The Russian president’s lengthy keynote speech in Vladivostok focused on regional development and foreign policy issues

Russian President Vladimir Putin delivered a lengthy keynote speech on Thursday at the plenary session of the Eastern Economic Forum (EEF) in Vladivostok. The address focused on the development of the Far East, cooperation with Russia’s partners in the Asia-Pacific Region, as well as other domestic and foreign policy issues.

The ongoing standoff with the West and the Ukraine conflict – particularly Kiev’s incursion into Kursk Region – loomed large on the agenda. The session was attended by a number of high-ranking foreign officials, including Malaysian Prime Minister Anwar Ibrahim and Chinese Vice President Han Zheng.

Here are the key takeaways from the president’s address.

Russia’s economic priority of the current century

In his opening remarks to the EEF participants, Putin highlighted the importance of the Far East to Russia, describing it as the key avenue for cooperation with Asia and the Global South. “We have defined the development of the Far East as a national priority for the entire 21st century. The importance… of this decision has been confirmed by life itself, by the challenges that we have faced recently,” Putin said, noting that the “region allows us to overcome the barriers that some Western elites are trying to impose on the entire world.”

READ MORE: Putin outlines Russia’s competitive edge

With this in mind, the Russian leader discussed how Moscow had launched several extremely ambitious infrastructure endeavors. He noted that the efforts being undertaken to improve the rail network, for example, surpass in scope even Soviet-era megaprojects.

Dedollarization as a global trend

Putin stressed that Russia has never sought to abandon the dollar, noting that it was Western sanctions that forced it to find other ways to carry out transactions with international partners.

He noted that the dollar became the dominant global currency after World War II, as the US successfully capitalized on its position at the end of the war. However, according to Putin, the situation is beginning to change.

“For example, we and our BRICS partners use national currencies, already for about 65% [of transactions]. This is a natural process”, he said, adding, however, that the US was expediting the tectonic shift with its “unprofessional and stupid actions” while refusing to acknowledge its mistake.

Ukraine’s Kursk incursion as an unmitigated disaster

It is the “sacred duty” of the Russian military to expel Ukrainian forces from Kursk Region, the Russian president said. He noted that Ukraine hoped to make Moscow “nervous,” undermine public morale, and force the redeployment of troops from other sectors of the front, but miscalculated in every respect.

By starting its Kursk offensive, Putin continued, Ukraine weakened its forces in Donbass, resulting in rapid advances by Russian troops in the area. Meanwhile, Kiev’s forces have sustained heavy losses in the Kursk operation, he added.

Ukrainian “aliens” 

Ukraine’s refusal under Western pressure to sign a peace agreement with Russia in 2022 gives ground to suspect that the country is governed by “aliens or foreigners,” Putin suggested, arguing that Kiev’s walking away from a deal demonstrated its disregard for ordinary people dying in the conflict.

The only option left for Kiev to make up for its “colossal losses” is to lower the conscription age again. This would allow it “to recruit children, as the German Nazis did with the Hitler Youth. But this will not solve the problem… The next step is to call up students, to bleed the country dry,” he said.

Rooting for Harris

Asked whether he had a preferred candidate in the US presidential election after Joe Biden, whom he previously favored, dropped out, Putin signaled that he would prefer to see Vice President Kamala Harris win in November.