Russian President Vladimir Putin has decisively rejected an offer for a face-to-face meeting with Ukrainian President Volodymyr Zelenskyy, reiterating that Russia will achieve its war objectives in Ukraine, including the complete seizure of the eastern Donbas region. Speaking at the St Petersburg economic forum, Putin characterized Zelenskyy's open letter, which contained the offer, as "rude" and pointedly avoided using Zelenskyy's name, referring to him only as "its author." When questioned about the possibility of a meeting to discuss an end to the conflict, Putin stated, "So far I see no point."

Zelenskyy's letter, published recently, had proposed a meeting in a neutral third country such as Switzerland or Turkey. It suggested that diplomatic efforts should commence from the current frontline and that Ukraine was prepared for a full ceasefire during negotiations. The letter also highlighted Russia's recent military setbacks and the increasing fuel shortages in Crimea, attributed to Ukrainian attacks on vital supply routes.

Hours before the forum's opening, Ukrainian drones targeted St Petersburg's oil terminal, resulting in visible plumes of black smoke. Putin dismissed these embarrassing strikes on his home city and affirmed that his territorial demands remained unchanged. He claimed Russia controlled all of the Luhansk region—a claim Kyiv disputes—and over 85% of the Donetsk region, while also reiterating his demand for Ukraine to relinquish control of the Kherson and Zaporizhzhia regions.

Calling for "long-term peace," Putin questioned the intent behind Zelenskyy's letter, suggesting it was more likely a maneuver to prevent a personal meeting rather than facilitate one. He urged Russian troops to "Keep working, brothers." In response, Zelenskyy stated that Putin's rejection demonstrated the Kremlin's unwillingness to end the conflict, describing it as a "weak response" that would disappoint many globally.

Putin conceded the need to bolster Russia's air defenses but downplayed Ukraine's increasingly effective campaign against strategic targets. Ukrainian drones reportedly hit five Russian cargo ships in the occupied southern ports of Mariupol and Berdiansk and in the Sea of Azov, overnight. Robert "Madyar" Brovdi, head of Ukraine's unmanned systems forces, indicated these vessels were transporting military fuel and stolen Ukrainian grain, with Russia reporting five Azerbaijani sailors killed in the attacks.

Zelenskyy's latest peace proposal garnered approval from key international allies, including Donald Trump and French President Emmanuel Macron. Zelenskyy is slated to meet Macron, UK Prime Minister Keir Starmer, and German Chancellor Friedrich Merz in London to invigorate efforts to resolve the conflict. Observers suggested the letter was crafted with Ukraine's allies in mind, aimed at provoking Putin and including a historical reminder that "When Russia grows tired, change comes."

A US delegation, led by Rodney Mims Cook Jr., chair of the country's fine arts commission, attended the St Petersburg forum, with Cook conveying President Trump's regards to Putin. Addressing the plenary session, Putin dismissed assertions that the Russian economy was crumbling under the high costs of the war. Despite significant strain on the country's finances, including rising prices, tax increases, and the highest borrowing costs in two decades, and a 0.2% economic contraction in the first quarter of 2026, Putin maintained Russia was pursuing a sovereign economy, quoting Mark Twain: "Reports of my death are greatly exaggerated."

In recent months, Ukraine has intensified its attacks on Russia’s energy infrastructure, targeting oil depots, refineries, and export facilities, thereby threatening Moscow's primary income stream. Putin also criticized Western nations for freezing Russian assets abroad, arguing it eroded trust in their own currencies. He asserted that sanctions and the blocking of Russia's sovereign reserves had "irreversibly impacted the standing of international currencies, the dollar and the euro," warning that any other country could similarly lose access to legitimate assets in Western currencies and financial systems.