the shadow fleet, will lead to broader problems. And mainly for those trying to, excuse the expression, mess with us. Because it will ultimately affect global prices and hit the very countries trying to do this because they are the main consumers. That is the outcome. As for us, we will find new markets.

Nadim Koteich: It is a very interesting tone in this answer. Let me ask you directly. This is my last question before I give one minute for each esteemed participant to finish, or to say some final thoughts. There are enough reports out there – credible reports – that this war is killing the Russian economy. Your inflation rate is very high. Your interest rate is very, very high. Your growth, by the most optimistic scenarios, will not exceed 1.5 percent this year. Is this war killing your economy?

Vladimir Putin: First of all, our debt is not growing – in fact, it is one of the lowest in the world. That is the first point.

Second, as for the idea of “killing” the Russian economy – well, to quote a well-known author, “Reports of my death have been greatly exaggerated.” The same applies here.

The main indicator, after all, is GDP growth. Two years ago, Russia’s GDP grew by 4.1 percent; last year, by another 4.3 percent. If I remember correctly, global GDP growth was 3.3 percent. So we were growing faster than the global average. The United States grew at a rate of 2.8 percent, and the eurozone just 0.9 percent. Clearly, Russia is making real progress. And if you strip out everything related to hydrocarbons, our growth is even more significant: 7.2 percent two years ago, and almost five percent (4.9) percent in 2024.

But that is not the most important thing. It’s encouraging, of course, but what matters more is this: the structure of the Russian economy is changing. That is what is truly important. In our GDP growth, more than 43 percent now comes from non-oil-and-gas sectors, and not from defence either. A large share of our growth is concentrated in the core industrial sector, and not even in the defence-related part of it. I spoke about this in my remarks.

You know what truly encourages us? I consider this fundamentally important. We constantly talk about import substitution and have indeed allocated significant financial resources to substitute the products that have left our market due to sanctions or the departure of some Western companies. Currently, we are observing positive results: a growing range of products developed using domestic solutions and our own research and high technology development platform. The scope of these products is continuously expanding, which indicates a transformation in the Russian economy. This is one of our paramount goals and objectives.

Industrial production is expanding at a pace that exceeds Russia’s GDP growth. I believe in 2024, we recorded growth of approximately 7.2 percent. The first quarter of 2025, I believe, is already showing 1.6–1.9 percent. This upward trajectory remains steady.

These positive developments are occurring alongside rather low unemployment levels, with the current rate reaching a historic low of 2.3 percent.

Naturally, we are experiencing inflation as the price we pay for such vigorous economic growth. However, both the Central Bank and the Government are taking appropriate countermeasures, including maintaining the high key interest rate. You have probably observed the discussions in the Government and between the Government and the Central Bank. Yes, certainly, no simple solution exists but overall, we manage to address this challenge as well. After all, you see that the inflation rate is now in single digits. How much? I believe 9.6 percent. Ms Nabiullina will give me a nod. Around 9.6 percent, correct? Some are citing core inflation already at five percent. But I will not elaborate now. Two or three days ago, they lumbered me with an explanation of where these five percent come from. Ultimately, the Bank of Russia anticipates annual inflation around seven or eight percent. My personal expectation is seven. The trajectory confirms that Russia’s financial authorities’ measures are yielding tangible results.

There are plenty of challenges we must address. The Sberbank Chairman is smiling and nodding. He has a good reason to smile. Sberbank has achieved a margin of 5.7 percent. Major Western financial institutions typically report around 3.7 percent, you see? This is also a notable achievement.

There are aspects of the banking sector that require focused attention. But the overall financial landscape remains steady and predictable. I hope it will remain so.

Nadim Koteich: That was my final question. I will keep one minute around for each participant. If there is anything I failed to ask or something you have in mind. Mr President, go ahead.

Prabowo Subianto: I just like to thank President Putin and organisers of this forum for this great opportunity. I think we have learned a lot from each other. Thank you very much.

Nasser bin Hamad Al Khalifa: I will join my voice to you, Mr President. And I would like to thank His Excellency Mr Vladimir Putin, the President of Russia, for inviting us here to the beautiful St Petersburg, to listen to your wisdom and to share our thoughts with you all. Thank you very much.

Paul Mashatile: I would also like to thank President Putin for this invitation for us to participate in this important forum. It is my first time in this beautiful city of St Petersburg and we have learned a lot from the other leaders. We consider Russia and President Putin as our friend and ally. We look forward to continuing to work with President Putin and the people of Russia. I look forward to coming back to St Petersburg. Mr President, I have not had the time to see this beautiful city. Maybe tomorrow I might have some time to look around. But I look forward to coming back next year. Spasibo.

Nadim Koteich: President Putin, this is the second panel I have had the privilege and honour to have with you in less than one year. I cannot be more privileged. Thank you so much. You have always tolerated my questions and, you know, it is really a testament to your belief in open dialogue. Thank you very much, esteemed guests. Thank you everyone.

Vladimir Putin: Friends, colleagues, I would like to thank our moderator.

Thank you to my colleagues who took part in this discussion. I am confident that the audience enjoyed it — and not only the audience here as many statements will be circulated around the world. The remarks made today were noteworthy and engaging, which is important and corresponds with the intensity of the current events.

Thank you very much for being here with us today.

Press statement by the President of Russia

2025-05-11T15:00:28+04:00

In conclusion to festive events dedicated to the 80^th anniversary of Victory in the Great Patriotic War, Vladimir Putin made a statement for the media where he summarised the results of work on May 7–10.

President of Russia Vladimir Putin: Good evening, or maybe good night already. I want to greet everyone. Ladies and gentlemen. Colleagues.

Allow me to once again congratulate all of you on the Great Victory Day! Thank our friends and foreign partners who have been with us in Moscow these days at the anniversary celebrations to bow to the generation of winners.

We honour all those who contributed to the common victory over Nazism, including our allies in the anti-Hitler coalition, Chinese soldiers, participants in the anti-Fascist resistance in Europe, fighters of the people's liberation movements in Africa, the Asia-Pacific region, and volunteers from Latin American countries.

Together with our friends and like-minded people, we share a common memory and respect for history, heroic deed of true heroes who fought for freedom, and of course, our responsibility for the future, for building a more just and safer world. The issues that directly affect the stable, sustainable development of the entire world community – Eurasia and other world regions – were at the center of the bilateral and the multilateral meetings held in Moscow.

Of course, they were held in a special, solemn, festive atmosphere, but at the same time they were extremely rich and informative, filled with topics of the political, economic and humanitarian agenda.

Summing up, and this is exactly what I would like to do now, I would say that in four days, from May 7 to May 10, we hosted official visits by the leaders of three foreign states: the People's Republic of China, the Venezuelan Bolivarian Republic and the Socialist Republic of Vietnam.

Additionally, 20 bilateral meetings were held with the heads of the CIS countries, Asia, Africa, the Middle East, Europe and Latin America. In total, 27 heads of state from the CIS, Asia, Africa, the Middle East, Europe, Latin America, as well as about 10 heads of international organizations took part in the celebrations. Another six countries were represented at a high level.

We see inspiring evidence of genuine consolidation around the enduring ideas and values of our common Great Victory in such a wide participation of delegations from foreign countries and international organisations.

We are grateful to the leaders of the 13 states who sent units of the national armed forces to participate in the parade on Red Square. Their shoulder-to-shoulder march with our ceremonial units filled the common holiday with special energy and the spirit of military brotherhood, tempered during the Second World War.

I was pleased to personally thank the military leaders of the Korean People's Army and convey my warmest words to soldiers and commanders of special forces units of the Democratic People's Republic of Korea, who, jointly with our servicemen, professionally, and I want to emphasise this, faithfully performed their assignments during the liberation of the Kursk Region border areas from the Kiev regime forces. I would like to emphasise: they showed courage and heroism, acted – I want to say this again – professionally, to the highest degree, showed good training and preparation.

And of course, it was a special honour for all state leaders to salute the main heroes of the Victory anniversary on the stands – WWII veterans from Russia, Israel, Armenia and Mongolia.

I would like to highlight that, despite threats, blackmail and obstacles caused, including the closure of airspace, the leaders of several European countries – Serbia, Slovakia, Bosnia and Herzegovina – came to Moscow. I would like to reiterate: we understand the massive pressure they faced, and therefore we sincerely appreciate their political courage, firm moral position, decision to share the holiday with us, to pay tribute to the memory of the heroes of the Great Patriotic War, World War II, who fought for their Fatherland and for deliverance from the brown plague of the whole world, of the entire mankind without any exaggeration.

