Russian President Vladimir Putin used his keynote speech at the annual Valdai Discussion Club in Sochi to accuse Europe of blocking peace in Ukraine, attack Nato and the United States, and issue warnings about nuclear risks and the militarisation of the continent.

The Valdai Discussion Club, founded in 2004, is an annual forum for debate on global affairs, with President Putin traditionally delivering a keynote address before taking questions, often for hours. While initially intended as a platform to bring together international experts, academics, and policymakers, since the outbreak of war in Ukraine in 2014 it has become more of a tool for Moscow to promote its worldview and exercise soft power.

In his speech, Putin accused Europe of being the main obstacle to peace in Ukraine.

"Unfortunately, it has not been possible to stop the fighting, but the responsibility for this lies not with the majority [of countries], but with a minority in Europe that is constantly escalating the conflict,” he said.

He accused European leaders of “whipping up hysteria” and using Russia as a manufactured threat to cover up internal divisions, calling them “incredibly incompetent” and “dishonest”. 

“They try to recreate the well-known enemy that they invented hundreds of years ago: Russia,” he said. “Why should [Europeans] tighten their belts countering Russia, forgetting about their own interests, sacrificing themselves and acting to their own detriment?”

Putin rejected suggestions that Moscow threatened Nato members, telling Western leaders to “cool down, sleep calmly, and take care of your own problems”. He joked about allegations of Russian drones entering European airspace, remarking that he had none “that could fly to Lisbon”.

The Russian president also responded to comments by US President Donald Trump, who had branded Russia a “paper tiger,” by striking back at the US-led Nato alliance.

"Well if we are fighting with the entire Nato bloc, we are moving, advancing, and we feel confident, and we are a 'paper tiger', then what is Nato itself?" he said.

On the battlefield, Putin claimed Russian forces were “confidently advancing along practically the entire line of contact” and alleged Ukraine was facing manpower shortages. He stated Kyiv had lost 44,700 soldiers in September, with half the losses “irretrievable.” Russia, he said, was building a “buffer zone” along the front and gaining more territory in Donetsk, Luhansk, and Kharkiv.

His most serious warning concerned nuclear safety. He accused Ukraine of endangering the Zaporizhzhia nuclear power plant and threatened retaliation against Ukrainian reactors.

"This is a dangerous game, and people on the other side should also understand that if they're going to play it so dangerously, they still have operating nuclear power plants on their side. And what's stopping us from retaliating in kind? Let them think about that,” he said.

Turning to relations with the US, Putin said ties were strained but not beyond repair. He welcomed what he called a pragmatic approach from the current administration, contrasting it with European “hypocrisy.”

“The current White House administration states its interests directly… and bluntly without unnecessary hypocrisy,” he said. “Russia also reserves the right to be guided by its national interests. One of which, incidentally, is the restoration of full-fledged relations with the US.”

Energy politics also featured in his remarks. Putin said “the international energy sector will function and function sustainably, because the global economy is growing, and demand for primary energy resources, including uranium for nuclear power plants, oil, gas, and coal, will increase.”

He insisted attempts to squeeze Russia out of the oil market were futile.

"It's impossible to imagine that a drop in Russian oil production will maintain normal conditions in the global energy sector and the global economy,” he said, noting that Russia continued uranium exports to the US worth over $1bn annually. “The Americans buy our uranium because it's profitable, and they're doing the right thing.”

During the press conference, Putin was asked by a moderator about comparisons to past Russian monarchs, particularly Tsar Alexander I, who negotiated the Congress of Vienna after the Napoleonic Wars.

"No, I do not feel like that. Alexander I was an emperor. I am a president elected by the people for a certain term," he said.