Vladimir Putin delivered a Victory Day address at Red Square in Moscow, claiming Russia's invasion of Ukraine 'nipped' NATO aggression 'in the bud' and was the only right decision.

Putin stated that Russia's invasion 'nipped' NATO's aggression 'in the bud'

Putin claimed Russia proposed security guarantees in December 2021 but NATO countries did not want to hear them

Putin claimed open preparations were underway for a punitive operation in Donbas and invasion of Crimea

Putin claimed Kyiv announced possible acquisition of nuclear weapons

Putin described the invasion as a forced, timely and the only right decision

Putin accused the United States of humiliating the world after the USSR collapse

Putin accused the West of inciting Russophobia and praising traitors

Putin stated that Donbas militias are fighting together with Russian army fighters

Putin claimed American veterans were forbidden to attend the parade

Russia's GDP is expected to shrink by 12% as a result of Western sanctions imposed due to Russia's aggression against Ukraine

This represents the worst expected economic downturn for Russia since 1994

Key reasons for the economic contraction include a potential oil embargo, decline in Russian gas consumption by EU countries, and mass exodus of foreign companies from the Russian market

The negative economic trend is likely to expand gradually and continue into 2023