It is important for us that millions of Europeans, state leaders that pursue sovereign policies, remember this. This gives us optimism and hope that sooner or later, based on the lessons of history and the opinion of our peoples, we will begin to move towards restoring constructive relations with European states. Including those who today still do not give up the anti-Russian rhetoric and clearly aggressive actions against us. They are still trying – we can see it right these days – to talk to us, in fact, in a boorish manner and through ultimatums.

Our comprehensive partnership and strategic interaction with the People's Republic of China can serve as a genuine example of modern equal relations in the 21st century. Chinese President Xi Jinping was the chief guest at the celebrations marking the 80th anniversary of the Great Victory.

We have had exceptionally fruitful negotiations, we have adopted two joint statements at the level of heads of state, and we have signed a number of intergovernmental and interdepartmental agreements covering such areas as energy, trade, finance, science, culture and much more. As I have already said, it has been agreed that in September I will pay an official return visit to China for the celebrations marking the 80th anniversary of victory over militaristic Japan.

It is deeply symbolic and natural that the principal, in fact the main commemorative events related to the 80th anniversary of the end of WWII in Europe and Asia will be held in Moscow and Beijing – in the capital cities of the states whose peoples passed through the hardest trials and paid the highest price for the common Victory.

Colleagues, I think it is obvious to everyone that the talks and meetings held in Moscow also touched on the issue of resolving the conflict in Ukraine. We are grateful to all our guests, our friends, for the attention they are paying to this conflict and for the efforts they are making to bring this conflict to an end. In this connection, I believe it is necessary to dwell on this topic separately.

So, I want to say that, as it is known, Russia has proposed ceasefire initiatives on several occasions, but they, these initiatives, have been repeatedly sabotaged by Ukraine. For example, the Kiev regime defiantly violated about 130 times the 30-day – I want to make it a point – 30-day moratorium, from March 18 to April 17, on strikes against energy facilities, which was declared in accordance with our agreement with US President Donald Trump.

The Easter truce initiated by Russia was not observed either: the ceasefire regime was violated by Ukrainian forces almost 5,000 times. Nevertheless, for the celebration of Victory Day – and we consider this to be a sacred holiday for us as well, just imagine that we lost 27 million people – we declared a ceasefire for the third time on this holiday, which is sacred to us.

Incidentally we conveyed to those of our colleagues in the West who, in my opinion, are sincerely looking for ways to settlement, our position on this issue, on a ceasefire on Victory Day, and that in the future we do not exclude the possibility of extending the terms of this truce – but, of course, after analysing what will happen in these several days, based on the results of how the Kiev regime will react to our proposal.

And what do we see? What are these results? The Kiev authorities, as you can see for yourself, did not respond at all to our ceasefire proposal. Moreover, after the announcement of our proposal – and this happened, as you remember, on May 5 – the Kiev authorities launched large-scale attacks in the early hours of May 7. As many as 524 unmanned aerial vehicles and a number of Western–made missiles participated in the strike, and 45 unmanned boats were used simultaneously in the Black Sea.

Actually, during these three days of the ceasefire that we announced – on May 8, 9 and 10 – happened what you also saw from the media, in fact, from your reports, it was clear: during this time, five targeted attempts were made to attack the state border of the Russian Federation in the area of the Kursk Region and at the junction with the Belgorod Region, precisely during the days of the ceasefire we announced. Additionally, another 36 attacks were made in other areas. All these attacks, including attempts to enter the territory of the Russian Federation in the Kursk Region and the Belgorod Region, were repulsed. Moreover, our military experts believe that they had no military significance, were conducted solely for political reasons and the enemy suffered very heavy losses.

As I have already said, the Kiev authorities not only declined our ceasefire proposal, but also, as we all saw, tried to intimidate the leaders of the states who gathered for the celebrations in Moscow. You know, when I met with colleagues here in Moscow, a thought occurred to me. I'll share it with you: who were they trying to intimidate among those who came to Moscow to celebrate the Victory over Nazi Germany? Who were they trying to frighten? Those who have come to us are leaders not by position or a post, they are leaders by character, by their beliefs and willingness to stand for their beliefs. And who was trying to intimidate them? Those who stand at attention and salute, applaud former SS soldiers? And elevates those who collaborated with Hitler during WWII to the rank of national heroes? It seems to me that this is an attempt with obviously unsuitable means and those who are trying to do this do not correspond to the scale they expect themselves.

I will repeat: we have proposed steps towards a ceasefire on many occasions. We have never refused to engage in dialogue with the Ukrainian side. Let me remind you again: it was not us who interrupted the negotiations in 2022; it was the Ukrainian side. In this connection, despite everything, we propose that the authorities in Kiev should resume the negotiations that they interrupted at the end of 2022 and resume direct talks. And, I stress, without any preconditions.

We suggest starting without delay next Thursday, May 15, in Istanbul, where they were held earlier and where they were interrupted. As you know, Turkish colleagues have repeatedly offered their services to organise such talks, and President Erdogan has done a lot to organise them. I recall that as a result of these talks a joint draft document was prepared and initialed by the head of the Kiev negotiating group, but at the insistence of the West it was simply thrown into the basket.

Tomorrow we are going to have a conversation with the President of Turkiye, Mr Erdogan. I would like to ask him to provide such an opportunity to hold talks in Turkiye. I hope that he will confirm his desire to contribute to the search for peace in Ukraine.

We are set on serious negotiations with Ukraine. Their aim is to eliminate the root causes of the conflict and to achieve a long-term lasting peace for a historical perspective. We do not rule out that in the course of these negotiations it will become possible to agree on some kind of new truce and a new ceasefire. And a real ceasefire that would be observed not only by Russia but also by the Ukrainian side and would be the first step, I repeat, towards a long-term, sustainable peace, rather than a prelude to continuing armed conflict after the Ukrainian armed forces have been rearmed, re-equipped and frantically digged trenches and new strongholds. Who needs such peace?

Our proposal is, as they say, on the table. The decision is now up to Ukrainian authorities and their supervisors, who are seemingly guided by their personal political ambitions, rather than the interests of their peoples, want to continue the war against Russia at the hands of Ukrainian nationalists.

Let me reiterate myself: Russia is ready for talks without any preliminary conditions. There are combat actions and war going on now, and we propose to resume negotiations that were not interrupted by us. Well, what's wrong about it?

Those who really want peace cannot but support this. At the same time, I would like to express my gratitude once again for the mediation services and efforts aimed at a peaceful settlement of the Ukrainian crisis undertaken by our foreign partners, including China, Brazil, African countries, the Middle East, and recently the new Administration of the United States of America.

In conclusion, I would like to once again thank everyone who shared with us the festive celebrations dedicated to the 80th anniversary of the Victory over Nazism. I am sure that the spirit of solidarity and harmony that united us in Moscow these days will continue to help us build fruitful cooperation and partnership in the name of progress, security and peace.

I would also like to take this opportunity to note the tremendous role of journalists, representatives of international information agencies, TV channels, and the press who covered the anniversary events and the many-hour programme of current negotiations and working meetings. Much has been done to ensure that people in different countries of the world experience the unique atmosphere of the current holidays in Moscow. Of course, I thank you for this meeting as well, as it is held quite late and, of course, everyone is already tired.

Thank you very much for your attention, as it's almost half past one in the morning, or even later than half past one in Moscow, God be with you.

Thank you very much for your attention. Goodbye.

Gala reception on behalf of the President of Russia to mark Victory Day

2025-05-09T15:04:23+04:00

Vladimir Putin addressed an official reception held to mark the 80^th anniversary of Victory in the 1941–1945 Great Patriotic War.

President of Russia Vladimir Putin: Friends, colleagues, ladies and gentlemen,

I am delighted to welcome you to the Kremlin for the official reception marking the 80^th anniversary of the Great Victory.

First of all, I would like to express gratitude to the heads of state and government and the heads of foreign delegations and organisations that are with us today. We highly appreciate your decision to visit Moscow on May 9 and to share with our people the joy of this sacred holiday, which we hold infinitely dear.

The event marking Victory Day has invaluable significance for the world. But in Russia and the other countries of the Commonwealth of Independent States it is part of the history of virtually every family. This direct bond determines our particularly warm attitude to this holiday and our position of principle regarding truth about the Great Patriotic War and its heroes, our predecessors, who have come through and withstood extreme challenges and achieved Victory.

I am confident that these feelings are shared by those whose relatives fought against Nazism and militarism, for freedom in Europe and the Atlantic region, in the Pacific Ocean, in Asia, Africa and everywhere where the Second World War battles raged. We in Russia remember the equipment and food we received. We bow before that great generation, no matter where they live and what language they may speak now. They will forever remain part of our family. We are one big family of the victors.

