What is the St Petersburg forum, Putin’s economic outreach to the world? | Business and Economy News
St. Petersburg Forum Welcomes 20,000 International Guests Amid Ongoing Conflict
ST. PETERSBURG, Russia — The St. Petersburg International Economic Forum (SPIEF), often referred to as the “Russian Davos,” is set to attract approximately 20,000 attendees from more than 130 countries over its three-day duration, beginning Wednesday.
The event unfolds against the backdrop of the war in Ukraine and Russia’s ongoing estrangement from many Western nations. Hours before delegates arrived in the city, Ukrainian drone strikes reportedly targeted energy facilities in and around St. Petersburg. The attacks occurred approximately 16 kilometers (10 miles) from the forum venue and briefly disrupted operations at the local airport, though the conference will proceed as scheduled.
Since the onset of the Ukraine conflict in 2022, Western governments and multinational corporations have distanced themselves from Russia. As a result, SPIEF has evolved beyond an economic conference to a platform for the Kremlin to strengthen ties with countries in the Global South, despite Russia’s diplomatic isolation.
The Evolution of SPIEF
Established in June 1997 to attract foreign investment, SPIEF has grown into one of Russia’s most significant international gatherings. The forum focuses on a wide range of issues, including investment discussions and political debates, seeking to showcase Russia’s vision of the global order. This year’s agenda includes sessions on energy markets, artificial intelligence, information warfare, and media influence.
One notable panel will feature Maria Zakharova, spokesperson for the Russian Foreign Ministry, titled “Your Words are Like Bullets: How Information Has Transformed into the Most Powerful Weapon of the Modern Era.”
Noteworthy Attendees
This year marks a significant development with the attendance of an official U.S. delegation—the first from the U.S. at a major Russian investment forum since the Ukraine conflict began. Rodney Mims Cook Jr., chairman of the U.S. Commission of Fine Arts, is set to represent President Donald Trump at a session on “Russia-USA: A Cultural Dialogue.” The American Chamber of Commerce in Russia and the Roscongress Foundation will also host a business forum aimed at exploring potential cooperation between American and Russian companies.
Other dignitaries scheduled to attend include Uzbekistan President Shavkat Mirziyoyev, Tanzania President Samia Suluhu Hassan, and Chinese Vice President Han Zheng, who is expected to meet separately with President Vladimir Putin on June 6. Saudi Arabia is this year’s guest country, represented by Energy Minister Prince Abdulaziz bin Salman Al Saud.
In addition to world leaders, the forum has attracted a diverse group of attendees, including former German Chancellor Gerhard Schroder and controversial media figures like actor Steven Seagal and conservative commentator Candace Owens. Others include Andrew and Tristan Tate, who are facing allegations of trafficking and organized crime.
Despite deteriorating relations between Germany and Russia, approximately 1,800 German companies continue to operate in the country, and discussions on German investment are also anticipated.
The Importance of SPIEF
The SPIEF is a key event on Russia’s political calendar, with President Putin typically delivering the keynote address. The forum serves as a platform for him to outline Russia’s economic priorities and foreign policy stances. This year’s event is particularly significant as it follows a period of heightened Western sanctions and shifts in trade patterns, compelling Russia to seek new partners in Asia, Africa, and South America.
By hosting the forum and inviting international officials and business leaders, Moscow aims to convey its ongoing integration into the global economy, asserting its resilience amid geopolitical challenges.
