Axios

President Trump and Russian President Vladimir Putin spoke over the phone Thursday. Trump thanked Putin for praising the U.S. economy and the two of them discussed the North Korean nuclear threat, per the White House.

The backdrop: The call came hours after Putin said allegations of collusion between the Trump campaign and the Kremlin were "invented" by Trump's enemies at an annual press conference, AP reports. Putin said, “This is all made up by people who oppose Trump to make his work look illegitimate ... Look at the markets, how they went up; that speaks about investors' trust in what he does," echoing Trump.

Russian President Vladimir Putin said accusations of President Trump's collusion with the Russians have "inflicted damage to the domestic political situation" and shows a "lack of respect for voters" who went for Trump in 2016, the AP reports. Putin is speaking at his annual news conference in Moscow.

Why it matters: The U.S. intelligence community determined just months after the election that Russia meddled in the U.S. presidential election last year. Trump has conflicting beliefs — he has said he is with the intelligence community on the matter, but he has also said he believes Putin when Putin says Russia has not meddled.

The Kremlin has no worries that Vladimir Putin will be re-elected with a commanding majority on March 18. Securing a commanding turnout could still be a headache, however.

Legitimacy matters to Russia's leadership, which has a "70/70 plan": 70% turnout, 70% of the vote for Putin. But recent polling suggests closer to 60% plan to vote, with some experts predicting a drop as far as 53%. So what's sapping enthusiasm?

• Putin's announcement last week of his intention to seek a fourth term removed the only real intrigue from the race. With no viable opposition candidates running, there's little incentive to participate in an effectively pre-determined vote.
• Economic growth has stalled: The fastest Russia's GDP has grown since 2013 is 2%, and most people have seen their real disposable income shrink in that time. At the end of the day, pocketbook issues outweigh geopolitics.

To boost turnout, the election was moved to the anniversary of the annexation of Crimea, though Putin's surge in support after that move has become old news. And in a somewhat different voter incentive, select polling places will be turned into carnivals. Will either tactic work? We'll find out soon enough.

The bottom line: Putin will be re-elected. But the Kremlin faces the delicate balancing act of holding elections real enough to win popular legitimacy, but not so real as to risk an embarrassment.