President Vladimir Putin updated Russia's elite on Tuesday on the war in Ukraine, nearly one year to the day since ordering an invasion that has triggered the biggest confrontation with the West since the depths of the Cold War.

Here are highlights from his speech, which was delivered to members of both houses of parliament, state officials, military commanders and soldiers. It lasted about one hour and 45 minutes.

DIFFICULT TIME

"I am making this address at a time which we all know is a difficult, watershed moment for our country, a time of cardinal, irreversible changes around the world, the most important historic events that shape the future of our country and our people, when each of us bears a colossal responsibility."

HOSTAGE OF WEST

"I have already said many times that the people of Ukraine have become the hostage of the Kyiv regime and its Western overlords, who have effectively occupied this country in the political, military and economic sense... Today's Ukrainian regime essentially serves not the national interests but those of third countries."

EXISTENTIAL THREAT TO RUSSIA

"The elites of the West do not hide their purpose... That is, they intend to transform a local conflict into a phase of global confrontation. This is exactly how we understand it all and we will react accordingly, because in this case we are talking about the existence of our country. But they also cannot fail to realize that it is impossible to defeat Russia on the battlefield. Therefore, they are conducting more and more aggressive information attacks against us."

CULTURE WARS

"They distort historical facts, constantly attack our culture, the Russian Orthodox Church, and other traditional religions of our country. Look at what they do with their own peoples: the destruction of the family, cultural and national identity, perversion, and the abuse of children are declared the norm. And priests are forced to bless same-sex marriages... As it became known, the Anglican Church plans to consider the idea of a gender-neutral God... Millions of people in the West understand they are being led to a real spiritual catastrophe.

IMPACT OF SANCTIONS

"They want to make the (Russian) people suffer (with sanctions)... but their calculations did not materialize...

"Those imposing sanctions are punishing themselves. They have caused price hikes, job losses, an energy crisis. And we hear them telling their own people that the Russians are to blame...

"The Russian economy and management system turned out to be much stronger than the West believed... We ensured the stability of the economic situation, protected citizens, saved jobs, prevented market shortages, including essential goods, supported the financial system..."

ADVICE TO RUSSIAN BUSINESSES

"Trying to run around with your hand outstretched, groveling, begging for money, is pointless... Launch new projects, make money, invest in Russia. This is how you will multiply your capital and earn people's recognition and gratitude for generations to come...

"Recent events have convincingly shown that the image of the West as a safe haven, a refuge for capital, is a phantom, a fake."

ELECTIONS

"I want to emphasize that elections of local and regional authorities this year, and the presidential elections in 2024 will be held in strict accordance with the law, taking into account all democratic and constitutional procedures."

ARMS CONTROL

"They (the West) want to inflict a strategic defeat on us and sneak into our nuclear facilities. In light of this, I am compelled to announce today that Russia is suspending its participation in the Strategic Offensive Arms Treaty. Russia is not withdrawing from the treaty but is suspending its participation...

"The United States is developing new types of nuclear weapons... In this situation, the Russian Ministry of Defence and Rosatom must ensure readiness for testing Russian nuclear weapons. Of course, we will not be the first to do this. But if the United States holds tests, then we will too. No one should be under dangerous illusions that global strategic parity can be destroyed."

Compiled by Felix Light and Olzhas AuyezovEditing by Gareth Jones