Vladivostok: Russian President Vladimir Putin has expressed readiness for negotiations with Ukraine, following a period of rejecting the idea due to Kyiv's offensive in Russia's Kursk region. Speaking at the Eastern Economic Forum, Putin emphasized that any talks would be based on an earlier deal, negotiated and initialed in Istanbul in 2022, but never made public.

"Are we ready to negotiate? We have never refused," Putin said, noting that the 2022 agreement had satisfied both parties before being abandoned due to external pressures from the U.S. and Europe.

Meanwhile, Putin also addressed Ukraine’s decision to end a key gas transit agreement, set to expire at the end of 2023. He warned that halting the deal, which allows Russian gas to flow through Ukraine to Europe, would impact Europe more than Russia. "Ukraine is refusing our transit, which means the volumes of gas to Europe will be reduced," he said, adding that Russia would manage the situation by increasing domestic supply.

Since Russia’s invasion of Ukraine in 2022, European gas imports from Russia have dropped by over 90%. The loss of Ukrainian transit routes could cost Russia's Gazprom $5.5 billion annually, experts estimate. However, Putin downplayed the financial loss, as Moscow continues to pivot toward Asian markets.

Ukraine's decision to end the gas deal comes as part of broader tensions, with Kyiv aiming to limit Russia’s revenue streams amid the ongoing conflict. While Ukraine earns about $800 million in transit fees annually from the agreement, this income is dwarfed by the strategic implications of the gas flow to Europe.