AMNA NAWAZ: Tonight, Ukraine's President Volodymyr Zelenskyy is accusing Russia of choosing war over peace after Russian President Vladimir Putin rejected his request for an in-person meeting.

Putin spoke at the annual economic forum in St.

Petersburg, a city on edge after several Ukrainian airstrikes earlier this week.

Nick Schifrin reports.

NICK SCHIFRIN: Today, at Russia's premier economic forum, to an audience of Russia's richest businessmen and diplomats from the Global South, President Vladimir Putin said a meeting with Ukraine was off the table.

VLADIMIR PUTIN, Russian President (through translator): I said there is no point in meeting.

The only purpose for the Ukrainian side would be to stop the advance of our armed forces.

That's all.

NICK SCHIFRIN: Yesterday, Ukrainian President Volodymyr Zelenskyy wrote Putin an open letter -- quote -- "We see that the United States is fully focused on the issue of Iran.

Ukraine proposes ending this war through direct engagement between us and you."

But he also taunted Putin, writing: "You are fully dependent on China and you too will have to fight much harder for your own existence, not Russia's, but your own."

Today, Putin called the letter boorish.

VLADIMIR PUTIN (through translator): That letter was truly insolent in tone.

What is the point of that?

Is it a way to create the conditions for in-person meetings and negotiations?

Or is it a way to create an atmosphere where holding any such meetings becomes effectively impossible?

I believe it is the latter.

NICK SCHIFRIN: But the atmosphere in St.

Petersburg before the forum was created by Ukrainian drones.

On Wednesday, Ukrainian drones flew more than 600 miles to reach Putin's hometown and target an oil depot.

The blast became the backdrop to some of Russia's most iconic buildings and to the commutes of St.

Petersburg residents.

If it wasn't obvious already, the war in Ukraine has come home to Russia.

Ukrainian drones also targeted a nearby navy base and collapsed part of a warship with guided missiles.

Today, Putin acknowledged Ukraine's attacks, but insisted Russia is still open for business.

VLADIMIR PUTIN (through translator): When the investors make an investment decision, they evaluate the risks in total.

We must strengthen our security, strengthen anti-missile defense and air defense, and we will do so.

ANGELA STENT, American Enterprise Institute: He wants to showcase Russia as a country that you want to invest in.

And yet, if you see all these other things going on, you have to wonder what it means to invest in a country which is being hit by Ukrainian drones.

NICK SCHIFRIN: Angela Stent is a senior fellow at the American Enterprise Institute and a former national intelligence officer for Russia and Eurasia.

She calls Zelenskyy's letter an attempt once again to expose that Putin has no interest in a meeting.

ANGELA STENT: Putin's line on this has always been, I'm not going to meet Zelenskyy until we have signed all the agreements, and the subtext is, until Donald Trump has persuaded Zelenskyy to give up all this territory.

So, we really haven't gotten any further in towards a negotiation.

NICK SCHIFRIN: A point reiterated tonight by Zelenskyy.

VOLODYMYR ZELENSKYY, Ukrainian President (through translator): Unfortunately, the Russian side has once again chosen war.

He doesn't want to change anything.

He doesn't want to admit that his war pleases only him and only those who profit from it.

NICK SCHIFRIN: Ukraine has seized this war's momentum, with long-range strikes that have interrupted as much as a quarter of Russian oil refining.

And for the first time since 2023, Ukraine is seizing more territory on the front than it's losing.

But Putin today indicated he wanted Russian soldiers in Ukraine to -- quote -- "work," an indication he will continue to wage war.

ANGELA STENT: This is Putin signaling that he believes that Russia can still prevail.

And the Ukrainians are -- certainly, they have momentum, both with all the drone strikes and the fact that they have been taking back territory from the Russians.

So they are doing better, but they haven't won yet either, and this could be -- still go on for a very long time.

NICK SCHIFRIN: A long war already, with no end in sight and no Russian willingness to negotiate.

For the "PBS News Hour," I'm Nick Schifrin.