We know how vitally important solidarity and support — support from our allies, friends and comrades-in-arms — was for the fighting people of the Soviet Union. We will forever remain grateful to all our friends and comrades.

I consider it important that today we have come together to celebrate the anniversary of the Great Victory and remember those who gave all their strength for the freedom of their native land and the entire world, those who sacrificed themselves in the name of saving humanity.

This solidarity and fortitude in attaining a common goal is an example of invaluable importance. This example is especially important for us now as we again have to address the issue of sovereign rights of states and peoples to their identity and independence, to the very possibility to live in accordance with the historical, cultural and spiritual traditions of their forefathers, and to create a system of security and international relations based on the principles of real equality and respect for each other’s interests.

As time takes us further away from the events of World War Two, it becomes all the more important for us to preserve the values that were upheld by the Great Victory and to pass to future generations the truth of how and in the name of what it was won, as well as our conviction that solidarity of the people in their support of the ideals of peace, freedom and justice is of unlimited power. Our commitment to this is growing ever stronger.

I would like to once again congratulate you on Victory Day. I propose a toast to the great generation of the victors, to the triumph of truth and justice, and to the prosperity of our countries and peoples.

Dinner on behalf of the President of Russia for the heads of delegations attending the celebrations of the 80th anniversary of Victory

2025-05-11T14:58:44+04:00

Vladimir Putin spoke at a dinner hosted on behalf of the President of Russia for the heads of foreign delegations and honorary guests who have come to Moscow for the celebrations of the 80^th anniversary of Victory in the Great Patriotic War of 1941–1945.

President of Russia Vladimir Putin: Ladies and gentlemen, friends,

First of all, I would like to cordially welcome and express gratitude to all of you, our reliable friends and partners. You have come to Moscow to share the joy of the celebrations of Victory over Nazism and commemorate the heroes who saved humanity.

May 9 is a sacred day for our multinational people. The Soviet Union played a decisive role in defeating Nazism. It is a historical truth which nobody can hush, distort or take away from us.

The greatness of the heroism of our fathers, grandfathers and great-grandfathers will never fade. They engaged in a deadly combat for their country and homes, for the right to independently decide their fate, to speak and think in their national languages, and to bring up their children in accordance with their culture and traditions.

Neither will we forget our allies and comrades in that sacred battle, and the fact that Victory was brought about by the concerted efforts of the people of Europe, the United States, Africa, Latin America and the Asia Pacific region, the fortitude and courage of the armed forces of the anti-Hitler coalition, members of the Resistance and national liberation movements, partisans and members of the underground.

May 1945 opened the door to a new architecture of global security, to creating a fundamental international institution – the United Nations Organisation. It is our duty to the generation of the victors to make full use of its vast potential.

I would like to reiterate that the demand for the UN and its importance are growing today, when a more just world order is being developed. It is essential to continue to strengthen its central coordinating role in global affairs, and to ensure strict compliance with the fundamental norms and principles of international law, sealed in the UN Charter, in their entirety, interconnection and interrelation. That issue was raised, in particular, at last year’s BRICS summit in Kazan, which many of the heads of delegations present here attended.

The celebrations of the 80^th anniversary of Victory in Moscow have brought together the leaders of a wide variety of sovereign states with different models of political, economic and social development, different religions, world outlooks, civilisations and cultures.

However, this diversity is not a dividing but an enriching factor, which makes us stronger because our relations and cooperation are based on shared values and aspirations. We stand for justice and equality, for the triumph of the noble ideals of friendship and neighbourly relations, for mutual accord and respect, for taking all opinions and interests into account, and for equal and indivisible security for all. We call on the international community to show solidarity in addressing the current acute problems, and to assume joint responsibility to our future generations.

I am confident that only this approach will help ensure a lasting peace, well-being and equal opportunities for all nations. Russia is ready for this joint creative work.

Friends, I would like to propose a toast to the generation of the victors, to the Great Victory, to peace and prosperity, and to you, our friends.

The Arctic: Territory of Dialogue international forum

2025-03-28T17:03:57+04:00

Vladimir Putin addressed a plenary session of the 6th International Arctic Forum, The Arctic: Territory of Dialogue.

International Arctic Forum is a key platform to discuss current issues regarding the comprehensive development of Arctic territories, establishing effective mechanisms for the joint use and exploration of the Arctic region’s abundant resources at various levels.

In 2025, the forum’s events are being held in Murmansk on March 26–27 under the motto “To Live in the North!”

* * *

President of Russia Vladimir Putin: Colleagues, friends, ladies and gentlemen.

I welcome the participants and guests of the 6^th International Forum, The Arctic: Territory of Dialogue. For the first time, it is being hosted by Murmansk – the capital of the Russian Arctic, a Hero City, which is developing dynamically today, as are our other northern cities and regions, while launching landmark projects for the entire country.

Russia is the largest Arctic power. We have consistently advocated for equitable cooperation in the region, encompassing scientific research, biodiversity protection, climate issues, emergencies response, and, of course, the economic and industrial development of the Arctic. We are prepared to collaborate not only with Arctic states but with all who, like us, share responsibility for ensuring a stable and sustainable future for the planet and are capable of adopting balanced decisions for decades to come.

Regrettably, international cooperation in northern latitudes is currently facing significant challenges. In the past few years, numerous Western nations have opted for confrontation, cutting off economic connections with Russia and ceasing scientific, educational, and cultural exchanges. Discussions on safeguarding Arctic ecosystems have come to a standstill. Politicians, party leaders, and even the so-called greens in some Western countries address their citizens and electorates about the significance of the climate agenda and environmental conservation, yet in practice, their policies are entirely contradictory.

As a reminder, the Arctic Council was set up to cooperate in addressing environmental issues, to prevent emergencies above the Arctic Circle and to jointly respond to them if they emerge. However, this tool has degraded by now. Meanwhile, Russia did not refuse to communicate in this format – it was the choice of our Western partners, Western nations. As they say in such situations: Don’t do it if you don’t want it. We will work with those who want it.

Meanwhile, the role and importance of the Arctic for Russia and for the entire world are obviously growing. Regrettably, the geopolitical competition and fighting for positions in this region are also escalating.

Suffice it to say about the plans of the United States to annex Greenland, as everyone is aware. But you know, it can surprise someone only at first glance. It is a profound mistake to treat it as some preposterous talk by the new US administration. Nothing of the sort.

In fact, the United States had such plans as far back as 1860s. As early as that, the US administration was considering possible annexation of Greenland and Iceland. However, the idea did not enjoy support in the Congress then.

Let me remind you, by the way, that by 1868, the purchase of Alaska from Russia was ridiculed in the American press – it was called “madness,” “an ice box” and “President Andrew Johnson’s polar bear garden”. Therefore, the Greenland proposal failed.

But that acquisition, I mean the purchase of Alaska, is probably viewed very differently in the United States today, just as President Andrew Johnson’s actions are.

Thus what is happening today is not really surprising, particularly since this story only began back then, and it went on and on. In 1910, for example, a trilateral land swap deal was negotiated between the United States, Germany and Denmark. As a result, Greenland would have gone to the United States but the deal fell through then.

During World War II, the United States stationed military bases in Greenland to protect it from Nazi takeover. After the war, the United States suggested Denmark should sell the island. This was quite recently in terms of world history.

In short, the United States has serious plans regarding Greenland. These plans have long historical roots, as I have just mentioned, and it is obvious that the United States will continue to consistently advance its geo-strategic, military-political and economic interests in the Arctic.

As to Greenland, this is an issue that concerns two specific nations and has nothing to do with us. But at the same time, of course, we are concerned about the fact that NATO countries are increasingly often designating the Far North as a springboard for possible conflicts and are practicing the use of troops in these conditions, including by their “new recruits” – Finland and Sweden, with whom, incidentally, until recently we had no problems at all. They are creating problems with their own hands for some reason. Why? It is impossible to understand. But nevertheless, we will proceed from current realities and will respond to all this.

I must emphasise: Russia has never threatened anyone in the Arctic. However, we are closely monitoring developments in the region, formulating an appropriate response strategy, enhancing the combat capabilities of the Armed Forces, and modernising military infrastructure facilities.

We will not tolerate any encroachments on our country’s sovereignty and will steadfastly safeguard our national interests. By upholding peace and stability in the Arctic region, we will ensure its long-term socio-economic development, improve the quality of life for its residents, and preserve its unique natural environment.

The stronger our positions and the more substantial our achievements, the greater our opportunities will be to launch global international projects in the Arctic involving partner nations, friendly states, and perhaps even Western countries – provided, however, that they demonstrate a genuine interest in cooperative efforts. I am confident that the time for such projects will undoubtedly come.

