Russian President Vladimir Putin is scheduled to speak at a key annual economic forum in St. Petersburg, following Ukrainian drone strikes that recently disturbed the city. This event has historically been a platform for Putin to highlight Russia’s economy and reach out to foreign investors. However, the recent conflict has overshadowed this year’s forum.
The forum began Thursday in Russia’s cultural capital. A Ukrainian attack set an oil terminal on fire, causing disruptions at the city’s airport. This led authorities to cut cellphone internet service to prevent further strikes.
Russia’s economy, estimated at $3 trillion, faces stagnation. Initially boosted by military spending, it now struggles with budget deficits, prompting tax hikes and increased borrowing. In his address, Putin promised to enhance air defenses against Ukrainian attacks. He acknowledged, “Some [drones] break through. Russia has an air defense system, we need to improve it, strengthen it, and we will do that.”
On the sidelines, Putin discussed the war with Ukraine with foreign media, stating readiness for a diplomatic resolution, but also preparedness for battle if needed. He referenced past agreements made with former U.S. President Donald Trump without detailing the specific compromises involved.
Ukrainian President Volodymyr Zelenskyy offered direct negotiations through a public letter, but Kremlin spokesman Dmitry Peskov noted Putin hadn’t seen the letter. Peskov reiterated Moscow’s openness to talks if Zelenskyy travels to Russia, a notion Kyiv rejects.
With little battlefield progression, Moscow and Kyiv continue their exchange of air attacks. Drone attacks in St. Petersburg have been particularly significant, casting a cloud over the city. Despite the tensions, the forum proceeds with attendance from over 24,000 global participants. However, Western officials and business figures have largely avoided the event following Russia’s full-scale invasion of Ukraine.
A small U.S. delegation led by Rodney Mims Cook Jr., a cultural representative, is present. Alongside Cook, influencer Candace Owens and actor Steven Seagal are also attending. Saudi Arabia, a highlighted guest this year, sent a sizable delegation. Presidents and high-ranking officials from Uzbekistan, Tanzania, China, Iran, and other nations are part of the forum as well.