Only Significant Financial Losses Force Russia to Consider a Scenario of Abandoning the War – Address by the President

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Fellow Ukrainians!

Today, response and recovery efforts continued throughout the day in Odesa following last night's "shahed" attack. Most of the drones were shot down, but unfortunately not all. There was once again damage to energy infrastructure and residential buildings. Tragically, three people were killed, including a little child. My condolences to their families. Eighteen people were injured. All have been provided with the necessary assistance. We have repeatedly offered Russia a ceasefire at least for Easter - this special time of year. But for them, all times are alike and nothing is sacred. If Russia can afford this war, if it can finance it, it will not choose peace willingly. That is why it is so important not to ease the pressure on the aggressor - and everyone in the world who understands this understands how to bring peace closer.

Here in Ukraine, we are doing our part of this work - consistently - and our long-range sanctions continue to be very effective and are actually reducing Russian revenues, primarily oil revenues. This is entirely fair, and most importantly, it limits Russia's ability to drag out this war. Only significant financial losses force Russia to consider a scenario of abandoning this war. Currently, of course, the oil market and global markets overall are in a fragile state due to the unresolved situation around Iran. Oil-producing countries, including Russia, may now earn more. Our drones and missiles are limiting Russia's ability to do so - I thank our warriors for their precision.

Today, in particular, we discussed deep strikes with the Commander-in-Chief and the Chief of the General Staff. I also thank those partners who continue to apply pressure through their own methods - appropriate sanctions, the stopping of tankers, and restrictions on the supply of advanced equipment to Russia.

Everything Russia earns from elevated oil prices will be spent on this war. This priority has not changed for them yet. That is why every restriction on Russia's ability to export oil is the right step. If Russia is ready to stop strikes on our energy infrastructure, we will be ready to respond in kind. This proposal has been conveyed to the Russian side through the Americans. We are also working very concretely right now on documents with the American side. As agreed, Ukraine is preparing its proposals - strengthening the document on security guarantees. Security guarantees are precisely the key to a real end to the war, to a lasting peace - in general, to the kind of political and legal situation that makes it possible to end the war and ensures that people have trust in the process. It is important that our partners hear us on this - and that we continue to move forward productively in the negotiations. There is currently a great deal of skepticism about diplomacy - and not only here - regarding Russia's war against Ukraine. But the outcome - and whether there will be an outcome at all - depends on all participants in the diplomatic process. We are in contact with the American side at various levels virtually every day to ensure there is a result.

One more point. Our team is now finalizing the agreements reached during these recent visits. The head of Naftogaz is working with the Turkish side to implement everything we discussed the day before yesterday in Istanbul. Cooperation with Türkiye is one of the guarantees of our energy security and logistical security. There is a solid foundation to take new joint steps. This meeting with President Erdoğan was one of the most positive in all these years. Thank you. The diplomatic part of our team is also working to strengthen our engagement with Syria. We have already restored full-fledged relations, and now we need to reestablish a permanent diplomatic presence and interaction. Rustem Umerov is continuing his work in the region to advance our joint security steps with the relevant countries and to expand both defense and economic relations. We already have arrangements with Saudi Arabia, the United Arab Emirates, Qatar, and Jordan. There is also interest from Oman and Bahrain. For the first time in its history, Ukraine is not only present in the Middle East and the Gulf region, but is also a welcome and strong partner there. Ukraine was one of the first to take a principled stand in support of the region when attacks by the Iranian regime began - and we did so in a real, tangible way. We also supported Syria after the downfall of the Assad regime. The interests of the Iranian people should now be taken into account as well - to ensure that everything is done in a dignified way. We seek a dignified peace for ourselves, and this is exactly what we are advancing diplomatically. Our goal is absolutely clear: stability and peace are needed in Europe, stability and peace are needed in the Middle East and the Gulf, as well as in other globally important regions, so that the world does not face such challenges caused by destabilized markets, destroyed energy sector, disrupted navigation, nuclear threat, or food insecurity. All nations deserve security - and we will have new security agreements as well. These will certainly strengthen Ukraine. Today, many different countries want to cooperate with Ukraine as a security partner, and we are open to cooperation with all those who support our sovereignty, our independence, and respect our people. Thank you for making Ukraine what it is today - and for the respect Ukraine commands.

Glory to Ukraine!