In one of Vladimir Putin's most substantial addresses since Russia's invasion of Ukraine in February, the Russian President used his nation's pre-eminent investment conference as an opportunity to lash out against his Western enemies.
After a lengthy denunciation of countries that he claims want to weaken the Russian state with "reckless and insane" sanctions, President Putin used the stage at the St Petersburg International Economic Forum to lambaste the United States.
"[The United States] declared victory in the Cold War and later came to think of themselves as God's own messengers on planet Earth," he said.
In his 73-minute speech, he also said Russia was taking its place in a New World Order in which rules would be set by "strong and sovereign states".
After sending troops into Ukraine in February, Russia came under a wide array of international sanctions, with hundreds of foreign companies also suspending operations or pulling out of the country entirely.
But Mr Putin said these attempts to damage the Russian economy "didn't work".
"Russian enterprises and government authorities worked in a composed and professional manner," he said.
"We're normalising the economic situation. We stabilised the financial markets, the banking system, the trade system."
While Russia's projected inflation rate has fallen marginally, Mr Putin conceded that the current projected annual rate of 16.7 per cent is still too high.
Mr Putin also vehemently defended his country's actions in Ukraine, as Russia has contended that its neighbour posed a threat due its desire to join the NATO military alliance.
"In the current situation, against a backdrop of soaring risks and threats, Russia's decision to conduct a special military operation was a forced one," the Russian leader said, using his administration's preferred term for its ongoing invasion of Ukraine.
"It was very hard to make it, but it was forced and necessary. It was a decision by a sovereign country that has an unconditional right, based on the UN Charter, to defend its security."
Despite a protracted military operation and mounting with casualties after more than 16 weeks of fighting, Mr Putin predicted Russia would ultimately be successful in Ukraine.
"All of the special military operation's objectives will definitely be attained," he said.
"This is predetermined by the courage and heroism of our warriors, the consolidation of Russian society, whose support gives strength and confidence to Russia's army and navy, the profound understanding of the rightness and historic justice of our cause."
'Quasi-state territories'
Regarding the territories that Russian forces have already managed to capture, including the so-called Donetsk and Luhansk People's Republics in the Donbas region of eastern Ukraine, Mr Putin said Russia "will accept any of the choices" made by those entities.
There has been consistent speculation that the separatist territories will hold votes on joining Russia, similar to when Russia annexed Crimea in 2014.
Separatist leaders of the two areas have already expressed the desire for such a referendum.
Russia recognised the two areas as independent states days before sending troops to Ukraine, a move none of its allies have so far repeated.
Kazakhstan President Kassym-Jomart Tokayev, who sat on the stage alongside Mr Putin at the St Petersburg forum on Friday, said the Central Asian nation is unlikely to do so and called the self-proclaimed republics "quasi-state territories".
The fighting in Ukraine has raised fears of a global food crisis because it has interrupted exports, particularly of grain.
Mr Putin said Russia could "significantly increase its export of food and fertiliser" but expressed concern that Ukraine might use income from exports to pay for weapons it has received from other countries.
ABC/AP
