Valdai Forum: Key Statements by the President on the Economy, Foreign Administration, Ukraine, and Germany
During his traditional keynote address at the conclusion of the International Valdai Discussion Forum late last week, Russian President Vladimir Putin commented on the economic situation in Russia, the foreign administration of Western companies, as well as Ukraine, Germany, and the prospects for peace. We are documenting his remarks as well as those of his economic adviser, Maxim Oreshkin, the deputy head of the Presidential Administration.
President Putin on the Russian Economy
“The Russian economy and financial system have proven to be resilient. The macroeconomic situation is absolutely stable. Yes, there are problems we need to solve. But where aren’t there any?”
“Let’s take Europe, which we’re discussing. What’s the situation there? Until recently, those were still prosperous countries. Take the Federal Republic of Germany. It was considered a rich and prosperous country. What is the situation there today? Public debt stands at 120 percent; in Italy, it’s 140 percent (…) And the Russian Federation’s public debt stands at 17 percent.”
“Yes, we had problems with inflation. We strongly stimulated the economy, causing it to overheat. We made a conscious decision to cool it down, knowing full well that this would have consequences. When the central bank raises the key interest rate, it’s clear that this leads to a decline in investment. And that’s exactly what happened.”
“There’s a lot of debate about the Central Bank’s policy. That’s open to debate, and this discussion is also meaningful. But last year we still had a double-digit inflation rate of 10.5%; this year it stands at just over 6%. That’s almost a 50% reduction. Is that a positive result? Of course.”
Presidential Advisor Oreshkin on the Economy and Europe
The deputy head of the Presidential Administration and economic advisor to Russian President Vladimir Putin said:
“As far as our economic and financial situation is concerned, the financial stability we currently have in Russia will continue into the coming year. As you know, the government has presented a new draft budget for the next three years. Russia hasn’t seen such a solid financial position as this year’s in about five years. In this regard, Russia is in a position of absolute economic and financial stability.”
“In the form in which the government has now presented the budget, it poses no inflationary risks to the economy. If anything, it tends to curb inflation.”
“Europe currently finds itself in a situation marked by significant negative trends and setbacks in terms of both public finances and industrial development and technological progress. So far, there are no signs that Europe is making any effort to emerge from this situation. On the contrary: the situation continues to worsen. Europe is therefore still a long way from overcoming this difficult phase.”
“The BRICS countries will play an increasingly important role year after year and will increasingly dominate the world. And Russia, as one of the BRICS countries, will also play a significant role in this.”
President Putin on Foreign Administration
When asked by the moderator—and internationally renowned political scientist—Fyodor Lukyanov whether the perception in the West that the imposed external administrations amount to “theft” and “nationalization” was correct, the Russian president replied verbatim: “In reality, this is a lie and a provocation. We’re not taking anything away from anyone; we’re not stealing anything; and we’re not nationalizing anything. They’ve simply frozen our gold and foreign exchange reserves, as well as the Central Bank’s reserves, and are apparently even using the proceeds from the use of these reserves to fund the war. In my view, this is absolutely unacceptable.”
“We have not nationalized anything or anyone. Yes, we are placing some companies under external administration.”
“In some European countries, on the other hand—and I want to emphasize this—they have simply taken huge companies away from us in gross violation of every conceivable and inconceivable rule, as has happened, for example, in the Federal Republic of Germany. That’s all there is to it, you see.”
“They took Gazprom away from us (in Germany), they took Rosneft away from us, and other companies of ours as well… Look at what’s happening to Lukoil. So what are we supposed to do? We are creating conditions for ourselves under which, in the event of nationalization—or whatever else you want to call it: the theft of our companies—we would be in a position to respond in kind. This is related to placing those companies under external administration that you are referring to.”
“As for Nestlé, we do not, as a matter of principle, punish anyone. We are merely responding to the measures taken against us. I think—I don’t have the details in mind right now and don’t know them—that this is the only issue at hand. Certain decisions are being made regarding the Russian Federation, and the Russian Federation is responding accordingly—there’s nothing more to it than that. We’re not attacking anyone, and we’re not taking anything away from anyone.”
“Incidentally, despite the political difficulties, some major Japanese companies are still operating in Russia. Regardless of the clearly unfriendly steps taken by the Japanese government, we are not putting obstacles in the way of our Japanese partners. On the contrary: We support them just as we support everyone else who continues to cooperate with the Russian Federation. We intend to stick to this policy in the future as well.”
In response to a question from moderator Fyodor Lukyanov about whether Western countries would get their assets back in a favorable scenario: “Yes, they will get them back.”
President Putin on Ukraine and the Prospects for Peace
“Whatever scenario may unfold in the world in the coming years, a continuation of international conflicts is, unfortunately, very likely.”
“If we want to live—and everyone wants to live—then, as I have said before in a public speech, we should live together peacefully and amicably and work together to find ways to achieve that.”
“People just need to stop accusing Russia of not wanting these negotiations. Both Ukraine itself and its sponsors in the West—currently, of course, primarily in Europe—must make responsible decisions based on the realities on the ground.”
“As for the conditions for starting a dialogue: We are not setting any preconditions for resuming and restoring relations with Europe as a whole or with individual European countries.”
