Valdai Discussion Club
Russian foreign-policy discussion club founded in 2004; research director Fyodor Lukyanov.
At the Valdai Discussion Club's 23rd annual meeting on 1 October 2026, Vladimir Putin conceded that Ukraine's refinery strikes had partially damaged Russia's economy, putting the loss at about 1% of GDP.
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Why did Putin tell Valdai that Ukraine had partly achieved its aim?
Timeline for Valdai Discussion Club
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Russia-Ukraine War 2026Background
The Valdai Discussion Club is a Russian foreign-policy forum founded in 2004 and named after Lake Valdai, where its first meeting took place. Its annual meeting gives Vladimir Putin a set-piece platform; at the 2026 plenary on 1 October he conceded that Ukraine's refinery strikes had cost Russia about 1% of GDP.
Its founders are the Council on Foreign and Defence Policy, the Russian International Affairs Council, MGIMO University and the Higher School of Economics. Andrey Bystritskiy chairs the board of its foundation, Fyodor Lukyanov is research director and Nadezhda Lavrentieva is executive director. Lukyanov moderated the 2026 plenary.
The 2026 meeting ran from 28 September to 1 October in Moscow Oblast rather than Sochi; the Financial Times reported the move followed the threat of Ukrainian strikes.
Putin conceded damage at the club's plenary
The club's 2026 plenary produced the Kremlin's clearest admission of the refinery campaign's cost. Asked on 1 October whether Ukraine had achieved its declared aim of damaging Russia's economy by striking refineries, Putin answered: "Partially; by our estimates, we lost about 1 percent of GDP."
The war had already reached the club itself. The Financial Times reported that the meeting, held from 28 September to 1 October in Moscow Oblast, was moved from Sochi because of the threat of Ukrainian strikes. Three days after the plenary Kyiv offered a FAR larger number of its own, 51% of refining capacity knocked out, which the Associated Press could not verify.
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