Putin announces successful transfer of tactical nukes to Belarus, says Ukraine stands 'no chance'

President Vladimir Putin delivered a keynote address at the St Petersburg International Economic Forum, highlighting positive macroeconomic trends in the Russian economy and expressing doubt about the sustainability of Ukraine's military operations suggesting that Kyiv heavily relies on external sources for equipment and fighting capabilities. During his speech, Putin also revealed that Russia has successfully transported its initial batch of tactical nuclear weapons to Belarus. This move comes as part of a previously announced plan, which has raised concerns and increased tensions with the United States and its allies in relation to the ongoing conflict in Ukraine.

Putin said, "The first nuclear charges were delivered to the territory of Belarus. But only the first. This is the first part. But by the end of the summer, by the end of the year, we will complete this work."

Ukraine war

"Soon Ukraine will stop using its own equipment altogether. Nothing remains of it. Everything with which they fight and everything that they use is brought in from the outside. You can't fight for long like that," he said, as per a translation of his speech by Reuters news agency.

Regarding Ukraine's counteroffensive, President Putin commented that Ukrainian forces did not achieve their objectives in any of the sectors they targeted. He expressed doubt about the prospects for success and opined that the Ukrainian armed forces face significant challenges in the conflict.

"They did not achieve their goals in any of the sectors ... I think that the Ukrainian armed forces have no chance here...," said Putin.

When discussing Ukrainian President Volodymyr Zelensky's Jewish heritage, President Putin said, "I have many Jewish friends. They say Zelensky is not a Jew, he is a disgrace to the Jewish people."

Russian economy

Putin emphasised the recent growth of the gross domestic product (GDP), which saw a 3.3 per centincrease in April year-on-year basis and expressed confidence that the economy will continue to grow, potentially reaching 1.5 per centto twoper centby the end of the year. Putin also praised the responsible and balanced budgetary and monetary policies that have contributed to low levels of unemployment and inflation, with inflation currently at a historical low of 2.9 per cent.

"According to the IMF (the Russian economy will grow in 2023 by) 0.7 per cent, but... I agree with those of our experts who believe that growth will be higher, somewhere up to 1.5 per cent, and maybe even (just) under two per cent. And this will allow our country to keep its place among the leading economies of the world," Putin said.

"We have maintained a responsible, balanced budgetary and monetary policy. Their effective combination made it possible to reach the minimum levels of unemployment, as well as inflation, which is now lower in Russia than in many Western countries, both in the eurozone and in other regions, (and) is close to a historical minimum of 2.9 per cent. Unemployment 3.3 per cent. It has never been so low in our history," he added.

Defence spending

The president drew attention to the significant growth in non-oil and gas revenues.

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On defence spending, he said, "Today, our public finances are generally balanced, there is a small current federal budget deficit, ... Naturally, additional funds were needed to strengthen defence and security, to purchase weapons, we are obliged to do this to protect the sovereignty of our country."

Foreign businesses

President Putin assured that Russia remains open to foreign manufacturers and is not closing its doors to anyone. He welcomed foreign businesses to return to the Russian market, stating that competition is essential for progress and trade.

Concerns about frozen Russian assets

President Putin expressed concerns regarding funds earned in Russia and subsequently deposited in foreign accounts, highlighting the risks it poses for both the state and Russian businesses.

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