ST. PETERSBURG, Russia (AP) 鈥� Russian President Vladimir Putin on Friday rejected a proposal by for a face-to-face negotiation on the conflict, saying he sees 鈥渘o point鈥� in it.
Thursday’s letter, the first public message Zelenskyy has written directly to Putin since Russia , was a sweeping critique of the Russian leader鈥檚 26 years in power.
Speaking at the Putin described Zelenskyy鈥檚 open letter proposing the meeting as 鈥渂oorish,鈥� particularly after a May 22 drone attack on a college dormitory in the Russian-controlled Luhansk region that Moscow said killed 21 and wounded scores of others.
鈥淚s it a way to create conditions for personal meetings and talks, or create an environment which makes any personal meetings impossible?鈥� Putin said. 鈥淚 think it鈥檚 the second.鈥�
He said that he sees 鈥渘o point鈥� in the meeting.
Zelenskyy , saying it would be wrong to simply wait for the Trump administration to return its attention to ending the fighting in Ukraine while it remains heavily focused on .
In Washington, U.S. President Donald Trump had said it 鈥渨ould be great鈥� if Putin and Zelenskyy meet.
Putin has previously offered for Zelenskyy to come to Moscow for talks, an offer that the Ukrainian leader pointedly rejected. Putin said last month he doesn鈥檛 exclude a meeting in a third country, but only when there is a deal to sign.
On Thursday, Putin again rejected Zelenskyy鈥檚 push for an immediate ceasefire, arguing that Moscow wants a comprehensive settlement, not a temporary truce.
Putin said Russia is open for a compromise on Ukraine in line with understandings reached at his last year鈥檚 summit with Trump in Anchorage, Alaska, adding that Ukraine needs to accept them to make a deal to end the conflict,
鈥淣aturally, the Ukrainian side would like us to suspend the advances made by Russian troops,鈥� he said. 鈥淏ut it would be better to end the war by agreeing to the compromises that were discussed in Anchorage.鈥�
In a speech earlier Friday at the forum, Putin said developing countries have gained an increasingly important role in the global economy, while the share of output by Western countries has shrunk.
He accused the West of undermining the global economy and finances with unilateral sanctions. By freezing Russian assets abroad through sanctions, Western nations eroded trust in their own currencies, he said.
鈥淭he sanctions and blocking of Russia鈥檚 sovereign reserves have irreversibly impacted the standing of international currencies, the dollar and the euro,鈥� he said. 鈥淛ust like Russia, any other country could lose access to their legitimate assets in dollars or euros, as well as Western financial and payment systems.鈥�
He alleged that high state debt had helped undermine global trust in Western institutions.
鈥淭he roots of the current global turbulence lie in the transition from a vertical, hierarchical model, which served the interests of a small number of states, to a more complex, distributed and multipolar one,鈥� Putin said. 鈥淩ussia views global changes not only as a threat but also as immense opportunities. And to capitalize on them, we aim to act swiftly and pragmatically.鈥�
The Russian leader said the world needed a 鈥渕odern, flexible and responsible financial architecture 鈥� free from risks, bans and barriers.鈥�
Putin played down Russia鈥檚 economic slowdown and sought to emphasize its macroeconomic stability. He noted that Russia鈥檚 state debt is a fraction of that in Western countries and its budget deficit is considerably smaller, compared with the West.
The forum comes at a time when Russia鈥檚 economic outlook has clouded amid The government raised taxes and increased domestic borrowing to keep its budget deficit under control.
On Thursday, Putin told heads of international media at a question-and-answer session that it was an exaggeration to say Russia’s economy was struggling. He noted that his government had taken deliberate steps to cool the economy to keep inflation under control.
Putin has used the St. Petersburg forum, likened to the to showcase his country鈥檚 economic advances and encourage foreign investment. While Western officials and business leaders have stayed away after Putin sent troops into Ukraine in 2022, Russia has sought guests from elsewhere to underline its declared goal of promoting a 鈥渕ultipolar world.鈥�
Saudi Arabia sent a large delegation this year, and the presidents of Uzbekistan and Tanzania and vice president of China also gave speeches Friday. A U.S. official, Rodney Mims Cook Jr., head of the U.S. Commission of Fine Arts, is attending for the first time in years.
Putin on Thursday acknowledged damaging inside Russia and pledged to bolster its defenses.
鈥淭o our regret, some of them break through,鈥� Putin told the media session in talking about the drone strikes. 鈥淩ussia has an air defense system, we need to improve it, strengthen it, and we will do that.鈥�
Hours before the forum opened on Wednesday, a Ukrainian an oil terminal in the city and also hit a nearby naval base.
Copyright © 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
