At the St. Petersburg forum, Russia's top business and political figures debated whether Moscow should halt its Ukraine invasion or absorb further costs. President Vladimir Putin reiterated that the conflict is “moving toward its conclusion,” prompting speculation that the war could end if elites choose restraint over escalation.

Delegates split between technocrats urging a diplomatic exit and hawks demanding continued fighting. A senior economist warned that ending the war would trigger a depression, while persisting would force a return to Soviet‑style planning as the state grapples with a widening budget deficit and soaring interest rates. Finance Minister Anton Siluanov claimed balanced growth is now attainable, but the deficit’s impact on state stability remained unaddressed.

Putin dismissed President Zelensky’s cease‑fire letter as a non‑starter, insisting Russia’s troops are advancing despite frontline stagnation. The rhetoric underscored a deepening rift within the Kremlin and signaled that, for now, the war’s economic toll outweighs any internal pressure to negotiate.