Vladimir Putin addressed key issues ranging from Russia’s economic performance and the conflict in Ukraine to global politics and international relations at the St. Petersburg International Economic Forum (SPIEF) on June 20. During the plenary session, Putin highlighted Russia’s economic growth, addressed concerns about the conflict in Ukraine, and spoke about the country’s role in the international arena.
Putin emphasized Russia’s strong economic growth, stating that the country’s GDP has grown by 4% annually for the past two years, surpassing the global average. He noted that Russia currently ranks fourth in the world and first in Europe in terms of GDP. While acknowledging that the current annual inflation rate is 9.6%, Putin expressed confidence that it would decrease to 7-8% by the end of the year. He also pointed to a record reduction in the poverty level, which stands at 7.2%, with plans to further reduce it to 7% and then 5%.
Regarding the conflict in Ukraine, Putin asserted that Russia is not seeking Kyiv’s capitulation but rather the recognition of the “realities that have developed on the ground.” He described the situation in Ukraine as a “tragedy” caused by the West. He also commented on the creation of a security zone in the Sumy region, stating that he does not rule out the possibility of taking the city of Sumy, although there is no immediate task to do so. Putin warned that any use of a “dirty bomb” by Ukraine would be a “catastrophic” mistake.
On the international stage, Putin addressed concerns about a potential World War III, acknowledging the growing conflict potential both “under our noses” and in the Middle East. He accused NATO of expanding eastward despite previous promises, which he sees as a vestige of Western neo-colonial policy. He stated that Russia and China are not forming a new world order but are simply formalizing the existing one. Putin also commented on the conflict between Iran and Israel, emphasizing that rhetoric about killing others should remain just that and that Russia supports Iran in its pursuit of legitimate interests, including peaceful nuclear energy.
Putin also touched on various domestic issues, including the importance of supporting foreign companies whose work benefits the Russian market and creating comfortable conditions for foreign investors. He dismissed the idea that the Russian economy is solely based on raw materials, highlighting the diverse and developing nature of the country’s economy. He called for increased labor productivity and a transition to an economy of “high salaries.”