Russian President Vladimir Putin warned of 'tragic' consequences if the West sent troops to Ukraine during an address. AFP
Russian President Vladimir Putin warned of 'tragic' consequences if the West sent troops to Ukraine during an address. AFP
Russian President Vladimir Putin warned of 'tragic' consequences if the West sent troops to Ukraine during an address. AFP
Russian President Vladimir Putin warned of 'tragic' consequences if the West sent troops to Ukraine during an address. AFP

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Europe

Putin warns of nuclear conflict if West sends troops to support Ukraine

Russian President says consequences would be 'tragic' during state-of-the-nation address

Neil Murphy
Neil Murphy

February 29, 2024

  • English
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President Vladimir Putin warned of a global nuclear conflict if Nato allies sent troops to support Ukraine as he claimed the West was trying to 'destroy' Russia.

Mr Putin spoke during a State of the Nation address on Thursday, two weeks ahead of a presidential election in which he is expected to win another six-year term.

French President Emmanuel Macron this week said that he had 'not ruled out' putting boots on the ground in Ukraine – a suggestion that was quickly rejected by the US, Germany, Britain and others.

Mr Putin said the consequences of such a military intervention would be “tragic” and that his nuclear forces were in a “state of full readiness for guaranteed use”.

“We also have weapons that can hit targets on their territory. All this really threatens a conflict with the use of nuclear weapons and the destruction of civilisation. Don't they get that?”

The speech comes as leaked documents published in the Financial Times revealed Russia's threshold for tactical nuclear strikes was lower than had been publicly admitted previously.

Criteria for a nuclear strike consist of an incursion that threatened the Russian state, or the destruction of 20 per cent of Russia's strategic ballistic submarines, according to the report.

Mr Putin made the address two weeks before the country's Presidential election. AFP
Mr Putin made the address two weeks before the country's Presidential election. AFP

The leaked cache consists of 29 secret Russian military files drawn up between 2008 and 2014 that are still in use by the Kremlin's military hierarchy. They also provide training scenarios for an invasion by China.

Tensions were further increased this week after German Chancellor Olaf Scholz revealed that the British Army was helping Kyiv ground forces to use one of its missile systems on the ground in Ukraine.

Mr Scholz said that by sending Taurus cruise missiles to Ukraine it would make Germany a 'participant in the war'.

Politicians in Britain branded the comments 'dangerous' and 'irresponsible' and gave Mr Putin a pretext to escalate his nuclear rhetoric.

Mr Putin added that Russian forces now had the initiative on the battlefield in Ukraine and were advancing in several places.

Russia must also increase the troops it has deployed along its western borders with the EU after Finland and Sweden decided to join the Nato military alliance, he added.

The veteran leader dismissed western suggestions that Russian forces might go beyond Ukraine and attack European countries as “nonsense”.

He also said Moscow would not repeat the mistake of the Soviet Union and allow the West to “drag” it into an arms race that would eat up too much of its budget.

“Therefore, our task is to develop the defence-industrial complex in such a way as to increase the scientific, technological and industrial potential of the country,” he said.

Mr Putin said Moscow was open to discussions on nuclear strategic stability with the US but suggested that Washington had no genuine interest in such talks.

