Putin denies economic collapse at 'Russian Davos'

Russian President Vladimir Putin on Friday dismissed Western assertions of economic collapse and stagnation due to the war in Ukraine. Addressing delegates at the St. Petersburg International Economic Forum, dubbed the "Russian Davos," Putin stated that Russia's economy has not collapsed and is performing on par with the Eurozone.

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Of course, we hear criticism from all sides that everything has collapsed.

"Of course, we hear criticism from all sides that everything has collapsed," Putin said. He asserted that Russia is fostering a "sovereign" economy, despite the significant pressure from Western sanctions, rising prices, increased taxes, and borrowing costs. The Russian economy contracted by 0.2% in the first quarter of 2026, its first quarterly decline in three years.

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We have descended to the same level that the Eurozone countries have been living at for the last few years.

Meanwhile, Ukrainian President Volodymyr Zelenskyy sent an open letter to Putin, suggesting a face-to-face meeting and reiterating his call for a total ceasefire. Zelenskyy argued that Russia's resources are diminishing and that Putin will not have enough funds to maintain loyalty among Russians. The Kremlin responded through spokesperson Dmitry Peskov, stating that Zelenskyy could come to Moscow "anytime."

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Your resources are diminishing considerably. You will not have enough money or political capital to continue buying the loyalty of Russians as you have done for the last 26 years.

Ukraine has intensified attacks on Russian oil facilities to disrupt revenue streams. Russia's Defense Ministry reported downing 123 Ukrainian drones early Friday, including some over the Moscow region. Conversely, Ukrainian authorities reported casualties from Russian shelling and drone attacks in several regions, including Kyiv.

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Zelenskyy can come to Moscow at any time.