The official ceremony is expected to start at 12 p.m. Moscow time (9:00 GMT).
According to Kremlin spokesman Dmitry Peskov, Putin in his address will touch upon a wide range of issues, topics, fields of the economy and areas of future development.
As Putin is currently seeking his re-election, his vision of the results of work performed over the year and prospects for future work are likely to coincide with the key points of his election program, however, the address must not be perceived as a campaign document, according to Putin's election team headquarters.
READ MORE: Kremlin Confirms Putin's Address to Federal Assembly to Take Place on March 1
The incumbent Russian president is also expected to provide an assessment of the priority projects' implementation and to give his recommendations for the future in this regard, according to Russian Prime Minister Dmitry Medvedev.
Senators, lawmakers, members of the Russian government as well as the heads of the country's Constitutional and Supreme courts are traditionally present at the ceremony.
Putin was initially expected to address the Federal Assembly in late 2017, however, the date of his speech was subsequently rescheduled for 2018. The previous speech was delivered by Putin on December 1, 2016.