Putin talks about the Kremlin, ravaged by sanctions, hosts a “Russian Davos” devoid of any elite

Putin talks about the Kremlin, ravaged by sanctions, hosts a “Russian Davos” devoid of any elite

Web Desk
June 15, 2022

At its annual economic summit in St. Petersburg, Russia has for years welcomed world leaders and corporate giants.
However, this year’s “Russian Davos” will see fewer of the world’s financial elite due to Moscow’s isolation
Russia is providing prominence to minor players or nations like China, the second-largest economy in the world, this week to make up for the absence of significant Western visitors.

At its annual economic summit in St. Petersburg, Russia has for years welcomed world leaders and corporate giants. However, this year’s “Russian Davos” will see fewer of the world’s financial elite due to Moscow’s isolation as a result of sanctions over its activities in Ukraine.

Russia is providing prominence to minor players or nations like China, the second-largest economy in the world, this week to make up for the absence of significant Western visitors.

Speaking to reporters on Tuesday, Kremlin spokesman Dmitry Peskov said, “Foreign investors are not exclusively from the United States and European Union.

According to Kremlin aide Yuri Ushakov, President Vladimir Putin will deliver a significant address on Friday that will concentrate on the state of the global economy and Russia’s immediate tasks. Around 8 o’clock, he will also meet with the journalists outside the forum. He stated that day’s time was 1600 Moscow time.

The St. Petersburg International Economic Forum (SPIEF) was established by the Kremlin in 1997 to draw in foreign capital, discuss economic strategy, and convey the message that the country was open for business following the fall of the Soviet Union.

Russia has frequently drawn comparisons between SPIEF and the World Economic Forum, an annual high-profile gathering of world VIPs held in the Swiss Alpine town of Davos.

Putin won’t have the customary meetings with political decision-makers and business titans from the United States and Europe because Western leaders are now avoiding doing business with Russia.

The announced schedule for the June 15–18 SPIEF did not list the names of American or European corporations or their CEOs, expressing concerns about being subjected to the most extensive sanctions regime ever imposed on a major state. Even businesses that have continued to operate in Russia despite the widespread outflow of Western investors were not listed.

High-level delegations from more than 40 countries, as well as 1,244 Russian and 265 foreign firms, have confirmed their attendance, according to Ushakov.

The head of the American Chamber of Commerce in Russia, along with equivalents from France and Italy, will appear at a session on Thursday headlined “Western Investors in Russia: New Reality” as an exception to the absence of Western figures.

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