Putin is in economic isolation, forum in St Petersburg demonstrates this – Bloomberg

This year's economic forum of Vladimir Putin, held annually in St Petersburg, demonstrates Russia's isolation.

Source: Bloomberg

Quote: "Vladimir Putin's annual economic forum in St. Petersburg was a magnet for global politicians and investors until his invasion of Ukraine. Now it’s become a measure of Russia's deepening isolation," the report said.

As the agency notes, the organisers have been trying their best to attract major political figures to this year's event, which opens on Wednesday. However, even some of the leaders of Russia's former Soviet neighbours have decided to stay away.

Quote: "With European and US business leaders all but absent, the 26th St. Petersburg International Economic Forum is drawing mostly lower-level officials from countries that have stayed largely neutral on the war, including from the Middle East, Latin America and Asia," Bloomberg writes.

This year's four-day event is essentially a brief overviewof how Russia is having to rebuild its economic relationship under the pressure of unprecedented sanctions imposed by the US and its allies

While French President Emmanuel Macron and then-German Chancellor Angela Merkel were once high-profile guests, this year's most senior European visitor will be Hungarian Foreign Minister Péter Szijjártó. He is scheduled to speak at a panel on global energy with Venezuelan Oil Minister Pedro Tellechea.

Chinese Ambassador to Moscow Zhang Hanhui and the leader of the Union of Chinese Entrepreneurs in Russia will be star guests at a panel dedicated to bilateral trade relations.

The commission dedicated to Russian-Indian relations included only two representatives of Indian business out of 12 speakers.

According to the programme, the largest international presence will come from the Middle East. Abdullah bin Touk Al Marri, the Minister of Economy of the United Arab Emirates, is leading a group of UAE officials participating in the session on trade relations with Russia.

Russian tycoons are also likely to visit the forum.

Quote: "Many were fearful to be seen at last year’s SPIEF as the US and the European Union hit back at Putin’s February 2022 invasion of Ukraine, but most are now under international sanctions," writes Bloomberg.

In addition, Cuban Prime Minister Manuel Marrero Cruz is scheduled to attend a session on Russian-Latin American relations.

At the same time, it is already known that Luiz Inácio Lula da Silva, the president of Brazil, refused the invitation to visit the forum.

Kazakh President Kassym-Jomart Tokayev, who caused a stir at last year's event when he publicly spoke out against the Russian invasion while sitting next to Putin on the plenary stage, will also be absent this year.

Republika Srpska President Milorad Dodik, who met with Putin at the Kremlin last month, does not plan to attend, his office said.

Background: Last year, one of the Russian officials assured those Western businessmen that they came to the forum in St Petersburg "in wigs, masks and raincoats".

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