Putin is concluding his address, telling the St Petersburg audience: "Russia is entering the era that is beginning as a powerful, sovereign nation.

"We will definitely use the colossal opportunities provided by current times and will be even stronger."

He adds: "It is obvious that the rules, the essence of the new world order, will be set by strong sovereign states."Others, he says, are "doomed to remain rightless colonies".

Image source, Reuters

Next, Putin implores Russian businesses to keep working in his country.

"Invest here," he urges – explaining that there is "huge potential" in Russia.

"It's safer in your own house," he adds.

"Those who didn't want to listen to this have lost millions abroad."

The president is speaking at an economic conference in St Petersburg.

Vladimir Putin says Russia will develop as an open economy, and will never step along a path to isolation, despite the unprecedented sanctions imposed by the West following Moscow's invasion of Ukraine.

Putin says Russia will keep dealing with Western companies and that he hopes gas flows will increase via new routes.

He adds that Russia will continue to expand economic cooperation "with those who want it".

Image source, Reuters

President Putin turns to the war in Ukraine.

He says Russia's decision to start it's so-called "special military operation" was difficult - but was "forced on us".

Putin says it was aimed at protecting "our people" the people of Donbas - in eastern Ukraine, as he repeats his unfounded accusation that they were "being subjected to genocide".

He adds "the West is continuing to pump Ukraine with weapons", saying that "all the goals of the special operation will be achieved without any doubt".

Continuing with President Putin's speech in St Petersburg.

Referring to fears of a global food crisis triggered by the war in Ukraine, he claims Russia is capable of significantly increasing its exports of grain and fertilisers.

Grain exports alone could rise to some 50 million tonnes, he says.

Ukraine is one of the world's top grain producers along with Russia, but has been unable to send supplies abroad due to a blockade of its ports.

But Putin goes on to deny that Moscow is preventing Ukraine from sending its produce abroad – or that it’s to blame for rising prices on the global grain market.

Russia will send food exports to Africa and the Middle East, he adds.

Image source, Reuters

President Putin says sanctions are more harmful to those who impose them.

He says the European Union could lose more than $400 billion (£326bn) because of sanctions on Russia.

Putin adds that the EU has lost its "political sovereignty" in its response to the war in Ukraine.

He says inflation is increasing in EU countries and adds that inequality will only increase as a result of the sanctions.

Putin says the real interests of people in Europe are being side-lined.

More now from Russia's President Putin, who's speaking at an economic conference in St Petersburg.

He attacks sanctions imposed by the West following Russia's invasion of Ukraine, saying these are "mad and thoughtless".

He says Western countries have failed to break Moscow down.

"The economic blitzkrieg against Russia had no chance to succeed from the very beginning," he says.

Image source, Reuters

Russia's President Putin says the US pretends not to notice that there are other strong centres of power in the world.

He adds Western nations still think in the last century’s terms - treating other states as colonies.

Putin says they try to isolate, or cancel, the "wrong" states.

Russia's President Vladimir Putin has started his speech at the St Petersburg International Economic Forum.

As we reported earlier, his speech was put back due to a cyber-attack at the venue, according to the Kremlin.

Stay with us for all the latest updates.

Russia's President Vladimir Putin has had to put back his speech at the St Petersburg International Economic Forum due to a "denial of service" cyber-attack, the Kremlin says.

Spokesperson Dmitry Peskov said in a call with reporters that the cyber-attack had begun on Thursday and disabled the forum's guest accreditation and admission system, leading to a host of problems with access.

He said specialists were working to fix the problem, and that Putin's keynote address had been moved back to 15:00 Moscow time.

Stay with us for updates on what Russia's president has to say.

Image source, PA Media

After that flurry of news from the European Union, here's something a bit lighter.

The BBC is holding talks to potentially host the 2023 Eurovision Song Contest in the UK.

The show's organisers have concluded, after a "full assessment and feasibility study", that next year's event cannot be held in the winning country, Ukraine, due to the war.

The UK, represented by Sam Ryder, came second in this year's contest.