Friends,

The Arctic Zone accounts for over a quarter of the Russian Federation’s territory. Nearly two and a half million our citizens live and work here, making a significant contribution to the nation’s progress. Current estimates indicate that the Arctic generates 7 percent of Russia’s gross domestic product and approximately 11 percent of our exports. At the same time, we see enormous potential for the region’s further comprehensive development. A critical priority is strengthening the Arctic’s transport and logistical framework.

Let me note that this year marks the 500^th anniversary of the first historical records mentioning the daring concept proposed by Russian seafarers and Pomor trappers: a prospective trade route through the northern seas to the East, reaching China via the so-called Northeast Passage – the precursor to the Northern Sea Route.

Over the past decade, cargo traffic along the Northern Sea Route – spanning from the Kara Gates Strait to the Bering Strait – has substantially increased. In 2014, a mere four million tonnes of cargo were transported via this corridor. By last year, that figure had risen to nearly 38 million tonnes – five times the Soviet-era record. We anticipate, with confidence, that volumes will reach 70–100 million tonnes by 2030.

Yet our plans – in terms of cargo volumes, geographical reach, and expansion of the Arctic fleet – are far more ambitious. The Northern Sea Route is poised to become a pivotal segment of the Transarctic Transport Corridor, stretching from St Petersburg through Murmansk to Vladivostok. This corridor is designed to connect global industrial, agricultural, and energy hubs with consumer markets via a shorter, safer, and more economically viable route. This is widely acknowledged – experts across the East and West recognise its significance.

Cargo shipments along the Trans-Arctic Transport Corridor are set to increase on the back of growing minerals production and the advanced processing of these resources right here in the Arctic, and due to rising international transits. I would like to stress the importance of linking this Trans-Arctic corridor with our domestic railway network everywhere from the northwest to Russia’s Far East, reaching all the way to the Baikal-Amur Mainline and the Trans-Siberian Railway.

By the way, even today the concept of building the Trans-Siberian Railway, which stretches across the entire country to the Pacific, exemplifies a strategic, forward-looking vision for us. It addressed not only the country’s immediate needs and circumstances but also took into account our national interests within a horizon of several centuries. We must be guided by this approach as we develop the Trans-Arctic corridor.

What are the priority objectives in this regard?

First, Russia already operates the world’s biggest icebreaker fleet. We must consolidate our leadership in this sector by building new-generation icebreakers, including nuclear icebreakers. Today, only Russia has them – no other country has a nuclear icebreaker fleet.

Four of these icebreakers belong to the latest Project 22220, and are already operating in the Arctic. Three more nuclear icebreakers from the same series – Chukotka, Leningrad and Stalingrad – are currently under construction. There is also the mighty 120 Mw icebreaker Rossiya. It will allow for more efficient year-round icebreaker support to large-tonnage ships in high latitudes.

Let me emphasise that icebreaker support costs and shipping costs for the Trans-Arctic Corridor in general must be competitive and acceptable to the market. This is a major prerequisite for guaranteeing that this route is relevant for businesses and creates added value for them. My colleagues from the Government and I have recently discussed these matters, and I fully agree that this offering must be competitive on the market.

Second, Russia is a sovereign nation, and as such it needs a merchant fleet of its own in the Arctic, including cargo, search and rescue ships for operating shipments in northern seas, as well as within our internal waters in the Arctic. We must recognise that for now we cannot rely exclusively on our domestic shipbuilding capabilities.

In this connection, we must work on all fronts by building and ordering ships that have already been built, working with manufacturers around the world and developing the domestic shipbuilding industry based on the strategic objectives we have.

Of course, this message is primarily intended for the Government: we must support our shipbuilding corporations and shipyards in their efforts to upgrade and expand their capabilities and build international manufacturing chains. I also ask the Government to review opportunities for building new, cutting-edge, advanced, high-technology shipyards in Russia.

Third, Russian shipping companies that transport petroleum products and liquefied natural gas are already successfully operating in the northern seas. Now we need to create enabling conditions for effective domestic operators who will be shipping containers, coal, bulk and other goods across the Arctic. We are also open to create joint ventures in this segment. International logistics operators could make profitable investments in such companies. Moreover, in addition to capital and technology, they could contribute part of their merchant fleet to such projects.

Fourth, plans are in place to increase the capacity and turnover of our northern ports through the introduction of innovative and environmentally friendly solutions, including unmanned and automated cargo handling equipment. This will happen soon enough. For example, the capacity of the Murmansk transport hub should be amplified at least three times over in the next few years due to the construction of new terminals and the expansion of railway links.

I would like to add that our partners from Belarus, China, the United Arab Emirates and other countries are showing keen interest in this project and in the development of the Arctic transport infrastructure in general. It is a very interesting undertaking from a business point of view.

We plan to create large multimodal hubs to operate as key logistics centres of the Trans-Arctic Transport Corridor. Not only will these hubs serve as ports where convoys of ships are formed or Russian and foreign cargos are handled; they will include industrial facilities for the production of manufactured goods.

To improve the logistical stability of the Trans-Arctic Corridor, I ask the Government to draft plans to expand the capacity of existing seaports in the Arctic, and decide where on the Arctic coast new ports should be built, and how soon the adjacent infrastructure needs to be developed. I am primarily referring to the links between the sea harbours and the national railway network.

In this regard, fifth, we will need to develop the Arctic Operating Domain – similar to the Eastern Operating Domain, which includes the Baikal-Amur Mainline and the Trans-Siberian Railway. The project must include the modernisation of the Northern Railway in the Komi Republic and the Yamal-Nenets Autonomous Area.

We are aware of the situation at Russian Railways today; we know what challenges the company is facing. However, we need to think about what I just said, about the development of the Northern Railway – and we need to start today.

What opportunities will this open? The regions of Siberia, the Urals, and Russia’s North-West will receive direct access to the North, to the Arctic ports, which will lessen the load on the Trans-Siberian Railway and promote effective use of sea transport. In addition, there will be new points of access to the Arctic from the North-South corridor, which connects us with Central Asia and the Gulf states.

And of course, the potential of the Arctic’s inland waterways, our great rivers – the Lena, Yenisei, and Ob – must be unlocked at a new technological level to develop the Trans-Arctic route. This will help, among other things, to enhance the Northern Supply Haul system so as to ensure a reliable supply of foodstuffs and other goods for Arctic residents.

I want to stress specially that the resources of the state, regions, and businesses, including both state-owned and private banks, must be combined to pursue these and other major initiatives. The capabilities of the domestic stock market must also be utilised to attract capital to the Arctic infrastructure.

Infrastructure projects are indeed complex, costly and have a long pay-back period. But it is these projects that provide Russia’s real transport sovereignty at a new level. And I am confident that if our foreign partners join these projects, it will guarantee them long-term investments with good returns. Therefore, we cannot put off these projects for later, we must launch and start pursuing them now, as soon as possible.

Apparently, it is important to resort to flexible approaches here, to attract both Russian and foreign investors, as I have just mentioned. In this regard, I propose that we consider creating a special project office under the auspices of our leading development institution, VEB, which will provide support for transport, logistics, and infrastructure projects in the Arctic, as well as urban development projects in the region. It will also become an entity where potential investors can address directly and receive support they need. I ask the Government to prepare respective proposals.

In addition, I instruct the Government to join hands with Rosatom, VEB and the State Council’s dedicated commission to endorse the financial, economic and organisational model for the development of the Trans-Arctic Transport Corridor by August 1 of this year.

Colleagues,

Currently, deposits of oil and gas, metals and other minerals are being developed in the Russian Arctic. We will continue massive geological exploration there, primarily within the framework of the Geology: Revival of the Legend federal project.

Concurrently, the task is to launch enterprises of deep processing of raw materials in the Arctic regions using the powerful resource base there; to create high value-added production facilities in petrochemistry, natural gas conversion, rare earth metals, and other industries related to machine building, production of sophisticated machinery and industrial equipment, while preserving the unique nature of the Arctic.

By way of example, I would like to mention the Centre for the Construction of Large-Capacity Offshore Structures in Belokamenka, where technologies for natural gas liquefaction are being localised and the most up-to-date domestic solutions are being utilised.

I’d like to draw the attention of colleagues in the Government and regional authorities to the following: it is essential not only to propose but also to effectively refine tools for supporting investment and business activity in the Arctic. This includes tax incentives, administrative privileges, infrastructure preparation of land plots, and other measures.

In particular, I remind colleagues of the need to strictly fulfil plans for the gas infrastructure coverage of the Murmansk Region. This must be completed by 2030. I emphasise: this objective remains in force.

