The St. Petersburg International Economic Forum (SPIEF), held annually during the summer in Russia's northern capital, was for two decades seen as an important gathering for businessmen and investors worldwide. However, with Russia's current status as an international pariah, and the decision of most Western companies not to attend, this year's event is strikingly different. Instead of trying to tempt Western capital, SPIEF 2023 has focused on topics such as sovereignty, resilience against international sanctions and fostering partnerships with nations in the Global South such as India, Brazil and the UAE.

Each year, Russian President Vladimir Putin delivers a pivotal address at the forum, making it the most crucial session of the four-day event. Here are the key quotes from Putin's speech and Q&A at SPIEF 2023.

On Russia's economic path since the start of the full-scale invasion in February 2022

"Today we can say with confidence that the strategy chosen a year ago by both government and business in Russia has worked. Positive macroeconomic trends are gaining momentum and strength. The gross domestic product has grown by 3.3% year on year, as of April. And at the end of the year, it will add more than a percentage point."

On Russia's budget deficit

"We have supported demand using budgetary mechanisms. Today our public finances are balanced. There is a small deficit, but it was created on purpose."

On Russia's non-oil and gas revenues

"The dynamics of non-oil and gas revenues are noteworthy. In January-May they grew by 9.1%, which was noticeably higher than forecasts. At the same time, in May the growth rate was +28.5%. This is about budget revenues, which are not connected with oil and gas exports. This is an important indicator that the real sector of our economy – manufacturing, trade and services – is developing and gaining momentum."

On Russians living in poverty

"Poverty and inequality are being reduced, targeted support for the poorest citizens has increased by 30% and 1.7mn people have moved above the poverty line."

On foreign companies that left Russia

"Increasingly there are calls not to let [foreign companies that left] companies back in. If foreign producers want to come back, we are not closing the door to anyone. Competition, as you know, is the engine of progress [...] Russia is not afraid of competition from foreign companies, but will take their behaviour into account when they return."

On international trade in rubles

"The Russian authorities are preparing new mechanisms for cross-border settlements. About 90% of settlements with EEU countries are now in rubles. With China, that is 80% in rubles and yuan."

On increasing the minimum wage

"We will continue to index the minimum wage and increase its gap above the living wage. From 1 January, 2023, the minimum wage was increased by 6.3%. On January 1, 2024, we will conduct another indexation, by 18.5%, all at once. This is much higher than both the inflation rate and the rate of wage growth in general. This will affect the incomes of almost 5mn people. And by 2030, the minimum wage should at least double."

On the freezing of Russian assets abroad

"Many of our businessmen were surprised to find that their accounts and assets had been frozen. It never occurred to anyone before that this was possible. Robbed. Confiscated. Taken away. They don't even explain why. They don't even want to talk. It's like the Middle Ages."

On the war in Ukraine

"The war in Ukraine was started by the Ukrainian regime with the support of their sponsors in the West in 2014. In the West, everyone tries not to talk about that."

On Western supply of weapons to Ukraine

"Soon Ukraine will stop using its own equipment, everything they use is from abroad, you can't fight like this for long."

On Ukrainian losses

"Ukraine has not achieved its goals in any area. Their losses are more than 10 to 1, this is a fact. The Ukrainian Armed Forces have lost 186 tanks and 418 armoured vehicles of various classes"

On Zelenskiy's Judaism

"I have many Jewish friends, from childhood. They say Zelenskiy is not Jewish, he is a disgrace to the Jewish people."

On de-dollarisation

"We have never had the goal of de-dollarising the Russian economy. And there has never been a goal to influence the de-dollarisation of the global economy."

On nuclear weapons

"The use of nuclear weapons is theoretically possible if there is a threat to the existence of our state or territorial integrity. But we have no need to use them [...] We have more weapons than NATO countries and they want us to reduce that number. No way."

On skilled Russians leaving the country

"Let people live where they see fit."

On Russia targeting buildings in Kyiv

"Look, if we destroyed 5 Patriot complexes near Kyiv, what is it worth destroying any building in the centre of Kyiv? [...] We are not doing this for a number of reasons."

On F-16 warplane

"Leopard tanks are already burning in Ukraine, the same will happen to F-16s."

On the attacks on the Kremlin and Belgorod Oblast

"This is an attempt to provoke us into retaliatory, serious powerful actions. An attempt to damage the Kremlin, the residence of the President of Russia, attacks on Belgorod Oblast, other regions. This is all an attempt to provoke us."