Vladimir Putin has said Russia should have invaded Ukraine earlier, in a national address spanning more than four hours.
Russiabegan the conflict with its neighbour in February 2022 and at his annual televised news conference, Mr Putinclaimed the war has made Russia “stronger”.
The decision to invade “should have been made earlier” he added, before stating Russia could have “prepared for it in advance and more thoroughly”.
He claimed: “Russia has become much stronger over the past two or three years because it has become a truly sovereign country.
“We are standing firm in terms of economy, we are strengthening our defence potential and our military capability now is the strongest in the world.”
The news conference also saw Mr Putin address a possible end to the war, as he said he is “ready to compromise” in possible talks with US President-elect Donald Trump.
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He said he was open to meeting Mr Trump, who has pledged to negotiate a deal to end the conflict, saying the two would “have things to discuss”.
“Politics is the art of compromise. We have always said that we are ready for both talks and compromise,” he said.
Image: Mr Putin’s news conference being broadcast on a giant screen in Moscow. Pic: AP
“Soon, those Ukrainians who want to fight will run out, in my opinion, soon there will be no one left who wants to fight,” he continued. “We are ready, but the other side needs to be ready for both negotiations and compromises…”
Any talks should be based on “the situation on the ground”, Mr Putin added, referring to conditions he previously laid out.
He has previously demanded Ukrainewithdraw its bid to join NATO and asked it to recognise Russia’s gains. Both Kyiv and the West have rejected those demands.
Mr Putin also said Moscow will only be ready to sign a deal with Ukrainian President Volodymyr Zelenskyy if he secures re-election.
Mr Zelenskyy’s five-year term technically came to an end in May but was extended due to martial law.
In response to a question about Moscow’s new hypersonic missile, he mockingly challenged the US to a “high-tech duel” to see whether Western tech could protect Ukraine from a strike using the weapon.
With a dry smile, he said: “Let them select a target, possibly in Kyiv, put their air defence assets there and we shall strike it with the Oreshnik [missile]. Let’s see what happens.”
Zelenskyy responds to Putin’s comments
Mr Putin’s comments have already sparked a strong response from Mr Zelenskyy, who is currently in Brussels for a summit on the Ukraine war.
In response to the duel suggestion, Mr Zelenskyy replied: “Do you think he is a sane person?”
Image: Mr Zelenskyy addressing a European Union leaders summit in Brussels today. Pic: Reuters
In a show of solidarity with Ukraine, a number of EU leaders at the summit repeated a variation of a common mantra – nothing about Ukraine without Ukraine, nothing about security in Europe without Europeans.
Luxembourg’s Prime Minister Luc Frieden said: “We need to stand with Ukraine, and every step […] needs to be taken with Ukraine and in the presence of the European Union.
“The future of Ukraine is decided in Europe and not elsewhere.”
Global financial markets gave a clear vote of no-confidence in President Trump’s economic policy.
The damage it will do is obvious: costs for companies will rise, hitting their earnings.
The consequences will ripple throughout the global economy, with economists now raising their expectations for a recession, not only in the US, but across the world.
The court ruled to uphold the impeachment saying the conservative leader “violated his duty as commander-in-chief by mobilising troops” when he declared martial law.
The president was also said to have taken actions “beyond the powers provided in the constitution”.
Image: Demonstrators stayed overnight near the constitutional court. Pic: AP
Supporters and opponents of the president gathered in their thousands in central Seoul as they awaited the ruling.
The 64-year-old shocked MPs, the public and international allies in early December when he declared martial law, meaning all existing laws regarding civilians were suspended in place of military law.
Image: The court was under heavy police security guard ahead of the announcement. Pic: AP
After suddenly declaring martial law, Mr Yoon sent hundreds of soldiers and police officers to the National Assembly.
He has argued that he sought to maintain order, but some senior military and police officers sent there have told hearings and investigators that Mr Yoon ordered them to drag out politicians to prevent an assembly vote on his decree.
His presidential powers were suspended when the opposition-dominated assembly voted to impeach him on 14 December, accusing him of rebellion.
The unanimous verdict to uphold parliament’s impeachment and remove Mr Yoon from office required the support of at least six of the court’s eight justices.
South Korea must hold a national election within two months to find a new leader.
Lee Jae-myung, leader of the main liberal opposition Democratic Party, is the early favourite to become the country’s next president, according to surveys.
While the UK’s FTSE 100 closed down 1.55% and the continent’s STOXX Europe 600 index was down 2.67% as of 5.30pm, it was American traders who were hit the most.
All three of the US’s major markets opened to sharp losses on Thursday morning.
Image: The S&P 500 is set for its worst day of trading since the COVID-19 pandemic. File pic: AP
By 8.30pm UK time (3.30pm EST), The Dow Jones Industrial Average was down 3.7%, the S&P 500 opened with a drop of 4.4%, and the Nasdaq composite was down 5.6%.
Compared to their values when Donald Trump was inaugurated, the three markets were down around 5.6%, 8.7% and 14.4%, respectively, according to LSEG.
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Worst one-day losses since COVID
As Wall Street trading ended at 9pm in the UK, two indexes had suffered their worst one-day losses since the COVID-19 pandemic.
The S&P 500 fell 4.85%, the Nasdaq dropped 6%, and the Dow Jones fell 4%.
It marks Nasdaq’s biggest daily percentage drop since March 2020 at the start of COVID, and the largest drop for the Dow Jones since June 2020.
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5:07
The latest numbers on tariffs
‘Trust in President Trump’
White House press secretary Karoline Leavitt told CNN earlier in the day that Mr Trump was “doubling down on his proven economic formula from his first term”.
“To anyone on Wall Street this morning, I would say trust in President Trump,” she told the broadcaster, adding: “This is indeed a national emergency… and it’s about time we have a president who actually does something about it.”
Later, the US president told reporters as he left the White House that “I think it’s going very well,” adding: “The markets are going to boom, the stock is going to boom, the country is going to boom.”
He later said on Air Force One that the UK is “happy” with its tariff – the lowest possible levy of 10% – and added he would be open to negotiations if other countries “offer something phenomenal”.
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3:27
How is the world reacting to Trump’s tariffs?
Economist warns of ‘spiral of doom’
The turbulence in the markets from Mr Trump’s tariffs “just left everybody in shock”, Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions in Boston, told Reuters.
He added that the economy could go into recession as a result, saying that “a lot of the pain, will probably most acutely be felt in the US and that certainly would weigh on broader global growth as well”.
Meanwhile, chief investment officer at St James’s Place Justin Onuekwusi said that international retaliation is likely, even as “it’s clear countries will think about how to retaliate in a politically astute way”.
He warned: “Significant retaliation could lead to a tariff ‘spiral of doom’ that could be the growth shock that drags us into recession.”
It comes as the UK government published a long list of US products that could be subject to reciprocal tariffs – including golf clubs and golf balls.
Running to more than 400 pages, the list is part of a four-week-long consultation with British businesses and suggests whiskey, jeans, livestock, and chemical components.
Meanwhile, Prime Minister Sir Keir Starmer said on Thursday that the US president had launched a “new era” for global trade and that the UK will respond with “cool and calm heads”.
It also comes as Canadian Prime Minister Mark Carney announced a 25% tariff on all American-imported vehicles that are not compliant with the US-Mexico-Canada trade deal.
He added: “The 80-year period when the United States embraced the mantle of global economic leadership, when it forged alliances rooted in trust and mutual respect and championed the free and open exchange of goods and services, is over. This is a tragedy.”