Russian President Vladimir Putin on Wednesday said the upcoming years would become a turning point for Russia and the whole world.

"The forthcoming years are decisive and will become a turning point not only for Russia, but also for the world, as competition for natural and human resources has been increasing," Putin said in a state-of-the-nation address to the legislature.

This is Putin's first address of its kind after he returned to the Kremlin following a four-year interval, during which he served as prime minister.