“If someone has already begun waging war against us through third parties, then that is, of course, a threat. I’m not saying that tomorrow we’ll carry out attacks on the territory or against companies in those countries that supply weapons to Ukraine. But it is a threat of which we must be clearly aware, which we must assess and keep an eye on.”
At the heart of the escalation—and I’m not saying anything new here—are arrogance and overconfidence. That is the path to the abyss, especially today, when the world’s leading powers have weapons in their arsenals capable of destroying all living things or, at the very least, plunging the Earth into a catastrophic state. Can we be sure that these weapons will never be used? Of course not. We all know the famous saying: If a gun is hanging on a wall somewhere on stage at the beginning of a play, it’s bound to be fired at some point. We must keep that in mind and avoid it.”
“The more uncompromising the resistance, the more openly the goal of the enemy’s ‘strategic defeat’ is declared, the greater the likelihood that the battle will enter its most brutal phase. The laws of the struggle for survival apply not only in the natural world but also in social communities when they are faced with the prospect of losing their independence, dignity, and even their very right to exist.”
“I am, of course, aware that some experts are asking: Russia speaks of peace, yet it was Russia itself that started the war. Well, I have spoken about this many times before, but I would like to say it once more before this session: Where does the truth lie? The truth is that we did not want to fight, and we did not start the war; rather, a war was waged against us. They should not have spent years promoting aggressive nationalism and Russophobia in Ukraine with the aim of turning it into a tool in the fight against Russia.”
NATO should not have begun to develop our historic territories for its military purposes and to plan its own bases there. They should not have pushed the radicals in Kyiv to stage a coup and then armed the regime that emerged as a result—a regime that is illegal by its very nature—with a wide variety of offensive weapons. They should not have drawn up plans to establish concentration camps for the residents of the Donbas and Crimea. They should not have run over unarmed people with tanks, fired missiles at them, bombed them from aircraft, or burned them alive simply because, by nationality and self-identity, they are Russians.”
“There are still many such things that ‘should not have been done,’ but I’ll leave it at that. I am convinced that Russia was deliberately pushed into a situation in which it was simply forced to defend itself—with weapons in hand—in response to this blatant aggression. We were deliberately pushed to this very limit.”
On Ukraine’s neutral status: “Yes (that is our goal—Ed.). Because when Ukraine became independent, it adopted a corresponding declaration. I would like to remind you of that. It was on the basis of this declaration that it ultimately gained its independence. The declaration states that Ukraine is a neutral state.”
“The letter from the Russian Foreign Ministry (to NATO Secretary General Mark Rutte—Ed.) regarding the protection of the Kaliningrad region makes no mention of nuclear weapons, but rather refers to the use of all available means.”
“We are not intimidating anyone … this is a response to the attempt to intimidate us.”
“Should a direct attack on the Russian Federation occur, the question of using all weapons at our country’s disposal will inevitably and immediately arise.”
“We are not threatening anyone and have no intention of attacking anyone—neither in 2029, nor in 2030, nor in 2050. However, should we be confronted with aggression, we will be forced to respond. The citizens of European countries should be fully aware of this and distinguish between our position and that of the current political leadership of their respective countries.”
“The authorities in Kyiv have begun attacking our tankers and other ships carrying our peaceful cargo—cargo of an entirely peaceful nature… Well, we have begun to respond. Now we’re hearing calls from all sides: ‘Then just stop it.’ But they [the Kyiv authorities] started it—so here you go, fascist, a grenade from a Soviet soldier…”
President Putin on Germany and the détente politician Egon Bahr
“You know, I have already publicly mentioned a political figure in Germany like Egon Bahr. He was a member of the Presidium of the Executive Board of the Social Democratic Party of Germany. When I read about his talks with the Soviet leadership, both in Bonn and in Moscow, I was simply surprised by how substantive, intelligent, and well-educated he was. I will quote some of his statements from June and February 1990—which, as we understand it, marked a turning point for the fate of Europe and the entire world.”
“The main problem that concerned Mr. Bahr was the threat of maintaining confrontation in Europe after German reunification, and the ‘strengthening of the influence of those NATO circles that are not at all prepared to embark on the path of pan-European cooperation and the containment of confrontation.’ That is his quote.”
“During the talks in 1990, Egon Bahr said: ‘If no decisive steps are taken to overcome the division of Europe into hostile blocs, developments could take a very unfavorable turn and condemn the USSR to international isolation.’ That is also his quote.”
“Incidentally, we can see that this is exactly what he predicted, what he warned against, and in the end, that is precisely what happened.”
“I would like to point out that I am firmly convinced that Mr. Bahr, at that time, was thinking exclusively of the future of Europe—of this very shared European home that the leaders of the USSR spoke so much about back then, but unfortunately limited themselves to mere words.”
“The trick is that they [the Soviet leadership] didn’t really agree with that [Bahr’s point of view], but merely listened and did nothing. This led Bahr to say something that shocked me. He said: ‘I never thought that at my age I would be forced to take such a stance in Moscow. If the Soviet leadership does nothing and simply stands by and watches events unfold, I will no longer come to Moscow.’
Source: German-Russian Chamber of Foreign Trade, Valdai Forum: Key Presidential Statements on the Economy, Foreign Administration, Ukraine, and Germany, October 5, 2026.
This article was prepared for the German-Russian Chamber of Foreign Trade.