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MOSCOW – Russian President Vladimir Putin on Tuesday vowed to continue with his countrys year-long war in Ukraine and accused the United States-led Nato military alliance of fanning the flames of the conflict in the mistaken belief that it could defeat Moscow in a global confrontation.

He updated Russias political and military elite on the war nearly one year to the day since ordering the invasion that has triggered the biggest confrontation with the West since the depths of the Cold War.

He said the events leading to Moscows special military operation on Feb 24, 2022, were forced upon Russia.

We did everything possible, genuinely everything possible, in order to solve this problem (in Ukraine) by peaceful means. We were patient, we were negotiating a peaceful way out of this difficult conflict, but a completely different scenario was being prepared behind our backs, he said from Russias Parliament.

Flanked by four Russian tricolour flags, Mr Putin said Russia would carefully and consistently resolve the tasks facing us.

Mr Putin said Western countries, led by the US, were seeking unlimited power in world affairs and that Kyiv was speaking to the West about weapon supplies even before the beginning of the invasion.

The President added that Russia had done everything it could to avoid war, but that Western-backed Ukraine had been planning to attack Russian-controlled Crimea, annexed by Russia in 2014.

The West, he said, had let the genie out of the bottle in a host of regions across the world by sowing chaos and war.

The people of Ukraine have become the hostage of the Kyiv regime and its Western overlords, who have effectively occupied this country in the political, military and economic sense, Mr Putin said.

They intend to translate the local conflict into a global confrontation, we understand it this way and will react accordingly.

Defeating Russia, the 70-year-old said, was impossible.

Mr Putin said Russia would never yield to Western attempts to divide its society, adding that a majority of Russians supported the war.

He warned the West may incite a backlash over money flows to the war that were not diminishing.

Mr Putin said: The more long-range Western systems are being delivered to Ukraine, the farther we will be forced to move the threat from our borders. Russian National Guard officers patrol on Red Square prior to Mr Putin’s annual state address, in central Moscow, on Feb 21. PHOTO: AFP When he spoke about the annexation of four Ukrainian territories in 2022, he got a standing ovation at the Gostiny Dvor exhibition centre, just a few steps from the Kremlin.

Towards the end of the speech, Mr Putin said Russia was suspending its participation in the New Start treaty with the US that limits the two sides strategic nuclear arsenals.

Together, Russia and the US hold around 90 per cent of the worlds nuclear warheads enough to destroy the planet many times over.

Mr Putin asked the audience, which included lawmakers, soldiers, spy chiefs and state company bosses, to stand to remember those who had lost their lives in the war.

He promised a special fund for the families of those killed in the war.

He said the West was supporting traitors who opposed Russias actions, and thanked Russians for their courage and resolution in supporting Moscows operation in Ukraine.

Mr Putin said he understood how difficult it was for relatives of Russian soldiers who had died fighting in Ukraine. Mr Vladimir Putin arrives to deliver his annual address to the Federal Assembly in Moscow, on Feb 21, 2023. PHOTO: REUTERS We all understand, I understand how unbearably hard it is now for the wives, sons, daughters of fallen soldiers, their parents, who raised worthy defenders of the Fatherland, he said.

The Ukraine conflict is by far the biggest bet by a Kremlin chief since at least the 1991 fall of the Soviet Union and a gamble Western leaders such as US President Joe Biden say Mr Putin must lose.

Russian forces have suffered three major battlefield reversals since the war began, but still control around one-fifth of Ukraine.

Tens of thousands of men have been killed, and Mr Putin has said Russia is locked in an existential battle with an arrogant West, which he says wants to carve up Russia and steal its vast natural resources.

The West and Ukraine reject that narrative, and say Nato expansion eastwards is no justification for what they say is an imperial-style land grab doomed to failure.

White House National Security Advisor Jake Sullivan described Mr Putins accusations that Russia had been threatened by the West as justification for invading Ukraine as absurdity.

Nobody is attacking Russia. Theres a kind of absurdity in the notion that Russia was under some form of military threat from Ukraine or anyone else, he told reporters. People gather for Mr Vladimir Putins address to the Federal Assembly at the Gostiny Dvor conference centre in Moscow, on Feb 21. PHOTO: EPA-EFE More On This Topic US slams 'absurdity' of Putin's anti-West speech Putin set for major Ukraine war speech after Biden walks streets of Kyiv Speaking hours ahead of Mr Biden delivering his own speech in Warsaw to mark the anniversary of the war, Mr Sullivan said the Kremlin leader was the aggressor.

This was a war of choice. Putin chose to fight it. He could have chosen not to. And he can choose even now to end it, to go home, he added.

Russia stops fighting the war in Ukraine and goes home, the war ends. Ukraine stops fighting and the United States and the coalition stops helping them fight then Ukraine disappears from the map.

Mr Putin, who frequently decries Western gender and sexual freedoms as an existential danger, said on Tuesday that paedophilia had become the norm in the West.

Look at what they do to their own people: the destruction of families, of cultural and national identities and the perversion that is child abuse all the way up to paedophilia are advertised as the norm… and priests are forced to bless same-sex marriages, he said. Mr Vladimir Putin is seen on screens of a shopping mall as he delivers his annual address to the Federal Assembly in Moscow, on Feb 21. PHOTO: REUTERS Ukrainian presidential aide Mykhailo Podolyak said that Mr Putins speech showed he has lost touch with reality.

He is in a completely different reality, where there is no opportunity to conduct a dialogue about justice and international law, said the adviser to Ukraine leader Volodymyr Zelensky. Tilt to Asia?