Of course, we should also develop promising areas such as tourism. The North and the Arctic are unique concentrations of natural, historical, and spiritual landmarks. The region boasts an extraordinarily rich cultural mosaic. Over a million tourists visit the Arctic annually to explore its landscapes, witness the northern lights, engage in Arctic fishing, ride dog sleds, or journey to polar archipelagos.

The number of tourists is growing. Consequently, new initiatives in this sphere are emerging, such as an Arctic tourism centre with a ski resort component in the Yamal-Nenets Autonomous Area or an aqua-thermal spa and year-round hotel complex in Karelia. I request that both the federal Government and regional authorities support such initiatives, which reveal new facets of the Arctic and help heighten interest in the region.

I also propose considering the inclusion of White Sea tourism infrastructure development in the Five Seas and Lake Baikal federal project.

To make the Arctic accessible for mass tourism, transport connectivity is crucial – from the repair and construction of roads to the development of air travel.

I reiterate that we have extended subsidised airfare rates for flights to Arctic cities. Last year, approximately 800,000 passengers utilised this opportunity. This year, subsidised tickets are available for over 70 air routes.

At the same time, Far Northern airports, particularly smaller ones, require modernisation. In the coming years, under the relevant national project, we will upgrade 16 airfields in the Arctic Zone, including those in Salekhard, Arkhangelsk, Naryan-Mar, and Vorkuta.

Overall, our objective is to maintain an extensive airport network in the Arctic – from large and medium-sized airfields to small landing strips. This is also vital to ensure year-round accessibility of residential areas and the operation of air ambulance services.

Friends,

The key and overarching goal of Russia’s efforts is to improve the quality of life for people living in the Arctic, to ensure modern conditions for study and work, leisure, and the upbringing of children in this harsh region that still lures people with amazing force. I have talked to these people many times. Those who were born in the north, as well as those who have come here, have all said that the north is like a magnet since people develop a sense of belonging to these latitudes, and to this land.

As you know, we have already drafted master plans for the Arctic urban centres, which include not only major cities like Arkhangelsk or Murmansk, but also cover towns like Kirovsk, Apatity and Monchegorsk in the Murmansk Region, Kem and Belomorsk in Karelia, Vorkuta in the Komi Republic, Bilibino and Pevek in Chukotka, Naryan-Mar in the Nenets Autonomous Area, Salekhard, Labytnangi, Novy Urengoi and Noyabrsk in the Yamal-Nenets Autonomous Area, as well as Tiksi and Naiba in Yakutia, and Norilsk, Igarka and Dikson in the Krasnoyarsk Territory.

On a separate note, I would like to thank the VEB.RF and DOM.RF corporations for their involvement and contribution to drafting these master plans.

A master plan is a comprehensive strategic and territorial planning document that sets forth long-term socioeconomic and spatial development visions for cities, towns and villages. They provide for the introduction of the latest urban planning solutions while also ensuring that these settlements retain their unique cityscapes based on suggestions and proposals from local residents and civil society organisations, including associations of Northern ethnic minorities.

I would like to draw the Government’s attention to the need to be more responsive in its efforts to approve a timeline for carrying out these Arctic master plans and ensuring that they receive the funding they need. As I have already mentioned, this includes, among other things, introducing the Arctic agenda as a separate item into our national projects, while also launching mechanisms for engaging businesses and strategic investors working in the Arctic or those who are willing to work here in carrying out these master plans.

In addition, I ask the Government to think about setting up dedicated competence centres for providing urban planning and development training to municipal and regional officials and teaching them best practices in urban planning.

Moving on, we launched a national contest for creating people-friendly urban spaces. Winners will receive budget funding for their projects. I suggest allocating an additional sum from the federal budget as part of this contest. My colleagues from the Government and the Finance Ministry and I have just discussed this matter. I will not give you any final figures, but we need to earmark this disbursement and provide this kind of assistance so that colleagues working on the objectives I have just mentioned have more opportunities for improving embankments, pedestrian areas and playgrounds, building parks, gardens, and so on.

On a separate note, I would like to ask the Government to extend the programme of renovating military settlements, the closed administrative territorial units in the Arctic where our military personnel live with their families. This renovation programme should continue at least until 2030, with the annual federal budget support of at least 10 billion rubles. I would like to emphasise that this is connected with the strengthening of our military presence in the region, where the number of our military personnel will be increased.

One of the tasks of our master plans and the renovation programme is to determine where new enterprises and jobs should be created, including those linked to the Trans-Arctic Transport Corridor, and where schools and kindergartens, outpatient clinics and hospitals, roads and communications, as well as housing are to be built. The defence and construction ministries are to work together with the regional authorities to coordinate plans for each facility, so as to determine the amount of resources needed for implementing this task and the allocation deadlines.

It is a specific Arctic feature that structures are built in conditions of perpetually frozen ground or permafrost, which explains the special requirements for building designs, structure and reliability. At the same time, we should take the dynamics of climate change into account to forecast potential risks. I propose establishing a special research centre to monitor perpetually frozen ground with contribution from the leading federal and regional institutes. Their research projects will provide the scientific basis for the technology of adjusting Arctic infrastructure to the melting of permafrost.

I know that a register of best Arctic construction practices has been compiled. This regional experience should be expanded. I hope that it will incorporate the idea of multipurpose Arctic centres, where social and administrative offices, sports centres and service facilities are located under one roof, in the same building.

Of course, we must always take the opinions and requests of those who live in the North into account. For example, people openly complain about the shortage of the so-called service economy in Arctic cities and towns, meaning recreation facilities, including those for families and children, as well as cultural and educational venues. We must develop this segment and encourage the relevant business initiatives.

We have a special support programme for small and medium-sized enterprises in the Extreme North. Its efficiency must be upgraded. I would like to ask the Government to adjust the parameters of this programme, in particular, to expand the list of sectors with access to this programme and to create additional subsidised loan opportunities for these companies.

I would like to say a few words about healthcare. The accessibility of medical services in the North is objectively limited compared to central Russia; the situation is even worse in remote communities. I ask the Government to prepare a special mechanism for financing medical care in these areas.

In addition, healthcare in the northern regions must be enhanced with the introduction of digital technologies. The residents of these regions must be served by mobile paramedic stations equipped with artificial intelligence tools, which can conduct physical check-ups both remotely and at the scene, diagnose certain diseases and provide recommendations for treatment.

Next, the environment remains a sensitive issue for the Arctic and its residents. Let me remind you that at our first forum, which was initiated by the Russian Geographical Society, we announced the launch of a “general clean-up” of the Arctic, to remove scrap metal, remnants of fuel and lubricants and other waste.

The project, launched by the Russian Geographical Society and supported by the Ministry of Natural Resources and Environment, brought together thousands of volunteers and public organisations. We will certainly continue this effort. We will also ensure comprehensive environmental protection of Russia’s Arctic zone, in particular by clearing Arctic waters of sunken ships, which is a pressing problem that needs to be addressed. Predictably, everything requires funding, so the relevant government agencies will need to work on all these issues, including to earmark the necessary funds year by year.

We will remove technological waste and reclaim land, focusing on bringing Arctic cities and towns up to standard. We will carry out the so-called revitalisation of abandoned areas, buildings and lands, to return them to circulation to serve the interests of local residents.

In fact, we are repaying our debt to the Arctic. We cannot afford to accumulate more debt to its unique nature. With all the plans in place for the region’s economic development, it is essential to maintain a balance between the use of its natural resources and nature conservation.

A new polar station will be built in the Yamalo-Nenets Autonomous Area, in the Polar Urals, to test new environmentally friendly technologies. The new scientific research and educational station, Snowflake, will be established by the end of 2028. An international team of researchers will use it to test green technologies being developed for the Arctic, with applications ranging from essential services, telecommunications, and medicine to new materials.

Colleagues,

The Arctic is a territory of great opportunities for specialists in various fields, for entrepreneurs, for young people, and for families who have lived here for generations or have only recently moved and are planning to settle, buy or build a home here.

We have already extended the Arctic mortgage programme until 2030. It offers an annual interest rate of two percent and lowers the requirements for borrowers. This includes cancelling the requirement for teachers and medical workers to have an employment history in the North before applying for a housing loan. Participants in the special military operation can also benefit from these Arctic mortgages along with people working for defence manufacturers.

Substandard and hazardous housing has become an extremely urgent issue for people in the North. I instruct the Government to draft a targeted action plan by September 1, 2025. It must address this issue and cover at least a ten-year period.

Moving on, the Accessible Rentals programme has been launched in Russia’s Far East, as you know. It offers affordable rentals to young people coming to the Far Eastern regions, graduating there or taking a job there. This programme consists of using regional and federal funds to subsidise rental payments.

