Putin has said repeatedly that he is prepared to negotiate an end to the war, which first began in 2014, but that Ukraine would have to accept the reality of Russian territorial gains, which are currently about 20% of its land. He also refuses to accept Ukraine joining Nato, the military alliance of Western countries.

President Donald Trump is threatening to impose stiff taxes, tariffs and sanctions on Russia if an agreement isn’t reached to end the war in Ukraine.

Russia's $2.2 trillion economy had until recently shown remarkable endurance during the war, and Putin has praised top economic officials and business for circumventing the most stringent Western sanctions ever imposed on a major economy.