For more than twenty years, this carefully staged event has been used to present an image of a strong and self-confident leader.
Last year, the marathon press conference was cancelled, after Russian forces suffered major setbacks in Ukraine.
Now, the Kremlin is hoping to again project an image of power.
(Russian President Vladimir Putin)
"There will be peace when we achieve our goals, the ones you just mentioned. Now, let's return to these goals. They have not changed. I'll remind you of what we talked about: the denazification of Ukraine, its demilitarization, its neutral status."
Vladimir Putin used these same words to justify his invasion of Ukraine.
Nearly two years on, he's telling Russians that these goals have not been achieved — so the war has to continue.
But he says there will be no mass mobilzation — for now.
(Russian President Vladimir Putin)
"The flow of our men — who are ready to defend the interests of their homeland with arms in hand — is not decreasing. 1,500 people daily throughout the country. Altogether there will be about 500,000 people by the end of this year. So, why do we need a new mobilization? There is no need for this right now."
The economic cost of Putin's war is also on people's minds in Russia.
But even western experts admit that despite rising prices and the falling value of the ruble, sanctions have failed to stop the Kremlin from financing the war.
(Russian President Vladimir Putin)
"Russia can not only feel confident, but also move forward. This margin of safety is provided by several components: The first, and most important, is the high consolidation of Russian society. The second is the stability of the country's economic system. As it turns out, this was a surprise for our so-called partners, and, to be honest, for many of us."
For more than four hours, the Russian president reassured the Russian public he had the situation under control.
Regardless of whether his statements match reality, his message was clear: The Kremlin has enough resources to continue Europe's bloodiest war in decades.