‘Russian Economy Crumbling, We Will Support This Even More’ – Zelensky Says

In his Friday evening address, President Volodymyr Zelensky said he wants to capitalize on Russia’s impending recession, which Moscow’s economic minister predicted but which Russian leader Vladimir Putin denied.

While Putin was hosting the Saint Petersburg Economic Forum on Friday, a moderator stated that credible reports suggest the Kremlin’s war against Ukraine is “killing” the Russian economy.

“Russian President Vladimir Putin on Friday dismissed claims the war in Ukraine is devastating the Russian economy, citing continued growth, low debt, and economic diversification as signs of resilience, while business leaders voiced concern about the economy’s health,” according to a report by Reuters.

The Russian dictator was even more hawkish than he had been otherwise while Trump was trying to convince him to commit to a ceasefire.

On Friday in his hometown, Putin said, “I have said many times that I consider the Russian and Ukrainian people to be one nation. In this sense, all of Ukraine is ours.”

“There is an old rule,” he said. “Where a Russian soldier sets foot, that is ours.”

Zelensky answered Putin in his nightly address:

“Today, the Russians once again openly and absolutely cynically declared that they are ‘not in the mood’ for a ceasefire,” Zelensky said. “Russia wants to wage war. Even brandishing some threats. This means the pressure the world is applying isn’t hurting them enough yet, or they are trying very hard to keep up appearances.”

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Putin Rejects Europe as Ukraine Peace Mediator, Doubles Down on Trump Deal

Putin on Thursday rejected Europe as a mediator in Ukraine peace talks, saying countries arming Kyiv cannot be neutral. He reiterated support for a Trump-backed peace framework, demanded Ukraine surrender all of Donetsk, and threatened broader use of Russia’s Oreshnik hypersonic missiles as Zelensky called for direct talks.

Zelensky also brought up Russia’s faltering economy:

“Well, the Russian economy is already crumbling. We will support this process even more. Ayatollah Putin can look at his friends in Iran to see where such regimes end up, and how far into decay they drive their countries.”

Russian Economic Minister Maxim Reshetnikov said on Thursday that the economy was going into a recession, and monetary policy decisions would determine whether this occurs, as reported by Sky News.

Indicating possible future problems, the Bank of Russia increased its key interest rate to 21 percent in October, the highest level since Putin first took office over 25 years ago, to curb high inflation, decreasing it by only one percentage point to 20 percent earlier this month.

Economic analysts have warned for months of a slowdown in Russia’s economy, posting its slowest quarterly expansion in two years during the first quarter of 2025.

Moscow had anticipated the slowdown due to two years of rapid expansion as it increased military spending to fund its war against Ukraine.

Putin denied that his war on Ukraine was solely driving the economy. “Yes, of course, the defense industry played its part in this regard, but so did the financial and IT industries,” he said.