Russian President Vladimir Putin said he is open to discussions on ending the war in Ukraine, but he made it clear that Russia will not accept changes demanded by Ukraine and European countries to a US-backed peace proposal prepared with Moscow’s involvement.
Putin said he had “practically agreed” to the framework discussed during summit-level talks with US President Donald Trump in Alaska in August.
Russia Rejects Claims It Has Refused Peace Proposals
Speaking at his annual televised news conference in Moscow on Friday, Putin denied suggestions that Russia had rejected peace efforts.
“To say that we reject something is completely incorrect and has no basis in fact,” he said. “The issue is entirely on the side of our Western opponents, so to speak, primarily the leaders” of Ukraine and Europe.
Background of the US-Russia Peace Plan
Putin’s comments came after weeks of intense diplomacy involving the United States, Ukraine, and European nations over a 28-point peace plan. The proposal took shape last month following discussions between Trump’s special envoy Steve Witkoff and Kremlin adviser Kirill Dmitriev.
The original version of the plan alarmed Ukraine and its European allies because it included several Russian demands that Kyiv had already rejected. However, after pressure from Ukraine and Europe, some of the most controversial points were removed or revised. Talks are still ongoing, and there is cautious optimism that the revised proposal could lead to a peace agreement.
Uncertainty Over Russia’s Final Approval
Despite expressing openness to talks, Putin has not confirmed whether Russia would accept the revised plan in its current form. Ukrainian and Russian negotiators are expected to hold separate meetings with US officials in Florida over the weekend.
These discussions are also expected to focus on postwar security guarantees for Ukraine.
Putin Praises Trump’s Role in Peace Efforts
Putin credited Trump with making genuine efforts to end the conflict.
“Trump is ‘making serious efforts to end this conflict,’” Putin said. “We would also very much like to live in peace and without any military conflicts next year.”
Russia’s Military Presence and Casualty Claims
Putin stated that Russia currently has 700,000 troops deployed in Ukraine. However, Ukraine’s Western allies estimate that more than 1.1 million Russian soldiers have been killed or wounded since the full-scale invasion began in 2022. Nearly 400,000 casualties are believed to have occurred this year alone.
Russia Refuses to Give Up Territorial Demands
Putin continues to insist on Russia’s claims over large areas of eastern and southern Ukraine, including regions that Russian forces have failed to fully control since fighting began in 2014.
His decision to launch the invasion triggered the largest war in Europe since World War II. He has also repeatedly rejected calls for a ceasefire that would allow room for negotiations.
In October, Trump canceled plans for a second summit in Budapest after US officials concluded that Russia was not ready to compromise on its war objectives.
Europe Steps Up Financial Support for Ukraine
European Union leaders recently agreed on a late-night deal to provide Ukraine with €90 billion ($106 billion) in loans over the next two years. The move is aimed at strengthening Kyiv’s position in negotiations and keeping the country financially stable.
The loan will be funded through joint EU borrowing and backed by the bloc’s budget, marking a shift from earlier plans to use frozen Russian assets held in Europe.
Russia’s Economy Under Pressure From Sanctions
Although Russia’s economy has avoided collapse, it is increasingly strained by heavy sanctions imposed by the US and its allies. The country has already used more than half of its reserve funds as budget deficits grow, economic growth slows, and revenues from oil and gas decline.
Rising Debt to Fund the War
To cover the growing military budget gap, Russia has turned to heavy borrowing. This year alone, the government has issued 7.9 trillion rubles ($98 billion) in OFZ bonds, exceeding the previous record set during the Covid-19 pandemic in 2020.
Putin’s Third War-Time News Conference
This was the third time Putin has held his annual news conference since the invasion began. The Kremlin canceled the event in late 2022 after Russian forces suffered several battlefield setbacks in Ukraine.
Also Read: Ukraine Peace Talks: Putin Warns of Expansion, Zelensky Says Russia Preparing for New Year of War
