St. Petersburg Economic Forum Begins with Participation from Over 130 Countries Despite Sanctions Pressure

International Desk: PNN

The St. Petersburg International Economic Forum (SPIEF), often referred to as the “Russian Davos,” has officially begun in Russia’s economic capital. The three-day event has attracted nearly 20,000 participants from more than 130 countries, according to organizers.

The forum opened on Wednesday amid ongoing geopolitical tensions following the war in Ukraine and prolonged diplomatic friction between Russia and Western nations. Just hours before the opening, drone attacks were reported near the city, according to claims from both Russian and Ukrainian sources, temporarily disrupting airport operations. Despite this, the forum continues as scheduled.

SPIEF is widely regarded as a major platform for global economic and geopolitical influence. Established in 1997, it was initially designed to attract foreign investment and reintegrate post-Soviet Russia into the global economy. Over time, it has evolved into a platform showcasing Russia’s foreign policy and international strategic ambitions.

Analysts say that since the start of Russia’s military operation in Ukraine in 2022, Western sanctions have significantly reduced Moscow’s access to European and North American markets. As a result, Russia is now using the forum to strengthen ties with countries in the Global South.

A US delegation is also participating this year, marking the first known American presence at a major Russian economic forum since the war began. Senior representatives from countries including China, Saudi Arabia, Tanzania, and Uzbekistan are also attending.

Saudi Arabia is the guest country at this year’s forum. The agenda includes discussions on energy, artificial intelligence, information warfare, and global economic restructuring.

Russian authorities say SPIEF is not only a business and investment platform but also a venue for presenting Russia’s global position and building alternative economic alliances outside Western influence.

President Vladimir Putin is expected to deliver the main plenary address, as in previous years, which traditionally attracts significant global media attention.

Observers believe the forum reflects Russia’s attempt to maintain an active global economic presence and promote alternative partnerships despite ongoing sanctions and geopolitical divisions.