Russian President Vladimir Putin has said there is reason to believe that Russian troops will finish off the Ukrainian Armed Forces, Russian news agencies reported early on Friday.

"I just recently said that we will 'press' them, but there is reason to believe that we will finish them off," he said during a meeting with the crew of the missile submarine Arkhangelsk in the northern port of Murmansk.

"Throughout the entire line of military contact, our troops are holding the strategic initiative," Putin said. Russia, he said, was "persistently and confidently" moving towards achieving its goals.

Russia, Putin said, was in favor of "peaceful solutions to any conflict, including this one, through peaceful means, but not at our expense."

He added the root causes of the conflict "must be eliminated."

Putin also suggested Ukraine could be placed under a form of temporary administration to allow for new elections and the signature of key accords with the aim of reaching a settlement in the conflict.