Follow this story here.

Jessica Parker
Reporting from Brussels

The European Commission president arrived at today’s press conference dressed in the colours of the Ukrainian flag. The message wasn't subtle - the EU wants to show solidarity with the people of Ukraine.

More importantly, the Commission has recommended candidate status for Ukraine - but there are caveats. The recommendation has to be signed off by member states, although after heavyweights France, Germany and Italy threw themselves behind the plans yesterday, that seems likely to happen.

There are also, though, conditions attached to today's announcement; such as the need for further judicial and anti-corruption reforms.

Ursula von der Leyen insisted the whole process would be done "by the book". That's potentially to signal to countries who have long been in the waiting room that they won't be unfairly leapfrogged.

But it's also a message to existing EU member states who are generally wary of "enlargement".

There are Brussels diplomats who warn privately that, while it’s important to give Ukrainians hope, there's a risk it could come to feel like false hope if the process gets stuck years down the line.

We're getting some reaction now from Ukraine, after the European Commission recommended that the country be designated a candidate for EU membership.

In a tweet, President Zelensky , externalcommends the positive decision – adding that it is the "first step on the EU membership path" that will "certainly bring our victory closer".

He says that he's grateful to Ursula von der Leyen and the European Commission for the "historic" decision.

Zelensky says he expects positive results when EU leaders meet to decide whether to formally give Ukraine candidate status next week.

Image source, Getty Images

If you're just joining us, here's what you need to know after that EU announcement:

• The European Commission has recommended Ukraine be granted candidate status for EU membership

• The same status has been given to Moldova - but not Georgia, another ex-Soviet republic
• There's one condition in return, says the European Commission - Ukraine must carry out certain reforms and respect international law
• In her address, European Commission President Ursula von der Leyen, who wore the blue and yellow colours of Ukraine, said Ukrainians were "ready to die" for the "European dream"
• She added that Ukraine had the right to determine its own future
• The EU's 27 member states have to give the green light to grant Ukraine candidate status, with leaders set to discuss it at a summit next week

Ursula von der Leyen says Ukraine has the right to decide its own path.

But she adds that although it is "up to the country", the EU's expectations are very clear.

She said these include ensuring respect for international law as well as the need for certain reforms to be carried out as a condition of candidate status.

"Every sovereign country has the right to determine its own future and to decide where to go and what to do," she says.

Image source, European Pressphoto Agency

Continuing her news conference, EU Commission President Ursula von der Leyen says Ukrainians are "ready to die" for the European perspective.

She adds: "We want them to live with us in the European dream."

"This is of course on the understanding that the country will carry out a number of further important reforms," von der Leyen adds.

"In the view of the Commission, Ukraine has clearly demonstrated the country’s aspiration and the country’s determination to live up to European values and standards."

Image source, Getty Images

The European Commission is backing Ukraine and Moldova as candidates for membership.

But Georgia, another former Soviet republic, is being asked to meet certain conditions before being granted the same status.

"[Moldova] is s on a real pro-reform, anti-corruption and European path," Ursula von der Leyen says.

"Georgia must now come together politically to design a clear path towards structural reform and the EU."

European Commission President Ursula von der Leyen has been giving a statement on EU membership applications by Ukraine, as well as Moldova and Georgia.

She says:

The European Commission recommends that Ukraine be designated a candidate for membership of the European Union - bringing its hopes of joining a step closer.

We're hearing from the commission's President Ursula von der Leyen and will bring you more shortly.

Image source, EPA

President Zelensky of Ukraine says his country has never been closer to the European Union than it is now.

In his regular overnight video address, he described Thursday - when he met the leaders of Germany, France, Italy and Romania in Kyiv - as a "truly historic day" and a "step forward".

He says Ukraine feels support from all four states for its EU bid as the visiting officials backed EU candidate status for the country.

"Overall, my impression from the meeting is positive, he said.

"Tomorrow and the day after tomorrow there will also be a lot of news for Ukraine, and I believe that it will be positive."