Putin used this Reuters session to restate Russia’s core positions on Ukraine, Europe, Iran, and Russia’s regional partnerships. He argued that the Ukraine war can only end on terms discussed in Anchorage, that the U.S. and Trump are sincere but distracted by the Iran crisis, and that Russia’s economy remains resilient despite sanctions and war spending. He also rejected claims that Russia plans to attack NATO, dismissed allegations of Russian sabotage in Europe as unproven, and framed Russia as a potential mediator or logistics partner on Iran’s nuclear issue.
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This transcript is a long Reuters live Q&A with Vladimir Putin at the St. Petersburg Economic Forum. The central thesis is consistent throughout: Russia is militarily advancing in Ukraine, its economy is stable enough to absorb the war, and any peace settlement will have to reflect Russian conditions rather than Western pressure. Putin repeatedly returns to the idea that the relevant framework for Ukraine is the “agreements reached in Anchorage,” and he says Russia is willing to negotiate, but only with legitimate counterparts and only if Ukraine accepts the compromises already discussed. On Ukraine, he argues that stopping hostilities is not a precondition for talks, because negotiations can continue while fighting continues. …
Tactically, the immediate setup is still geopolitics-first: Ukraine diplomacy looks stuck unless Kyiv accepts Russia’s terms, while Iran keeps energy and U.S. bandwidth in focus. For markets, the near-term risk is renewed volatility in energy, European risk sentiment, and defense-related headlines.
Over the next few weeks to months, Putin is signaling a grind-it-out path: battlefield pressure, selective diplomacy, and no Russian ceasefire on Western timetables. The setup changes only if there is a genuine Ukrainian acceptance of a negotiated framework or if the Iran situation eases enough to refocus U.S. diplomacy.
Structurally, the transcript reinforces a world of bloc competition where Russia seeks durable influence through force, energy, and bilateral partnerships rather than integration with the West. The lasting implication is a more fragmented geopolitical regime with periodic energy shocks, persistent security spending, and reduced trust in Western-Russian coordination.
Russia will redirect gas to other markets if German partners do not accept deliveries under the existing contract.
Putin says Gazprom is ready and Germany is refusing Russian gas due to orders from Brussels and Berlin.
The Ukraine settlement should be based on the Anchorage agreements, and Kyiv is unlikely to accept the required compromises.
He says Russia was ready to accept compromises and that Ukraine is the real blocker.
Trump is sincerely trying to end the Ukraine conflict, but the U.S. is now distracted by the Iran crisis.
Putin says Trump’s proposals could be a basis for peace, while American attention is shifting to Iran.
What is your view of the role of President Al-Sisi in establishing stability in the Middle East, and what role can Egypt and Russia play to deescalate tensions in the region?
Putin praised President Al-Sisi as a good friend with whom he has good personal relations, highlighting major joint projects including a Russian technological park in the Nile Valley and a nuclear power plant in Egypt expected to launch its first energy block by 2028. He credited Al-Sisi with efforts to settle situations in the Middle East, especially regarding Palestine and the crisis in Iran, and emphasized Russia's position that the fundamental solution is the establishment of a full-fledged Palestinian state.
What is stopping long-term peace in Ukraine and what obstacles prevent discussing Russia's legitimate concerns?
Putin said the solution should lie within the framework of the Anchorage agreements, and that Russia had been ready to accept compromises — he told President Trump the details. However, he believes Kiev is not ready because the current authorities are not interested in cessation of hostilities, as peace would radically change the fight for power and the economic situation, leaving those in power with no prospects of staying in power. He added Ukraine requires hundreds of billions of euros to recuperate economically.
Can the European Union serve as an intermediary to help find a solution in Ukraine?
Putin agreed the European Union could try to help find a solution, but said the role should not be supplying weapons to Ukraine — rather, trying to make Ukraine reach the compromise discussed in Anchorage. He also cautioned that if the EU turns into a military bloc that would cause concern, but economic integration associations are fine.
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