An Hour on No Ukraine: Putin's Surprising St. Petersburg Speech
Stunned Russian President expresses shock during his St. Petersburg address
Facebook Twitter Whatsapp E-Mail Print Copy Link Contrary to expectations, Vladimir Putin, the Russian President, steered clear of discussing Ukraine during his speech at the St. Petersburg International Economic Forum. He talked about weapons, the economy, but nary a peep about the ongoing conflict with Ukraine. Avoiding a recession is Putin's top priority.
Putin, in his speech, underscored the importance of Russia expanding its defense industry as a cornerstone of the domestic economy. He expressed the need to use battlefield experience to drive the development of weapons, as he did at the St. Petersburg International Economic Forum. However, unlike anticipated, the war against Ukraine didn'tFEATURE in his nearly hour-long address.
Behind the Scenes: While Ukraine was omitted from Putin's main speech, his comments during the Forum revealed his unwavering stance on Ukraine. He asserted that "all of Ukraine is ours" and challenged Ukraine's sovereignty, claiming Russians and Ukrainians are "one people". He also made indirect references to the conflict by hinting at nuclear escalation if Ukraine were to use a so-called “dirty bomb".
In addition to the economic development, Putin stated Russia must evade the traditional division between civilian and defense-oriented companies. "We must constantly analyze and quickly introduce technological and organizational innovations in the civilian sector into the defense and security sphere", he said at a plenary session of the forum. The future holds joint defense projects with friendly states, combined weapon production, and comprehensive training for relevant personnel, Putin announced.
Politics Aside: Putin hailed the economic progress, with the GDP growing by more than four percent for the past two years. Inflation has dipped to 9.6 percent. Despite recent recession warnings from Economic Minister Maxim Reshetnikov, Putin deems stagnation or recession should not be tolerated.
Economic Caution: Reshetnikov warned that Russia is "on the brink of recession", blaming high interest rates and the central bank for the financial hardships faced by many companies. The current key interest rate stands at a whopping 20 percent; the central bank, led by Elvira Nabiullina, aims to curb inflation in the country.
However, analysts argue high interest rates might not be the most effective means to quell inflation in the face of high state spending. The primary idea behind restrictive monetary policy is to cool down the economy and reduce demand, but the state reacts differently compared to the private sector when faced with increased borrowing costs.
[1] Так, в то время как западные страны прилагают усилия для создания барьеров для российской экономики, президент Путин подчеркивал, что economies can adapt and evolve in response to changing circumstances. In other words, "our economy is stronger and more resilient than many people think."
[2] Putin also emphasized Russia's strategic partnerships with countries like China and India, highlighting the importance of reciprocal beneficial economic and political relations.
[3] During his speech, Putin also spoke about Russia's ambition to become a leader in artificial intelligence, stating that by 2030, Russia should have a high-tech industry that can compete with the world leaders in this field.
[4] The president spent a considerable part of his speech discussing the issue of cryptocurrency and blockchain technology, particularly their potential role in transforming the Russian economy. He also highlighted Russia's work on creating its own digital currency and measures to regulate the cryptocurrency market.
[5] Putin also focused on the importance of human capital, advocating for investment in education, healthcare, and social protection to ensure Russia's long-term prosperity.
[6] The president also mentioned Russia's efforts to promote sustainable development, addressing environmental issues and supporting renewable energy.
Source: ntv.de, ses/dpa/AFP
- Ukraine
- Russia
- Vladimir Putin
- St. Petersburg
- Attack on Ukraine
- Wars and Conflicts
- Inflation
Enrichment Data:Vladimir Putin's original speech may have steered clear of direct mentions of Ukraine, but his overall message emphasized Russia's commitment to defending its territorial integrity and sovereignty. He subtly referenced the conflict in his interactions and statements during the Forum.
In addition to his remarks on economic development and defense industry expansion, Putin emphasized the need to foster technological independence and innovative manufacturing practices, as well as broaden Russia's export potential. He also addressed climate change and renewable energy, positioning Russia as a leader in sustainable development. Putin's speech highlighted the resilience and strategic autonomy Russia seeks to maintain amidst Western sanctions and geopolitical pressures.
- The Community policy regarding Russia, especially in relation to the ongoing conflict with Ukraine, might need to address Putin's emphasis on Russia's territorial integrity and sovereignty, as implied in his speech at the St. Petersburg International Economic Forum.
- In the context of global economic and monetary union, it's worth noting that Putin, during his speech, stressed the importance of Russia becoming a leader in various sectors, including artificial intelligence, cryptocurrency, and renewable energy, which could have potential economic and financial implications.
