Vladimir Putin Vows Russian Victory In War As Ukraine’s Allies Waver

(Bloomberg) -- President Vladimir Putin said Russia remains determined to achieve its military aims in Ukraine, as divisions over US and European aid threaten to undermine Kyiv’s ability to repel the invasion.

“There’ll be peace when we achieve our goals,” Putin said Thursday at his televised marathon news conference. “They don’t change,” he said, repeating claims that the unprovoked attack was carried out to secure the “denazification, demilitarization of Ukraine and its neutral status.”

Putin is holding the news conference for the first time since he ordered the February 2022 invasion of Ukraine. Despite catastrophic Russian troop losses that US intelligence this week estimated to be 315,000 dead and wounded, Putin continues to enjoy widespread public support for the war that was meant to deliver victory within days and is now in its 22nd month. 

After ordering an unpopular mobilization of 300,000 reservists last year, Putin ruled out a repeat of the call-up for now. Answering a question from a Russian journalist, the president said 486,000 people had signed contracts to join the army so far, exceeding a target set by the government, and together with volunteers the number would rise to half a million by year-end. “Why do we need a mobilization? There is no need,” he said.

The longest-serving Kremlin leader since Josef Stalin announced last week that he’ll run for a fifth term as president in March elections to extend his rule to 2030. With opponents in jail or exile amid the harshest Kremlin crackdown in decades, Putin is certain to win the tightly controlled vote. Officials aim to portray the election as an endorsement of the war he’s cast as a confrontation with the US and its North Atlantic Treaty Organization allies to prevent Ukraine joining NATO. 

Russia’s economy is adjusting to unprecedented international sanctions, with borrowing costs at their highest since shortly after the invasion began as the central bank strives to tame inflation that’s nearly double the 4% target. The government restored some currency controls to bolster the ruble after it twice slumped to 100 per dollar in recent months, dragged down by plummeting export proceeds and heavy government spending.

With an effective stalemate on the battlefield, the Kremlin is confident Russia can consolidate its control over occupied regions of eastern and southern Ukraine and wait for international support for Kyiv to splinter. 

Russia attacked Ukraine with drones and S-300 missiles for the third time in a week just hours before Putin began the event. Sirens sounded across Ukraine as he began the news conference.

Ukrainian President Volodymyr Zelenskiy failed during a visit to Washington this week to persuade US lawmakers to free up $61 billion in military assistance that the White House wants to provide for the war effort. Republicans are demanding President Joe Biden first agree to measures to toughen security at the US border with Mexico.

European Union leaders beginning a two-day summit in Brussels Thursday are set to discuss the approval of €50 billion in aid to Ukraine that’s being held up by objections from Hungarian Prime Minister Viktor Orban.

Putin has traditionally held separate events for his annual news conference with journalists and Direct Line call-in with ordinary Russians, but has combined them this time. Both were canceled last year after Russian forces suffered a series of retreats as Ukraine’s military reclaimed the northern Kharkiv region and the southern city of Kherson.

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