Two years of the Russia-Ukraine war – in pictures

A soldier of the Ukrainian National Guard holds his position in the Serebryan Forest, in temperatures of -15°C in January 2024, in Kreminna, Donetsk Oblast. Getty Images
A soldier of the Ukrainian National Guard holds his position in the Serebryan Forest, in temperatures of -15°C in January 2024, in Kreminna, Donetsk Oblast. Getty Images
Classmates play with rifles made from Lego blocks after school, in Vysokopillya, December 2023. Getty Images
Classmates play with rifles made from Lego blocks after school, in Vysokopillya, December 2023. Getty Images
Leonid, a 38-year-old Ukrainian soldier suffering from severe mental trauma, cranial trauma and shrapnel wounds, does his physical training session at a psychiatric hospital in Kyiv, in October 2023. Getty Images
Leonid, a 38-year-old Ukrainian soldier suffering from severe mental trauma, cranial trauma and shrapnel wounds, does his physical training session at a psychiatric hospital in Kyiv, in October 2023. Getty Images
Gravediggers make new graves for the victims of a recent Russian missile strike, at Hroza cemetery, in October 2023. Getty Images
Gravediggers make new graves for the victims of a recent Russian missile strike, at Hroza cemetery, in October 2023. Getty Images
Oleksander, suffering from a hand injury, relaxes during a speleotherapy session, an alternative medicine respiratory therapy, at a rehabilitation center for soldiers in Kyiv, in October 2023. Getty Images
Oleksander, suffering from a hand injury, relaxes during a speleotherapy session, an alternative medicine respiratory therapy, at a rehabilitation center for soldiers in Kyiv, in October 2023. Getty Images
Volodymyr assists his wife Anastasia, as she has contractions before the birth of their first baby, at a maternity hospital in Zaporizhzhia, in September 2023. Ukraine’s birth rate since the start of the war the country's birth rate has plummeted by 28 per cent. Getty Images
Volodymyr assists his wife Anastasia, as she has contractions before the birth of their first baby, at a maternity hospital in Zaporizhzhia, in September 2023. Ukraine’s birth rate since the start of the war the country's birth rate has plummeted by 28 per cent. Getty Images
Friends and relatives mourn the death of fighter pilot Andrii Pilshchykov, 30, who was killed along with two other pilots in a mid-air plane crash in Kyiv, in August 2023. Getty Images
Friends and relatives mourn the death of fighter pilot Andrii Pilshchykov, 30, who was killed along with two other pilots in a mid-air plane crash in Kyiv, in August 2023. Getty Images
Ukrainian recruits salute the flag as they attend a commemorative service marking Ukraine's Independence Day, in August 2023, in a training camp in the south of England. Getty Images
Ukrainian recruits salute the flag as they attend a commemorative service marking Ukraine's Independence Day, in August 2023, in a training camp in the south of England. Getty Images
Damage from a missile that hit the Chernihiv Regional Academic Ukrainian Music and Drama Theatre, killilng seven people, in August 2023. Getty Images
Damage from a missile that hit the Chernihiv Regional Academic Ukrainian Music and Drama Theatre, killilng seven people, in August 2023. Getty Images
Ukrainian President Volodomyr Zelenskyy and Nato Secretary General Jens Stoltenberg speak to the media at the Nato Summit in July 2023, in Vilnius, Lithuania. Getty Images
Ukrainian President Volodomyr Zelenskyy and Nato Secretary General Jens Stoltenberg speak to the media at the Nato Summit in July 2023, in Vilnius, Lithuania. Getty Images
People wait for a transfer on a pontoon in a flooded area as the result of the Kakhovka dam destruction in June 2023 in Afanasiivka village, Mykolaiv region. Getty Images
People wait for a transfer on a pontoon in a flooded area as the result of the Kakhovka dam destruction in June 2023 in Afanasiivka village, Mykolaiv region. Getty Images
State workers and Ukrainian military personnel inspect the crater left behind by a missile strike in Dnipro, in May 2023. Getty Images
State workers and Ukrainian military personnel inspect the crater left behind by a missile strike in Dnipro, in May 2023. Getty Images
A grad missile is launched on the Donetsk fron tline in April 2023. Getty Images
A grad missile is launched on the Donetsk fron tline in April 2023. Getty Images
A Ukrainian sniper with the 28th Brigade moves to a fighting position in a front-line trench facing Russian troops in March 2023 outside of Bakhmut. Getty Images
A Ukrainian sniper with the 28th Brigade moves to a fighting position in a front-line trench facing Russian troops in March 2023 outside of Bakhmut. Getty Images
A damaged bust of Vladimir Lenin lies in the street in March 2023 in in the strategic town of Lyman. Getty Images
A damaged bust of Vladimir Lenin lies in the street in March 2023 in in the strategic town of Lyman. Getty Images
