President Vladimir V. Putin on Friday rejected strategies that Russia had grow to be remoted over its invasion of Ukraine, telling an viewers in St. Petersburg that the Russian financial system was resilient and that Moscow’s ties with different nations had grown.

The Russian chief spoke on the annual worldwide financial discussion board in St. Petersburg, which lengthy was the nation’s premier occasion for attracting Western buyers. Since the full-scale invasion of Ukraine final 12 months and Western economic sanctions imposed because of this, the discussion board has remodeled right into a shadow of its former self.

Mr. Putin has repeatedly sought to reassure his home viewers that Russia can maintain its financial system regardless of the sanctions by pivoting to Asia and different areas. He struck the same tone on Friday, telling the discussion board that Russia has not been on a path of “isolationism” however somewhat has “expanded contacts” with what he described as “reliable” companions.

In his speech, Mr. Putin barely talked about the battle, referring to it solely not directly by way of the financial challenges introduced by Western sanctions that he urged had been in the end making Russia stronger. “The very fabric of economic life was being rewoven,” he mentioned.

In saying although that Russia’s public funds had been “generally balanced,” Mr. Putin acknowledged that navy spending to buy weapons had “naturally” elevated.

“We are obliged to do this to protect the sovereignty of our country,” he mentioned.

But the battle was the topic of the primary query posed after Mr. Putin’s speech, which the Russian chief responded to by reiterating his false declare that Ukraine needed to be “de-Nazified.”

Mr. Putin accused Western nations of taking “drastic measures” to make sure Russia’s defeat by giving weapons to Kyiv, however mentioned a rise in Russian protection manufacturing would assist counter the deliveries.

He additionally rejected the suggestion that Ukraine was seeing success in its not too long ago launched counteroffensive, telling the viewers that Kyiv’s forces had been sustaining severe losses and had “no chance.”

Significant buying and selling companions like China and India have dispatched representatives to the occasion in St. Petersburg, as have a small variety of different Asian, Middle Eastern, African and Latin American pals of Russia. Yet the Western world particularly, has stayed away.