St. Petersburg: Russian President Vladimir Putin has rejected Ukrainian President Volodymyr Zelenskyy’s proposal for a face-to-face meeting, stating that he sees “no point” in holding such talks, deepening diplomatic tensions amid the ongoing war in Ukraine.

The remarks came on Friday during Putin’s address at the St. Petersburg International Economic Forum in his hometown.

"Military actions will end some day, we assume. Without a doubt, they will end once we have achieved the goals we have set for ourselves," Putin said.

Describing Zelenskyy’s open letter proposing the meeting as “boorish,” Putin questioned the intent behind the offer.

“Is it a way to create conditions for personal meetings and talks, or create an environment which makes any personal meetings impossible?” he said. “I think it’s the second.”

He added, “He said that he sees ‘no point’ in the meeting.”

Putin accuses West of weakening global economy

During the same forum, Putin shifted focus to global economic issues, arguing that developing countries are becoming increasingly influential while Western economies are losing ground.

He accused Western nations of undermining global financial stability through sanctions imposed on Russia.

By freezing Russian assets abroad through sanctions, Western nations eroded trust in their own currencies, he said.

“The sanctions and blocking of Russia’s sovereign reserves have irreversibly impacted the standing of international currencies, the dollar and the euro,” he said. “Just like Russia, any other country could lose access to their legitimate assets in dollars or euros, as well as Western financial and payment systems.”

He further argued that rising state debt in Western countries has weakened global confidence in their institutions.

“The roots of the current global turbulence lie in the transition from a vertical, hierarchical model, which served the interests of a small number of states, to a more complex, distributed and multipolar one,” Putin said. “Russia views global changes not only as a threat but also as immense opportunities. And to capitalise on them, we aim to act swiftly and pragmatically.”

He also called for a redesigned global financial system.

“The world needed a ‘modern, flexible and responsible financial architecture — free from risks, bans and barriers.’”

Ukraine War, Drone Attacks and Peace Standoff

The Russian president also addressed the ongoing conflict in Ukraine, acknowledging recent drone attacks on Russian territory while pledging to strengthen air defences.

“To our regret, some of them break through,” Putin told the media session in reference to Ukrainian drone strikes. “Russia has an air defence system; we need to improve it, strengthen it, and we will do that.”

Hours before the forum began, a Ukrainian drone attack reportedly set fire to an oil terminal in Russia and struck a nearby naval base.

Meanwhile, diplomatic tensions continued to rise after Zelenskyy publicly proposed direct negotiations with Putin. The Ukrainian leader acknowledged shifting U.S. attention, saying it would be wrong to wait for Washington to refocus on the conflict while it remains engaged in other global crises.

In Washington, U.S. President Donald Trump said it “would be great” if the two leaders met.

Kremlin spokesperson Dmitry Peskov said Putin had not yet seen Zelenskyy’s letter and reiterated that the Russian leader could meet Zelenskyy in Moscow if he wished — an offer Ukraine has rejected. Putin had earlier suggested a third country as a possible venue but only if a final agreement was ready.

He also dismissed calls for an immediate ceasefire.

“Naturally, the Ukrainian side would like us to suspend the advances made by Russian troops," he said. "But it would be better to end the war by agreeing to the compromises that were discussed in Anchorage.”