During the St. Petersburg International Economic Forum, the Russian leader states that the conflict will only end when Moscow’s strategic objectives are achieved
The President of Russia, Vladimir Putin, discarded this Friday (5) the possibility of an immediate meeting with the Ukrainian leader, Volodymyr Zelensky. The announcement comes one day after negotiating an end to the war, which has already entered its fourth year.
During the International Economic Forum in St. Petersburg, his hometown, Putin said he did not see “sense” to dialogue with Zelensky before the terms of an eventual peace agreement are technically defined. The Russian leader guaranteed that the military offensive will continue uninterruptedly until the Kremlin’s goals — which include control of the Donbas region e severe political and military restrictions on Ukraine — are consolidated.
Kiev and its Western allies reject Russian demandsclassifying them as a attempted forced capitulation. So far, mediation attempts led by the United States have failed to bring the parties closer to a consensus.
Diplomatic impasse
On Thursday (4), Zelensky sent a rare direct appeal to the Kremlin. In a letter, the Ukrainian president proposed an end to the conflict through a bilateral dialoguesuggesting the scheduling of a definitive date for the meeting. “Ukraine proposes an end to this war through direct dialogue between us and you,” Zelensky wrote.
Putin, however, was emphatic in rejecting the offer on Russia’s main economic stage. “I see no point in getting together. For the Ukrainian side, this only serves to stop the advance of our armed forces. We need concrete agreements,” he declared.
The Russian president added that the work must remain the responsibility of experts to develop preliminary solutions. “Only then will we be able to get together”, he pointed out.
The Russian leader also once again publicly questioned Zelensky’s legitimacy as head of state. Since the start of the large-scale invasion in February 2022, the conflict has already left hundreds of thousands of dead and forced millions of Ukrainians to displacementturning vast areas of the east and south of the country into rubble.
Russian economy
In parallel with the military developments, Putin took advantage of the forum to respond to criticisms about Russia’s financial health. Although the Russian economy registered a 0.2% contraction in the first quarter of 2026 — the first quarterly decline in three years — and face the highest interest rates in two decadesthe president mocked the collapse predictions.
Quoting writer Mark Twain, Putin stated that “rumors about his death were greatly exaggerated” and defended the transition to a “sovereign” economy, less dependent on the West. According to him, Russian living standards now resemble those of eurozone countries facing stagnation.
New face of ‘Russian Davos’
The event in St. Petersburg, which was once dubbed the “Russian Davos” for attracting the global financial elite, reflects the new geopolitical isolation of the country. This year, the forum was marked by strong security measures following Ukrainian drone attacks on the region’s energy infrastructure.
Instead of American and European investors, the event’s corridors were occupied by delegations from China and from Saudi Arabia. Among the few high-profile Western guests were former actor Steven Seagal, American conservative influencer Candace Owens and German far-right parliamentarians.
On display, Russian humanoid robots shared space with stands that promoted investment opportunities in annexed regions of Ukraine, highlighting the Kremlin’s new strategic priority.