I suggest that we expand this programme to include the key Arctic communities. This way, we will make rentals more accessible for people starting their careers in this region, as well as those who want to live and work there. This programme must cover the Arctic in 2026.

We have agreed to extend the Muravyov-Amursky 2030 training programme in public administration to cover the Arctic regions. We have already done this. I am certain that this kind of training will help many talented administrators jump-start their careers and would benefit the Arctic and the country in general.

There is one more thing I would like to mention. The North has always attracted brave people and true leaders. Outstanding researcher, polar explorer and scientist Artur Chilingarov was one of them. I suggest that in his memory we establish a special grant programme for supporting youth initiatives as part of environmental, educational and research projects in the Arctic.

Friends,

Efforts to explore and develop the Russian North and to overcome the challenges related to its harsh climate while enabling the state to reach new promising horizons – all these objectives have inspired many generations of our ancestors, including medieval sailors and Novgorod merchants, those who pioneered Arctic exploration in the 16^th and 17^th centuries, industrial leaders of the 18^th and 19^th centuries, researchers, polar explorers, engineers, Soviet workers, and companies in present-day Russia which launched major Arctic projects in the early 2000s.

Today, the North has become central to our development efforts. This is a sovereign and historical choice for us. This means that the objectives we set for and address in the Arctic, and the projects we undertake here must match this historical scale and have a horizon spanning decades, if not centuries.

We will do everything to consolidate Russia’s leadership in the Arctic despite all the challenges and travails we face today. We will provide for the region’s comprehensive development and create a solid foundation for future generations.

Thank you for your attention.

Statement by the President of the Russian Federation

2024-11-22T11:46:58+04:00

President of Russia Vladimir Putin: I would like to inform the military personnel of the Russian Federation Armed Forces, citizens of our country, our friends across the globe, and those who persist in the illusion that a strategic defeat can be inflicted upon Russia, about the events taking place today in the zone of the special military operation, specifically following the attacks by Western long-range weapons against our territory.

The escalation of the conflict in Ukraine, instigated by the West, continues with the United States and its NATO allies previously announcing that they authorise the use of their long-range high-precision weapons for strikes inside the Russian Federation. Experts are well aware, and the Russian side has repeatedly highlighted it, that the use of such weapons is not possible without the direct involvement of military experts from the manufacturing nations.

On November 19, six ATACMS tactical ballistic missiles produced by the United States, and on November 21, during a combined missile assault involving British Storm Shadow systems and HIMARS systems produced by the US, attacked military facilities inside the Russian Federation in the Bryansk and Kursk regions. From that point onward, as we have repeatedly emphasised in prior communications, the regional conflict in Ukraine provoked by the West has assumed elements of a global nature. Our air defence systems successfully counteracted these incursions, preventing the enemy from achieving their apparent objectives.

The fire at the ammunition depot in the Bryansk Region, caused by the debris of ATACMS missiles, was extinguished without casualties or significant damage. In the Kursk Region, the attack targeted one of the command posts of our group North. Regrettably, the attack and the subsequent air defence battle resulted in casualties, both fatalities and injuries, among the perimeter security units and servicing staff. However, the command and operational staff of the control centre suffered no casualties and continues to manage effectively the operations of our forces to eliminate and push enemy units out of the Kursk Region.

I wish to underscore once again that the use by the enemy of such weapons cannot affect the course of combat operations in the special military operation zone. Our forces are making successful advances along the entire line of contact, and all objectives we have set will be accomplished.

In response to the deployment of American and British long-range weapons, on November 21, the Russian Armed Forces delivered a combined strike on a facility within Ukraine’s defence industrial complex. In field conditions, we also carried out tests of one of Russia’s latest medium-range missile systems – in this case, carrying a non-nuclear hypersonic ballistic missile that our engineers named Oreshnik. The tests were successful, achieving the intended objective of the launch. In the city of Dnepropetrovsk, Ukraine, one of the largest and most famous industrial complexes from the Soviet Union era, which continues to produce missiles and other armaments, was hit.

We are developing intermediate-range and shorter-range missiles in response to US plans to produce and deploy intermediate-range and shorter-range missiles in Europe and the Asia-Pacific region. We believe that the United States made a mistake by unilaterally destroying the INF Treaty in 2019 under a far-fetched pretext. Today, the United States is not only producing such equipment, but, as we can see, it has worked out ways to deploy its advanced missile systems to different regions of the world, including Europe, during training exercises for its troops. Moreover, in the course of these exercises, they are conducting training for using them.

As a reminder, Russia has voluntarily and unilaterally committed not to deploy intermediate-range and shorter-range missiles until US weapons of this kind appear in any region of the world.

To reiterate, we are conducting combat tests of the Oreshnik missile system in response to NATO’s aggressive actions against Russia. Our decision on further deployment of intermediate-range and shorter-range missiles will depend on the actions of the United States and its satellites.

We will determine the targets during further tests of our advanced missile systems based on the threats to the security of the Russian Federation. We consider ourselves entitled to use our weapons against military facilities of those countries that allow to use their weapons against our facilities, and in case of an escalation of aggressive actions, we will respond decisively and in mirror-like manner. I recommend that the ruling elites of the countries that are hatching plans to use their military contingents against Russia seriously consider this.

It goes without saying that when choosing, if necessary and as a retaliatory measure, targets to be hit by systems such as Oreshnik on Ukrainian territory, we will in advance suggest that civilians and citizens of friendly countries residing in those areas leave danger zones. We will do so for humanitarian reasons, openly and publicly, without fear of counter-moves coming from the enemy, who will also be receiving this information.

Why without fear? Because there are no means of countering such weapons today. Missiles attack targets at a speed of Mach 10, which is 2.5 to 3 kilometres per second. Air defence systems currently available in the world and missile defence systems being created by the Americans in Europe cannot intercept such missiles. It is impossible.

I would like to emphasise once again that it was not Russia, but the United States that destroyed the international security system and, by continuing to fight, cling to its hegemony, they are pushing the whole world into a global conflict.

We have always preferred and are ready now to resolve all disputes by peaceful means. But we are also ready for any turn of events.

If anyone still doubts this, make no mistake: there will always be a response.

National Healthcare Congress 2024

2024-10-29T21:21:54+04:00

The President addressed the plenary session of the 2024 National Healthcare Congress.

The 3^rd National Healthcare Congress with international participation is held in Moscow on October 28 and 29 to mark the 150^th birthday anniversary of Nikolai Semashko, an outstanding Soviet organiser of the health system whose healthcare model and its basic principles remain relevant to this day with many countries relying on it in their respective healthcare sectors.

* * *

President of Russia Vladimir Putin: Friends, colleagues,

I would like to begin by offering my greetings to you at this congress. It is taking place for a third year in a row and has established itself as a major platform for discussing the future of our national healthcare system in all its aspects.

Let me assure you right away that many recommendations coming from your forum, which has already been recognised by the professional community, are accepted by federal and regional government agencies and widely used in medical institutions, while sharing best practices with the congress’ international participants enables us to learn more about the way national healthcare systems operate and are therefore mutually beneficial.

Russia has been relentless in its efforts on this front. We have allocated some 1.7 trillion rubles between 2019 and 2024 for carrying out dedicated federal projects. It is thanks to this substantial support that we have been able not only to deliver on current objectives, but also to achieve breakthroughs. Let me remind you that Russia was the first country in the world to register a Covid vaccine, which helped save millions of lives in 71 countries.

The share of domestic medicines and medical equipment has been growing in Russia, and the healthcare sector has been effective in reinforcing its technological sovereignty. Of course, we are committed to following the same path and to make Russia’s healthcare system even more stable, resilient and independent. This is a matter of national security.

Colleagues, you are well aware that Russia will commence the implementation of new national projects in 2025, including the Long and Active Life and New Health Saving Technologies. The enhancement and development of healthcare is, undoubtedly, a pivotal component of these projects, encompassing virtually all its spheres: from primary care to the introduction of advanced technologies and the improvement of health culture. These national projects are characterised by a comprehensive and broad approach to employing all factors and resources affecting preservation of population, which is our number one task. I would like to emphasise that all our national projects are focused on individuals, on creating conditions to enhance the well-being and quality of life of our citizens.

One of the primary objectives for the forthcoming years is to increase life expectancy. I would like to underline the necessity to reduce the disparity in this parameter between regions. It is well known that life expectancy for men remains lower than for women. We must consistently address all these issues. Generally, life expectancy should reach an average of 78 years. In the future, as previously planned, we aim to achieve the 80+ level.

Simultaneously, I would like to particularly underscore the key objectives of the new national projects, which I have just mentioned.

