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Putin Proposes New Talks with Ukraine and Defends Exceptional Military Budget
Russian leader Vladimir Putin said Moscow is prepared to resume peace negotiations with Ukraine and proposed Istanbul as a possible venue.
Speaking to reporters after the Eurasian Economic Forum in Minsk on June 27, he also pledged to return the bodies of an additional 3,000 Ukrainian soldiers, on top of the 6,000 already repatriated.
Russia “is ready to hold a new round of peace negotiations with Ukraine, potentially in Istanbul, although the time and venue have yet to be agreed,” Putin told reporters in Minsk, adding that “the negotiators from both sides are in constant contact.”
He acknowledged that the draft memorandums exchanged by Moscow and Kyiv contain “big differences” but said he remained hopeful that “continued dialogue could help narrow the gap.”
Defending the 2025 budget, Putin noted that defense outlays will total approximately $172 billion—equivalent to 6.3 percent of Russia’s roughly $2.83 trillion GDP—“to ensure the successful completion of the special military operation [Ukraine war].”
Dismissing Western sanctions as doomed, he insisted that attempts to curb Russian oil exports “will disproportionately hurt those imposing them and have limited effect on Russia.”
He pointed to opportunities for renewed US–Russia economic cooperation, citing comments from the head of Russia’s Direct Investment Fund that US companies have suffered multibillion-dollar write-downs by exiting Russia and are exploring buyback options—even for brands like McDonald’s and Renault—a signal that some may return to the market.
Earlier, President Zelenskyy imposed sanctions on 87 entities connected to Russia’s defense industry—applying measures to 52 Russian individuals and 35 organizations, including suppliers in the Alabuga Special Economic Zone providing components for Shahed drones.
