The Russian president met leaders of the nation’s industries ahead of a crucial conversation with his US counterpart
Russian President Vladimir Putin. © Sputnik/Gavriil Grigorov
Russian President Vladimir Putin is due to speak on the phone with his US counterpart, Donald Trump, later today. The Ukraine conflict and a possible ceasefire are expected to be discussed.
Ahead of the crucial call, Putin spoke with members of the Russian Union of Industrialists and Entrepreneurs (RSPP) on the country’s successful resistance to Western sanctions.
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18 March 2025
14:10 GMT
Russia “has not lost hope” in achieving a ceasefire and resolving the Ukraine conflict, despite intensified attacks by Kiev on Russian territory, Vladimir Putin’s foreign policy aide Yury Ushakov has stated.
In an interview with Kommersant on Tuesday, ahead of a scheduled phone call between Putin and US President Donald Trump, Ushakov emphasized that Moscow is “grasping at every opportunity” for a swift resolution.
- 14:10 GMT
Foreign companies that fled the Russian market in 2022 have lost their claim to their former positions, Putin said. The government will protect Russian companies from competition with ongoing investment plans when considering the requests of foreign firms seeking to return, he added.
This does not apply to foreign firms which de facto preserved their businesses in Russia despite the risks by rebranding their property under a Russian banner. However, those which made a show of their exit or tried to sabotage the Russian economy while leaving backdoors open for a possible return would face different treatment, the Russian president warned.
- 14:00 GMT
Western economic advantages, such as advanced technologies, deserve acknowledgement and respect, but objective factors will cause the West to lag behind other parts of the world in terms of growth rates for decades to come, Putin has stated. In a sense, forced decoupling of the Russian economy was a good thing, since the country had to accelerate its economic adjustment.
- 13:57 GMT
The G7 group of nations – ‘The Great Seven’ – is a misnomer by now, Putin suggested, using a term for the group common in Russia.
“What’s so great about it? Unclear. [Most members] can hardly be found on a map,” he joked.
The club includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, who were the biggest economies at the time of the group’s creation in the 1970s.
- 13:50 GMT
Only countries that can defend their sovereignty can expect stable economic development in the interest of their peoples, clarified Putin. European nations have lost their sovereignty and as a result compromised their economies and security.
- 13:47 GMT
“It’s obvious, and I have already said, that things won’t go back to how they were. There is no hope for full freedom of trade, payments, and transfer of capital. And there can be no reliance on Western mechanisms for protection of the rights of investors and entrepreneurs,” Putin has said.
- 13:42 GMT
There are currently 28,595 separate restrictions being applied against Russia, Putin said, citing a list compiled by the Finance Ministry.
- 13:40 GMT
Russian business has been facing serious challenges over the past several years, including foreign sanctions inhibiting access to international markets, Putin said. Businessmen have adapted to the new environment by finding alternatives to Western-controlled payment systems and other mechanisms required to continue trade with foreign partners.
“The sanctions are not temporary or targeted measures. They are a mechanism for applying systematic strategic pressure on our country,” he explained.
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- 13:39 GMT
US President Donald Trump is looking forward to the upcoming conversation with Vladimir Putin, during which they will discuss resolving the Ukraine conflict.
Speaking to reporters aboard Air Force One on Sunday, Trump stated that he planned to talk with Putin today, marking their second conversation since he took office. Kremlin spokesman Dmitry Peskov confirmed on Monday that the call between the two leaders was scheduled for the following day.
Posting on his Truth Social platform, Trump emphasized that the discussion would center on efforts to end the ongoing war. “Thousands of young soldiers, and others, are being killed… it must end NOW,” he wrote.
Remarking on the potential for a peace agreement, Trump said that “many elements of a Final Agreement have been agreed to, but much remains.”
- 13:37 GMT
Putin has thanked Russian businessmen representing the entire community of entrepreneurs at the RSPP’s annual meeting for the work they do to strengthen Russia economically.
“Thousands of employees and the welfare of millions of people depend on you,” he said.
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