Firstly, life expectancy in those regions and population groups (as I have just mentioned) where it lags behind the national average must increase at an accelerated pace. As previously stated, we need to strive to reduce this disparity.

Secondly, people in Russia must become significantly healthier, and they should get sick less frequently. I would like to emphasise that this should be achieved, among other things, through healthy lifestyle, nutrition, early disease prevention, and the effective operation of preventive medicine in general.

Thirdly, an extremely important point is that the duration of an active, good life must increase when individuals, despite their considerable age, possess the inner capacity and, most importantly, a desire to continue working, to remain, subject to respective conditions, a mentor in their profession, to devote their free time to family, grandchildren, travelling, and participation in social and public initiatives.

We agreed that the subject of the family must pervade all our national projects. I ask the Government to pay special attention to this when finalising them. We will definitely consider this aspect at the next meeting of the Council for Strategic Development and National Projects. It is also essential that national projects give priority to health protection.

The Family national project includes a lot of provisions and guidelines that closely intertwine with policies to improve the national healthcare system. The principle of a healthy nation is a healthy family in each generation. In recent years, we have taken rigorous steps to protect motherhood and childhood, including the creation of a perinatal care system with 175 cutting-edge centres across the country. An effective patient routing system has been put in place. Today, we see the lowest infant mortality rate in history (four cases per 1,000 live births).

Under the new national project, over 360 women’s health clinics will be created and new equipment will be supplied to the perinatal centres. I would like to address my colleagues from the Russian regions, the heads of the regions: you will need to pay special attention to this matter. I have visited a few facilities that do not look so good yet, let’s put it this way, and those that are considered new. It looks like we are making progress. We need to carefully monitor every step here, to make sure that new equipment is in place, and paramedics and doctors work in comfortable conditions.

We know that children’s health is the foundations of lifelong health, and further down the road, throughout our lives, we must make efforts for disease prevention, engage in physical fitness and sports.

These issues have always been an important part of Doctor Nikolai Semashko’s research interests. As far as I understand, today’s plenary session of the congress is dedicated to the 150^th birthday anniversary of the outstanding doctor and researcher.

Dr Semashko, in fact, recreated the domestic healthcare system and, most importantly, enriched it with new approaches. Moreover, his innovative ideas became guidelines for the entire world.

We will continue to enhance and develop our healthcare system, to upgrade its infrastructure. In the next six years, over a trillion rubles will be allocated to build, repair and equip medical facilities. Like before, special attention will be paid to improving primary care. As we understand, this is the most necessary part of the medical service. Its total load is over one billion visits per year.

One in three primary care institutions in the country have already been modernised. Over 140,000 pieces of medical equipment were purchased for paramedic centres, clinics, district and city hospitals. Medical care has become more accessible and convenient for millions of people. I repeat, work in this area should be continued. This is a key request of people.

Efforts to fight such serious illnesses as cancer and cardiovascular diseases, diabetes and hepatitis C will be stepped up. A respective national project contains a number of specific guidelines for introducing innovative treatment methods, including those using AI technologies. We have many innovations in this sphere.

For example, a promising digital platform is being tested in Moscow, where artificial intelligence is used to process big data on completed research, which obviously helps doctors to make a diagnosis. I visited one of these sites.

It is obvious that artificial intelligence helps a lot. But it only helps. The main part is for the doctor to do. I will not go into details, but this became obvious during the conversation and while inspecting what is being implemented there.

We should introduce an integral digital platform that would help people to maintain and preserve health throughout their entire life. It should apparently be done across the entire country.

In the future, the entire national system of public health management and protection should be built on this principle, based on the analysis of human health status carried out with artificial intelligence and all research available.

Support for medical science and technology, including research into longevity, is an absolute priority. For the first time, a new and highly needed area will emerge, namely, the expansion of nuclear medicine infrastructure, which opens up prospects for more accurate diagnostics. We already possess a number of scientific centres that conduct research in this field. We shall actively implement these achievements.

I consider disease prevention to be an extremely important aspect. This is a very broad range of objectives, which can only be achieved with the active participation of citizens themselves. Therefore, it is necessary to persistently and consistently instil in our citizens the desire to exercise, to take care of their health, and to certainly undergo routine check-ups. Apparently, it is necessary to incentivise those who regularly exercise and take a responsible attitude towards their health.

That is why, among other measures, it is envisaged that from next year tax deductions will be established for those who undergo routine check-ups and successfully pass the GTO tests. But here, too, we must keep a very close watch – you know on what, right? – so that certificates of medical check-ups are not obtained for money and GTO certificates are not issued using one’s connections. We need to fine-tune this system.

The key issue is the remuneration of healthcare staff. I attended to this issue separately in my Address to the Federal Assembly. You are aware that the salaries of healthcare workers are linked to the average salary in the regions. However, it is evident that this level varies and often differs significantly even in neighbouring constituent entities of the country. Of course, we have been discussing this with our colleagues in the Government for a long time. Naturally, such a disparity in the salaries of medical workers, teachers, and other specialists is unacceptable, this is obvious.

In 2025, we shall develop a new, fairer model of compensation for public sector employees in a number of pilot regions of the country, and in early 2027 we plan – I hope we will be able to do so – to extend this system to all public sector employees in all regions of the Russian Federation, including, of course, healthcare.

Colleagues, your Congress is undoubtedly a milestone event for our country and our citizens. Therefore, I sincerely wish you fruitful work and success in your noble and selfless efforts. And, of course, I hope that you, like all citizens of the Russian Federation, will take care of your health.

Be healthy and happy. Thank you. Thank you very much.

Gala reception in honour of the BRICS Summit

2024-10-25T20:44:59+04:00

Vladimir Putin addressed a gala reception hosted on behalf of the President of Russia to mark the 16^th BRICS Summit.

Address by President of Russia

President of Russia Vladimir Putin: Heads of State,

Ladies and gentlemen,

Friends,

We are sincerely happy to welcome here in Kazan the heads of BRICS countries and leaders of nations interested in cooperation with our group.

Today, we have successfully conducted the BRICS Summit meetings in both restricted and expanded formats, addressing pressing issues on the global agenda, including interactions in politics and security as well as the economy and cultural sphere.

Our discussions have once again underscored that BRICS countries share the universal values of peace, justice, and equality and work collectively for the prosperity and well-being of our countries and peoples.

BRICS states stand united, advocating for intensified cooperation on the global stage based on the key principles of the United Nations Charter. We collectively strive to contribute in every conceivable way to the establishment of a just, multipolar world order with decisive participation from countries of the Global South and East in the systems of international governance.

Tomorrow, together with all of you, friends, we shall hold a BRICS Plus/Outreach format meeting. Such expanded format has proven its worth, offering a platform for direct and open dialogue between members of our group and our sincere friends.

Together, we shall address issues of concern to the global community. These include sustainable development, eradication of poverty, peaceful settlement of conflicts, combating terrorism and cross-border crime, adaptation to climate change, stability of supply chains, and exchange of technology and knowledge in its broadest sense. In essence, these are the issues that directly impact the lives of our citizens and thus necessitate collective action.

We are committed to involving our like-minded partners in the existing collaboration formats within our group, striving to build an equal and mutually beneficial partnership with them. It is in this spirit, under the slogan Strengthening Multilateralism for Just Global Development and Security, that the Russian chairmanship has been operating this year.

Friends, I extend my gratitude for your presence here today. I propose a toast: to the prosperity of our peoples, to the strengthening of our cooperation, and to the health of all those present!

BRICS Business Forum

2024-10-18T20:02:46+04:00

Vladimir Putin addressed the plenary session of the BRICS Business Forum.

The forum is taking place in Moscow ahead of the BRICS Summit, which will be held in Kazan on October 22–24 and will include the new participants in the association for the first time. On January 1, 2024, Egypt, Iran, the United Arab Emirates, Saudi Arabia and Ethiopia became full participants in BRICS alongside Brazil, India, China, Russia and South Africa.

* * *

President of the Russian Chamber of Commerce and Industry Sergei Katyrin: Mr President,

Colleagues, friends,

I would like to report that the annual meeting of the BRICS Business Council was held yesterday with the participation of the Council’s national representatives. During the meeting, my colleagues and I approved the annual report, which reflects our performance over the past year, as well as the most relevant proposals from the BRICS business community on further deepening market integration and trade and economic cooperation within the association. This document will be handed over to the heads of BRICS states at the summit in Kazan.

Today, we are holding this year’s BRICS Business Forum, which is a key annual event.

The forum has brought together over 1,000 representatives of the business community, including heads of companies, associations, unions of entrepreneurs, and chambers of commerce and industry from the BRICS countries. We plan to discuss cooperation in finance and investment, transport and logistics, agriculture, information and food security, and sustainable development. We also plan to congratulate the winners of the BRICS international competition of best practices and the BRICS Women’s Startup Competition.