A member of Ukraine's 79th Air Assault Brigade fires a rocket-propelled grenade at Russian positions near Marinka in February 2023. Reuters
A member of Ukraine's 79th Air Assault Brigade fires a rocket-propelled grenade at Russian positions near Marinka in February 2023. Reuters
Ukrainian President Volodymyr Zelenskyy addresses MPs in Westminster Hall, London, in February 2023. Getty Images
Ukrainian President Volodymyr Zelenskyy addresses MPs in Westminster Hall, London, in February 2023. Getty Images
Destroyed buildings 32km west of the front lines in Donetsk in January 2023. Getty Images
Destroyed buildings 32km west of the front lines in Donetsk in January 2023. Getty Images
An anti-aircraft gun in January 2023 fires at Russian positions near Bakhmut, Donetsk. Reuters
An anti-aircraft gun in January 2023 fires at Russian positions near Bakhmut, Donetsk. Reuters
Destruction in the village of Bohorodychne, Donetsk, in January 2023. AFP
Destruction in the village of Bohorodychne, Donetsk, in January 2023. AFP
A Ukrainian artilleryman discards an empty shell on the outskirts of Bakhmut, eastern Ukraine, in December 2022. AFP
A Ukrainian artilleryman discards an empty shell on the outskirts of Bakhmut, eastern Ukraine, in December 2022. AFP
Children receive presents from a Ukrainian soldier dressed as Santa on Christmas Eve 2022 in Sloviansk. Getty Images
Children receive presents from a Ukrainian soldier dressed as Santa on Christmas Eve 2022 in Sloviansk. Getty Images
More than 1,000 missiles and rockets fired by Russian forces collected for cataloguing in Kharkiv in December 2022. Getty Images
More than 1,000 missiles and rockets fired by Russian forces collected for cataloguing in Kharkiv in December 2022. Getty Images
The Metro provides shelter as Russia launches another missile attack on Kyiv, Ukraine's capital, in December 2022. Getty Images
The Metro provides shelter as Russia launches another missile attack on Kyiv, Ukraine's capital, in December 2022. Getty Images
Children at a PE class in Kyiv after Russia abandoned its attempt to seize the capital in November 2022. Getty Images
Children at a PE class in Kyiv after Russia abandoned its attempt to seize the capital in November 2022. Getty Images
A sniper searches for Russian positions on the bank of the Dnipro river in Kherson in November 2022. Getty Images
A sniper searches for Russian positions on the bank of the Dnipro river in Kherson in November 2022. Getty Images
Graffiti by Banksy on a wall among the debris in Borodyanka in November 2022. Getty Images
Graffiti by Banksy on a wall among the debris in Borodyanka in November 2022. Getty Images
Ukrainian flags flutter around graves in a cemetery for soldiers killed in action in Kharkiv in October 2022. Getty Images
Ukrainian flags flutter around graves in a cemetery for soldiers killed in action in Kharkiv in October 2022. Getty Images
Parts of a drone, which Ukrainian authorities said was Iranian-made, after a Russian strike in Kyiv in October 2022. Reuters
Parts of a drone, which Ukrainian authorities said was Iranian-made, after a Russian strike in Kyiv in October 2022. Reuters
An elderly woman is helped across a damaged bridge in Bakhmut in October 2022. Getty Images
An elderly woman is helped across a damaged bridge in Bakhmut in October 2022. Getty Images
Fuel tanks ablaze on damaged sections of the Kerch bridge in Crimea, in October 2022. Reuters
Fuel tanks ablaze on damaged sections of the Kerch bridge in Crimea, in October 2022. Reuters
A destroyed bridge makes crossing the Donets river difficult, in Staryi Saltiv, east of Kharkiv, in September 2022. AFP
A destroyed bridge makes crossing the Donets river difficult, in Staryi Saltiv, east of Kharkiv, in September 2022. AFP
Firefighters at a thermal power plant in Kharkiv damaged by a Russian missile strike in September 2022. Reuters
Firefighters at a thermal power plant in Kharkiv damaged by a Russian missile strike in September 2022. Reuters
Ukrainian soldier Oleksandr with his daughter Nikole at Lviv railway station in August 2022. Getty Images
Ukrainian soldier Oleksandr with his daughter Nikole at Lviv railway station in August 2022. Getty Images
Ukrainian President Volodymyr Zelenskyy and then-British prime minister Boris Johnson read a plaque in Kyiv in August 2022 dedicated to the latter for his support. Getty Images
Ukrainian President Volodymyr Zelenskyy and then-British prime minister Boris Johnson read a plaque in Kyiv in August 2022 dedicated to the latter for his support. Getty Images
Destroyed Russian military equipment on Khreshchatyk street in Kyiv. The materiel was turned into an open-air military museum ahead of Ukraine's Independence Day on August 24. AFP
Destroyed Russian military equipment on Khreshchatyk street in Kyiv. The materiel was turned into an open-air military museum ahead of Ukraine's Independence Day on August 24. AFP
