Putin discussed the development of the Far East, Ukraine and the Power of Siberia–2 at the WEF. The main thing

Russian President Vladimir Putin addressed the plenary session of the Eastern Economic Forum in Vladivostok. He spoke about the development of the Far East and the support of the Russian economy, and also answered questions about the prospects for the conflict in Ukraine and the construction of the Power of Siberia–2 gas pipeline. What Putin was talking about is in the Izvestia article.

About the work of the Central Bank

• Before his main speech, Putin noted the Bank of Russia's fight against inflation. According to him, the regulator is trying to bring it back to the required figure of 4-5%. To do this, the Central Bank uses a high key rate. Putin noted that this method of combating inflation raises questions from the real sector. At the same time, he pointed out that it is impossible to sharply reduce and raise the rate, as this is fraught with a powerful price increase.

• Putin assured that the financial unit of the Russian government and the Central Bank are working professionally. The President pointed out the importance of a sustainable macroeconomic policy, which is a basic condition for the development of the Russian economy and the social sphere. Following its principles over the past decade and a half has ultimately had a positive effect on the country.

About the Far East

• Putin devoted a significant part of his speech to the Far East and its development. He noted that the gross regional product increased more than 2.5 times, from 4 trillion rubles to 11 trillion. 20 trillion rubles were invested in the fixed assets of Far Eastern companies and enterprises, of which a quarter was invested in projects with state participation. Over the past ten years, the volume of investments in the Far East has doubled in real terms.

• Putin separately noted the development of logistics in the Far East, as the burden on it has increased significantly in recent years. For this purpose, the modernization of the eastern landfill of the Trans-Siberian and Baikal-Amur highways continues. In 2032, their carrying capacity should be one and a half times more than at the beginning of 2025. The region's port capacity has already doubled over the past ten years, amounting to 380 million tons of cargo per year, but by 2030 it is expected to grow by another 115 million tons. Putin also noted the importance of developing the Transarctic Corridor.

• According to Putin, salaries in the Far East have increased 2.5 times over the past 10 years, exceeding 100,000 rubles per month. The unemployment rate in the regions of the region decreased from 7% to 2.4%. Putin noted the positive dynamics in reducing the poverty rate in the Far East, which fell from 11.3% to 7.2% on average in Russia. The migration flow from the Far East is also decreasing — if in 2014-2019 it amounted to 211 thousand people, then in the next five years it was 109 thousand, and in 2024 for the first time there was a migration influx of 24 thousand people.

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• Putin noted an increase in housing affordability in the Far East. If 2.9 million square meters of housing were commissioned in 2015, then last year it was 4.7 million. The Far Eastern hectare program, benefits for developers and the 2% Far Eastern and Arctic mortgage programs, which secured 165,000 loans and were extended until 2030, helped achieve this. Putin proposed extending these types of mortgages not only to primary housing, but also to secondary housing, since not all cities are undergoing new construction. At the same time, he instructed to expand the Far Eastern mortgage for all large families in the region, regardless of the age of the parents. The President also recalled that in the Far East there are increased payments for the birth of a third child — 1 million rubles instead of the national 450 thousand.

• During his speech, the President gave several instructions to the government. In addition to the need to expand the Far Eastern and Arctic mortgages, he asked the Cabinet of Ministers:

• To approve a long-term plan for the development of the rare earth metals industry in Russia no later than November 2025
• To determine the parameters of a single preferential treatment for businesses in the Far East and the Arctic, which should be launched on January 1, 2027.
• To prepare proposals concerning the digital development of the Far Eastern regions.
• To provide conditions for the widespread use of drones in the Far East, including on farmland, in extinguishing forest fires, at production and logistics sites.
• To allocate 5% of the expenditures of specialized state programs in the social sphere and infrastructure for the implementation of the master plans of the Far East.
• To approve the long-term development strategy of the Far Eastern Federal District until 2036.

About the global economy

• Responding to a question about the direction of the Russian economy, Putin noted that Russia is expanding its cooperation with the Asia-Pacific region and the Global South, and this is not related to the current political situation. The global economy is developing at a faster pace and provides new growth points in these regions, which opens up new opportunities for Russia. Putin noted that companies from the East and South did not leave the Russian market, as European companies did for political reasons. The President noted the stability and predictability of Russia's foreign policy and economy, which is a competitive advantage for doing business in the Russian Federation.

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• Putin touched upon the topic of protectionism in the global economy and noted that such a policy harms international trade. According to him, this leads to separatism, and the modern world is strongly interconnected and can no longer give up on this. Putin assured that Russia would remain open to cooperation with all countries of the world and would not isolate itself from anyone.

About gas and coal

• Putin commented on one of the main economic news — the signing of a memorandum with China on the construction of the Power of Siberia–2 gas pipeline. He noted that this is a mutually beneficial project with a market character. The price of gas, according to him, will be calculated according to the same formula as for supplies to Europe. Putin called the gas pipeline one of the largest energy projects in the world.

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• The Power of Siberia–2 gas pipeline will pass through Mongolia, and the country's Prime Minister Gombozhavyn Zandanshatar, who was present at the plenary session, also commented on the project. According to him, all the technical, economic and research work has already been carried out, Mongolia is ready to start construction and will attach special importance to it. Zandanshatar pointed out that the country will not only carry gas, but also consume it itself.

• Responding to a question about support for the coal industry in Russia, Putin noted that it was in a difficult position due to changes in the foreign market. He called on the industry to focus on internal needs, effectively use energy resources and modern technologies in order to stop depending on the external environment.

About Ukraine

• In addition to the economy, the conflict in Ukraine was discussed at the meeting. Putin noted that he had not yet discussed with US President Donald Trump the recent statement on the readiness of European countries to send troops to Ukraine. He stated that during the conduct of hostilities, any troops on its territory would be considered legitimate targets for destruction. If solutions are reached that will ensure long-term peace, then there will be no point in the presence of foreign troops. Putin assured that Russia would abide by the agreements reached and respect security guarantees, but so far this issue has not been seriously discussed.

• Putin also noted that until recently, the Ukrainian leadership refused to contact the Russian leadership, and now it is ready to enter into negotiations. The President recalled that he was ready for contacts in Moscow, but did not see the point in them, because it was impossible to agree on practical issues with the Ukrainian side.