Mr President, on behalf of all the participants at the forum, I would like to thank you for personally attending this meeting, for speaking at this forum, and I ask you to take the floor for your welcoming remarks.

President of Russia Vladimir Putin: Ladies and gentlemen, friends,

I am sincerely delighted to welcome everyone to the BRICS Business Forum.

I would like to note the wide representation of participants in this hall. We have leading business representatives from every country in the BRICS group. Your companies have been successfully cooperating for a long time, implementing impressive joint projects across a variety of domains: industry and energy, transport and infrastructure, agriculture and the digital economy.

I would like to note, in particular, that this forum is attended by business leaders from countries that became full participants on January 1, 2024. These are our colleagues and friends from Saudi Arabia, Iran, Egypt, Ethiopia and the United Arab Emirates.

I would like to emphasise that as the current chair of BRICS, Russia strives to facilitate integration of new members into all cooperation mechanisms. We saw that representatives from the new BRICS countries were warmly received in the Business Council, and they, too, became actively involved in its work.

The theme of Russia’s BRICS Chairmanship in 2024 is Strengthening Multilateralism for Just Global Development and Security. A meaningful action plan is being implemented to advance the partners on three major tracks – politics and security, economy and finance, and cultural and humanitarian ties.

To date, the progress on the plan exceeds 80 percent. Over 200 events, meetings, conferences, and industry gatherings have been held, as well as most of the expert and ministerial meetings. However, the BRICS summit, which will open next week in the Russian city of Kazan, will be the central event.

It is symbolic that the leaders’ meeting in Kazan is preceded by this Business Forum, which underscores the importance of close economic partnership between our countries, promoting trade and investment, and deepening cooperation.

The BRICS partners’ joint efforts aimed at accelerating socioeconomic growth and ensuring sustainable development bring concrete, tangible results and in fact, contribute to improving the well-being and quality of life of our countries’ citizens. The numbers speak for themselves. I am sure you are generally aware of most of the figures, but I will allow myself to cite a few of them.

The association’s total GDP exceeds US$60 trillion, and its overall share in global GDP easily surpasses that of the so-called G7, and it continues to grow.

I have already stated this publicly when meeting with your Russian colleagues, but I will repeat it once again here, in this hall and in your presence. In 1992, the G7 accounted for 45.5 percent of global GDP and BRICS countries accounted for 16.7 percent. In 2023, our group of countries accounted for 37.4 percent while the G7 for 29.3 percent. The gap is increasing and will continue to grow; this is inevitable. This trend is absolutely logical. In the past decade, BRICS states have accounted for over 40 percent of the global GDP increment.

By the end of 2024, BRICS countries are forecasted to post four percent growth, on the average. This exceeds G7 growth rates, which is only 1.7 percent, and the global average, projected at 3.2 percent.

BRICS accounts for approximately a quarter of global goods exports, with companies from BRICS countries dominating several key markets, including energy resources, metals and food – markets that are essential for sustainable economic development. In short, BRICS already plays a significant role in the global economy, and its influence will undoubtedly increase in the future.

In fact, BRICS countries are a driving force of worldwide economic growth. In the foreseeable future, BRICS alone will contribute the bulk of the global GDP increment.

Our association is building upon relevant development platforms, including communication channels, technological and educational standards, financial systems, payment tools and, of course, mechanisms for sustainable and long-term investment. As a result, the impact of external influence on the economic growth of BRICS members will diminish steadily. Essentially, this is what economic sovereignty is all about: it amounts to a partnership between self-sufficient economies that expands their potential many times over and opens up new opportunities.

I should add that the New Development Bank plays a pivotal role in the efforts to boost financial cooperation. With a solid, powerful and efficient structure, it boasts a substantial capital base as well as a team of experienced professionals. As a development institution, the bank operates as an alternative to a vast number of Western financial mechanisms. Obviously, we will further develop it as an independent structure, without opposing it to anyone, and will expand its capabilities.

We expect the New Development Bank to become a major investor in the largest technology and infrastructure projects in the BRICS space as well as the entire Global South.

Greater transport connectivity is among the key goals that aim to strengthen business partnerships within BRICS. Efforts should be taken to create new cargo mains and corridors for businesses and to provide advanced intermodal solutions and logistics schemes.

Russia’s BRICS chairmanship has facilitated regular contacts between transport agencies to address these issues. Work is underway to consider certain initiatives such as launching an online coordination platform and forming a BRICS reinsurance pool.

As far as I know, the association’s Business Council has established a separate subgroup on logistics. I would like to thank the Council members and representatives of the business community for their support of the concept of a permanent logistics platform.

Russia is making active efforts to redirect transport flows to reliable foreign partners. Our flagship projects include the Northern Sea Route and the North-South Corridor, continental arteries that serve as short and profitable trade routes, linking major industrial, agricultural and energy hubs with consumer markets.

We are also implementing an extensive project for the development of the Northern Sea Route and the replenishment of the icebreaker fleet, including nuclear-powered vessels. Coastal passages have been launched to test the routes. Work is underway to upgrade the satellite fleet, build new fuel terminals, establish centres for maritime safety and other coastal infrastructure facilities, and expand automobile and rail access routes to seaports.

The North-South transport corridor connects Russia’s ports in the northern seas and the Baltic region with terminals on the coast of the Persian Gulf and the Indian Ocean, serving as a key to increasing cargo transportation between Eurasia and Africa.

We are also working closely with our BRICS partners in the field of innovation and the digital economy. I have just discussed our capabilities in the food markets, energy markets and so on. We are naturally looking to the future and working to achieve greater outcomes. Together, we are developing e-commerce, introducing the Internet of Things and artificial intelligence, and processing Big Data. A BRICS competence centre will open under the United Nations Industrial Development Agency (UNIDO), aimed at deepening cooperation in the digital transformation of industry.

Moving forward, we need to focus on creating seamless digital infrastructure within BRICS. To this end, it is crucial to establish coordinated approaches among businesses, the public, and the relevant authorities regarding the use of biometrics and ensuring information security. We are counting on relevant recommendations from you, ladies and gentlemen, from the Business Forum.

Colleagues,

Russia is as open as possible to mutually beneficial business cooperation. We are creating comfortable and globally competitive conditions for doing business, for domestic and foreign players, for attracting capital and technology from abroad – primarily, to cooperate with you.

At the same time, I would like to emphasise once again that our combined efforts should primarily focus on developing and strengthening our own platforms that ensure economic growth. I am referring to technological solutions, financial and investment mechanisms, the expansion of logistics, and so on.

I am confident that taking advantage of BRICS’ impressive capabilities – in particular, its large population and wealth of natural resources – will bring maximum benefits to our countries, businesses and all our citizens.

In conclusion, I would like to wish the participants of the Business Forum fruitful discussions, effective work, and all the very best.

I assume that the results of your forum will be reported at the leaders’ meeting in Kazan, as your colleague said, by the current chairman of the BRICS Business Forum. I genuinely hope that you will have the opportunity to see Moscow, the capital of Russia, which is a source of pride for us as one of the most beautiful cities in the world and a rapidly growing world-class megacity.

Thank you for your attention. Thank you.

<…>

Sergei Katyrin: Mr President, we are aware of your packed schedule. We know that you have important issues to address that cannot be postponed. I would like to thank you on behalf of all forum participants for taking part in our meeting, for the close attention you are giving to the BRICS Business Forum, and, in general, for your commitment to the development of entrepreneurship in our country and beyond.

We would like to wish you success in your demanding post. Thank you very much.

Vladimir Putin: Thank you.

For my part, I would like to express my gratitude to our colleagues who have spoken here and to those who took part in our work online today.

In a few days, the President of the United Arab Emirates will come to Moscow on a visit. I will have the pleasure and honour of meeting with him.

As you know, a meeting with the leaders of all BRICS countries is scheduled for next week.

I would like to accede to the words of my colleague and friend, President Ramaphosa, who has said that supporting business activity and enterprise is a priority for the leaders of all BRICS countries. For our part, we strongly hope that you will achieve tangible results thanks to your executive talent, business skills and energy, as well as knowledge and experience. By working together and by helping and supporting each other, we will attain our main goal, which is to ensure progressive development, security and, ultimately, well-being for our countries’ citizens.

The BRICS’ activities are not spearheaded against anyone. They are aimed at attaining our common goal of sustainable development and prosperity for our nations.

I would like to thank you for being with us here in Moscow today and for thinking about how we can advance on this path, as well as to wish you all the best and every success in your noble endeavours.

Thank you very much.