Russia will not win its war in Ukraine and the terms of any peace must not be dictated by Russian President Vladimir Putin, Germany Chancellor Olaf Scholz said on Thursday.

"Putin will only seriously negotiate over peace if he realizes that he cannot break Ukraine's defenses," Scholz said in a speech at the World Economic Forum in Davos.

"There will be no dictated peace," Scholz said. "Ukraine will not accept this and neither will we."

(Reporting by Balazs Koranyi and Sabine Siebold)