Mr Putin, who was handed the presidency in 1999 by Boris Yeltsin, said the West had failed to destroy the Russian economy with the severest sanctions in modern history.

They want to make the people suffer… but their calculation did not materialise. The Russian economy and the management turned out to be much stronger than they thought, he added.

Russias US$2.1 trillion (S$2.8 trillion) economy is forecast by the International Monetary Fund to grow 0.3 per cent this year, far below China and Indias growth rates but a much better result than was forecast when the war began.

Russia was turning to major Asian powers, e said, and will expand ties and build economic cooperation with countries such as India, Iran and Pakistan. REUTERS More On This Topic Beijing hopes peace between Russia and Ukraine can be Made in China Zelensky: Its obvious Ukraine wont be Putins last stop

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Porsche’s EV sales took a hit last year, but the electric Macan sparks hope

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Porsche's EV sales took a hit last year, but the electric Macan sparks hope

Although sales of Porsche’s first EV, the Taycan, fell nearly 50% in 2024, things could be looking up for the sports car maker. After its “launch literally electrified us,” the electric Porsche Macan may spark a comeback this year.

Why did Porsche’s EV sales drop in 2024?

Porsche delivered over 310,700 vehicles globally last year, or about 9,500 less than in 2023. Sales in China led the downfall, plunging 28% from the prior year amid a wave of low-cost domestic EVs entering the market.

In total, Porsche delivered 20,836 Taycan EVs to customers last year, down 49% from 2023. The lower total comes after launching the upgraded 2025 Taycan last year. Porsche also said, “The ramp-up of electric mobility is generally proceeding more slowly than planned” as part of the reason.

In its largest sales market, North America, Porsche delivered over 86,500 vehicles in 2024. Although that’s up a mere 1% from 2023, Porsche’s EV sales also took a hit.

Porsche sold 4,747 Taycan models in the US last year, 37% fewer than in 2023. The 2025 model began arriving at US dealerships last Summer, which helped push sales up nearly 75% in the fourth quarter to 2,358.

Porsche's-EV-sales-2024
2025 Porsche Taycan (Source: Porsche)

Meanwhile, Porsche’s second EV, the electric Macan, could have an even bigger impact. After delivering the first models at the end of September, Porsche delivered 18,278 electric Macans by the end of 2024.’

“This launch literally electrified us. I am therefore particularly pleased that more than 18,000 examples of the all-electric variant have already been delivered,” Porsche AG board member for sales and marketing, Detlev von Platen, said.

Porsche's-EV-sales-2024
Porsche Macan Electric (Source: Porsche)

Porsche sold 2,771 electric Macan SUVs in the US last year. On a call with reporters (via Automotive News), the company’s North American CEO, Timo Resch, said, “A lot of the consumers that come into the Macan Electric are [new to the] brand.”

Electrek’s Take

I’m not here to say the electric Macan will be Porsche’s savior, but the strong sales start is promising. Porsche has already backtracked on plans for 80% of deliveries to be electric by 2030.

According to recent reports, the electric Cayenne, due out in 2026, could be delayed depending on market demand. The upcoming 718 Cayman and Boxster EVs could also face delays as Porsche plans to keep gas and hybrid models alive longer than expected.

Looking ahead, Porsche also plans to introduce an ultra-luxury electric SUV to sit above the Cayenne, codenamed “K1” internally. It’s expected to compete with Range Rover and Ferrari’s first electric SUVs.

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US government says funds from 2016 hack should return to Bitfinex

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US government says funds from 2016 hack should return to Bitfinex

Due to a prior reimbursement plan from Bitfinex, many victims of the 2016 hack do not legally qualify as victims eligible for reimbursement.

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Elon Musk complains Tesla is not getting subsidies for electric truck chargers while calling for end of EV subsidies

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Elon Musk complains Tesla is not getting subsidies for electric truck chargers while calling for end of EV subsidies

Elon Musk complains that Tesla is not getting subsidies for its electric truck chargers while calling for the end of electric vehicle subsidies in the US.

Earlier this week, the Biden administration released the last round of funding for electric vehicle charging stations before the President leaves office.

Tesla has been trying to secure part of that funding for its TESSERACT project, which was first announced in 2023 to create a corridor of 9 charging stations for electric trucks between California and Texas.

However, it wasn’t included in any round of funding, including the latest one announced this week, which should be the latest now that Trump is getting into office and campaigned on ending electric vehicle subsidies.

Tesla CEO Elon Musk contributed more than $240 million to get Trump elected and supported his goal of removing subsidies for electric vehicles.

That’s why it’s surprising to see Musk comment on the news in disappointment. He wrote on X: “Hear we go again (sigh)”.

While this specific project wasn’t funded, 49 other projects shared over $600 million in funding that will deploy more than 11,500 EV charging ports across 27 states, four federally recognized tribes, and the District of Columbia.

Also, while Tesla didn’t get any funding in this round, Tesla has received millions in funding for its charging stations in the previous round.

Electrek’s Take

I think that’s fair. If you are actively lobbying for the end of EV subsidies in the US, a market that is far behind the rest of the world in EV adoption, why should the administration that is investing in correcting that give you the subsidies you are trying to end?

It makes no sense. That’s why I also support California in signaling that if the Federal government removes its EV subsidies, it will replace them at the state level, but Tesla will be left out.

It’s especially fair considering Elon has made it clear that the reason he wants to kill EV subsidies, which Tesla was the biggest beneficiary of, is that he believes it will put more pressure on the competition than Tesla and potentially kill them while only Tesla will remain.

He basically wants to pull the ladder that Tesla used to get where it is now to prevent others from using it.

“Subsidies for me, not for thee” – Elon’s new motto.

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