Shakhtar Donetsk v Metalist Kharkiv kicks off the Ukrainian Premier League season in August 2022 amid fears of bomb and missile alerts. EPA
Shakhtar Donetsk v Metalist Kharkiv kicks off the Ukrainian Premier League season in August 2022 amid fears of bomb and missile alerts. EPA
Ukrainian servicemen fire an American-made 155mm M777 howitzer in July 2022 in the Kharkiv area. EPA
Ukrainian servicemen fire an American-made 155mm M777 howitzer in July 2022 in the Kharkiv area. EPA
A bomb crater on the Antonovsky bridge across the Dnipro river in Kherson, July 2022. AFP
A bomb crater on the Antonovsky bridge across the Dnipro river in Kherson, July 2022. AFP
Maksym and Andrii with plastic guns at a 'checkpoint' they set up while playing in Kharkiv, July 2022. AP
Maksym and Andrii with plastic guns at a 'checkpoint' they set up while playing in Kharkiv, July 2022. AP
Ukrainian troops on Snake Island in June 2022. Reuters
Ukrainian troops on Snake Island in June 2022. Reuters
A woman evacuated from an area of conflict in June 2022 contemplates what the next move might be. AP
A woman evacuated from an area of conflict in June 2022 contemplates what the next move might be. AP
Romanian President Klaus Iohannis, Italian Prime Minister Mario Draghi, Ukrainian President Volodymyr Zelenskyy, French President Emmanuel Macron and German Chancellor Olaf Scholz in Kyiv in June 2022. Getty Images
Romanian President Klaus Iohannis, Italian Prime Minister Mario Draghi, Ukrainian President Volodymyr Zelenskyy, French President Emmanuel Macron and German Chancellor Olaf Scholz in Kyiv in June 2022. Getty Images
Graves in Irpin cemetery, May 2022. Getty Images
Graves in Irpin cemetery, May 2022. Getty Images
A Ukrainian soldier trapped within the besieged Azovstal Iron and Steel Works complex in Mariupol in May 2022. Reuters
A Ukrainian soldier trapped within the besieged Azovstal Iron and Steel Works complex in Mariupol in May 2022. Reuters
The wreckage of a Russian helicopter in a bomb-cratered field in Biskvitne, May 2022. Getty Images
The wreckage of a Russian helicopter in a bomb-cratered field in Biskvitne, May 2022. Getty Images
A Ukrainian army officer inspects a grain warehouse shelled by Russian forces in May 2022 near Novovorontsovka, Kherson. Getty Images
A Ukrainian army officer inspects a grain warehouse shelled by Russian forces in May 2022 near Novovorontsovka, Kherson. Getty Images
A boy from Mariupol arriving at an evacuation point in Zaporizhzhia in May 2022. Getty Images
A boy from Mariupol arriving at an evacuation point in Zaporizhzhia in May 2022. Getty Images
A Russian serviceman on guard outside Zaporizhzhia nuclear power station in May 2022. AFP
A Russian serviceman on guard outside Zaporizhzhia nuclear power station in May 2022. AFP
Oksana searches for salvageable items on the destroyed second floor of her home in Hostomel, April 2022. Getty Images
Oksana searches for salvageable items on the destroyed second floor of her home in Hostomel, April 2022. Getty Images
A floral memorial wall in Lviv for Ukrainian civilians killed during the Russian invasion, April 2022. Getty Images
A floral memorial wall in Lviv for Ukrainian civilians killed during the Russian invasion, April 2022. Getty Images
People fleeing Lviv, eastern Ukraine, in April 2022, wait for a bus that will take them to Poland. Getty Images
People fleeing Lviv, eastern Ukraine, in April 2022, wait for a bus that will take them to Poland. Getty Images
A Russian soldier patrols a bombed Mariupol theatre in April 2022, as Moscow intensified its campaign to take the strategic port city. AFP
A Russian soldier patrols a bombed Mariupol theatre in April 2022, as Moscow intensified its campaign to take the strategic port city. AFP
A Ukrainian celebrates success in Hostomel in April 2022. Getty Images
A Ukrainian celebrates success in Hostomel in April 2022. Getty Images
Julia Palovskaya reads to children during an air raid drill in the basement shelter at a preschool in Lviv, April 2022. Getty Images
Julia Palovskaya reads to children during an air raid drill in the basement shelter at a preschool in Lviv, April 2022. Getty Images
Volodymyr Zelenskyy in Bucha in April 2022, where hundreds of bodies were found in the street and it was claimed the Russian leadership was responsible for killing civilians. AFP
Volodymyr Zelenskyy in Bucha in April 2022, where hundreds of bodies were found in the street and it was claimed the Russian leadership was responsible for killing civilians. AFP
Oleh Smolin, 23, who suffered leg injuries from Russian shelling in April 2022, in hospital in Chuhuiv. Getty Images
Oleh Smolin, 23, who suffered leg injuries from Russian shelling in April 2022, in hospital in Chuhuiv. Getty Images
Fleeing refugees arrive at the border train station of Zahony, Hungary, in March 2022. Getty Images
Fleeing refugees arrive at the border train station of Zahony, Hungary, in March 2022. Getty Images
