St. Petersburg International Economic Forum: Russia's diplomatic door to the world
Caolán Magee
About 20,000 guests from over 130 countries are expected to attend the three-day St. Petersburg International Economic Forum (SPIEF), 'Russia's Davos,' amid the Ukraine war and Western estrangement. This year features an official U.S. delegation for the first time since the conflict, alongside leaders from Uzbekistan, Tanzania, China, and Saudi Arabia. The forum serves as a Kremlin platform to tighten ties with the Global South and showcase Russia's economic resilience despite sanctions.
About 20,000 guests from over 130 countries are expected to attend the three-day St. Petersburg International Economic Forum (SPIEF), starting June 4. The annual event, often described as 'Russia's Davos,' takes place amid the war in Ukraine and prolonged estrangement from much of the West.
Just before the opening, Ukrainian drones attacked energy facilities in St. Petersburg and the surrounding region. The strikes occurred about 16 km (10 miles) from the forum venue, temporarily disrupting the city's airport operations, but the conference proceeded as planned.
For Moscow, SPIEF is not merely an economic conference. As Western governments and many multinational corporations have distanced themselves from Russia since the 2022 invasion of Ukraine, the forum has become a platform for the Kremlin to showcase efforts to strengthen ties with countries of the 'Global South.'
Attendance remains high despite Russia's diplomatic isolation in Europe and North America, with officials insisting Moscow still has international partners beyond the West.
SPIEF was first held in June 1997, during post-Soviet Russia's quest for foreign investment and deeper integration into the global economy. Over nearly three decades, it has become one of Russia's most prominent international events. Beyond investment and business topics, the forum increasingly serves as a platform for Moscow to articulate its vision of world order and build political relations abroad.
This year's program combines investment panels and political debates. Topics range from energy markets and artificial intelligence to information warfare and media influence. One panel featuring Russian Foreign Ministry spokesperson Maria Zakharova is titled: 'Your Words Are Like Bullets: Information Becomes the Most Powerful Weapon of Modern Times.'
A notable point this year is the presence of an official U.S. delegation—the first U.S. delegation to attend a major Russian investment forum since before the Ukraine war. President Donald Trump appointed Rodney Mims Cook Jr., Chairman of the U.S. Commission of Fine Arts, as his representative at the event.
Mr. Cook is expected to attend a panel titled 'Russia-U.S.: Cultural Dialogue.' The American Chamber of Commerce in Russia and the Roscongress Foundation are also organizing a business forum focused on potential cooperation between Russian and U.S. companies.
According to Kremlin foreign policy aide Yury Ushakov, expected leaders include Uzbek President Shavkat Mirziyoyev, Tanzanian President Samia Suluhu Hassan, and Chinese Vice President Han Zheng. Mr. Han is scheduled for a bilateral meeting with President Putin on June 6. This year's guest country is Saudi Arabia, sending Energy Minister Prince Abdulaziz bin Salman Al Saud.
The event also draws many former world leaders and controversial media figures, including former German Chancellor Gerhard Schroder, actor Steven Seagal (a longtime Putin supporter), American conservative commentator Candace Owens, and far-right social media personalities Andrew and Tristan Tate. The Tate brothers are under investigation for human trafficking, rape, and organized crime charges in Romania, along with other allegations in the UK.
German retail billionaire Thomas Bruch, owner of the Hyperglobus chain, is expected to join a discussion about German investment in Russia. Organizers say about 1,800 German companies still operate in Russia despite deteriorating Moscow-Berlin relations.
SPIEF is one of the most closely watched events on the Russian political calendar. President Vladimir Putin almost always attends and delivers a keynote speech, often using the occasion to outline economic priorities and positions on regional issues. The session typically includes an extended Q&A drawing media attention. In 2022, months after launching the military campaign in Ukraine, Mr. Putin used SPIEF to criticize Western sanctions and argue that efforts to isolate Russia had failed.
Beyond headlines, the forum serves a broader economic purpose for Moscow. Western sanctions and the loss of many European markets have forced Russia to redirect trade and investment toward new partners in Asia, Africa, and South America. By attracting foreign officials, executives, and investors to Russia, Moscow aims to demonstrate that it remains integrated into parts of the global economy and is not wholly dependent on Western political approval.