A father says goodbye to his daughter on an evacuation train about to leave Odesa in March 2022. AFP
A father says goodbye to his daughter on an evacuation train about to leave Odesa in March 2022. AFP
February 24 will be a year since Russia started the Ukraine war. The National picks out the most powerful images from the conflict. AFP
February 24 will be a year since Russia started the Ukraine war. The National picks out the most powerful images from the conflict. AFP
Ukrainians under a destroyed bridge as they try to cross the Irpin river on the outskirts of Kyiv in March 2022. AP
Ukrainians under a destroyed bridge as they try to cross the Irpin river on the outskirts of Kyiv in March 2022. AP
People cram into Kyiv station to catch trains to Poland or to western parts of Ukraine, shortly after the initial invasion in February 2022. Getty Images
People cram into Kyiv station to catch trains to Poland or to western parts of Ukraine, shortly after the initial invasion in February 2022. Getty Images
A demonstration in support of Ukraine in Trafalgar Square, London, February 2022 . Getty Images
A demonstration in support of Ukraine in Trafalgar Square, London, February 2022 . Getty Images
Russian army vehicles in Armyansk, Crimea, in February 2022. AFP
Russian army vehicles in Armyansk, Crimea, in February 2022. AFP
Volodymyr Zelenskyy in Kyiv on February 25, 2022, in a video on Facebook. He said 'we are all here', shortly after the Russian invasion began. AFP
Volodymyr Zelenskyy in Kyiv on February 25, 2022, in a video on Facebook. He said 'we are all here', shortly after the Russian invasion began. AFP
A residential building damaged by a missile strike in Kyiv in February 2022. Getty Images
A residential building damaged by a missile strike in Kyiv in February 2022. Getty Images
A metro station in Kyiv in February 2022, crowded with people trying to escape the invasion. AFP
A metro station in Kyiv in February 2022, crowded with people trying to escape the invasion. AFP
A police officer addresses people gathered to protest against the invasion of Ukraine, in central Saint Petersburg, Russia, February 2022. AFP
A police officer addresses people gathered to protest against the invasion of Ukraine, in central Saint Petersburg, Russia, February 2022. AFP
A protester in support of Ukraine, in Berlin, Germany, in February 2022. Getty Images
A protester in support of Ukraine, in Berlin, Germany, in February 2022. Getty Images
Ukrainian soldiers prepare to repel an attack in Ukraine's Lugansk region on February 24, 2022. AFP
Ukrainian soldiers prepare to repel an attack in Ukraine's Lugansk region on February 24, 2022. AFP
Volodymyr Zelenskyy in Kyiv on February 24, 2022, after Russia launched a full-scale invasion. AFP
Volodymyr Zelenskyy in Kyiv on February 24, 2022, after Russia launched a full-scale invasion. AFP
A mass exodus from Kyiv after pre-offensive missile strikes by Russian armed forces on February 24, 2022. Getty Images
A mass exodus from Kyiv after pre-offensive missile strikes by Russian armed forces on February 24, 2022. Getty Images
Security personnel inspect the remains of a shell in Kyiv on February 24, 2022, soon after Russian President Vladimir Putin announced a military operation in Ukraine. AFP
Security personnel inspect the remains of a shell in Kyiv on February 24, 2022, soon after Russian President Vladimir Putin announced a military operation in Ukraine. AFP
CCTV footage shows Russian military equipment crossing a Crimea border checkpoint on February 24, 2022. AFP
CCTV footage shows Russian military equipment crossing a Crimea border checkpoint on February 24, 2022. AFP
Russian President Vladimir Putin in the Kremlin early on February 24, 2022, when he announced a 'military operation' in Ukraine. AFP
Russian President Vladimir Putin in the Kremlin early on February 24, 2022, when he announced a 'military operation' in Ukraine. AFP

“Recently there have been more and more unsubstantiated accusations against Russia, for example that we are allegedly going to deploy nuclear weapons in space. Such innuendo … is a ploy to draw us into negotiations on their terms, which are favourable only to the United States,” he said.

“On the eve of the US presidential election, they simply want to show their citizens and everyone else that they still rule the world.”

Mr Putin is expected to win by a landslide when the Russian presidential election takes place between March 15 and 16. He faces opposition from three other candidates nominated by Kremlin-friendly parties represented in parliament.

Russia’s best-known opposition leader Alexei Navalny, whose attempt to run against Mr Putin in 2018 was rejected, died suddenly in an Arctic prison colony earlier this month while serving a 19-year sentence on extremism charges. Mr Navalny’s funeral is scheduled for Friday.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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War on waste
Updated: February 29, 2024, 2:08 PM