Vladimir Putin’s “Russian Davos” Economic Forum in Saint Petersburg is indeed a big and sad mess

Russian President Vladimir Putin The annual financial discussion board kicked off on Wednesday with a dramatically shrunk visitor record, as Russia battles sanctions to unleash its… The conflict in Ukraine Numerous excuses from Putin’s advisers as to why the discussion board has fallen quick this yr.

Whereas in earlier years, leaders from everywhere in the world from each the private and non-private sectors flocked to the St. Petersburg Worldwide Financial Discussion board (SPIEF), a sort of “Russian Davos,” to outsmart Russia’s elite monetary class, this yr’s attendees have had the record scattered.

Quite a few notable attendees vary from the Taliban to Putin’s right-hand man in Belarus, Belarusian chief Alexander Lukashenko, whose presence was no shock. The president of Kazakhstan – which, like Belarus, is a member of the Russia-led Collective Safety Treaty Group, the Russian model of the North Atlantic Treaty Group (NATO) – was scheduled to talk on the convention’s plenary session.

Chinese language President Xi Jinping can also be getting ready to carry a video convention with the convention.

One of many convention employees mentioned, “That is my fifth yr working on the Discussion board, and the ambiance has by no means been this tense.” Moscow Occasions.

SPIEF was launched as a way to stimulate international funding in 1997. The convention, now celebrating its twenty fifth anniversary, is proclaiming itself this yr as “one of many world’s largest and most necessary enterprise occasions” and a “main worldwide convention occasion.”

However the undercurrent within the convention is that one thing is fallacious. Yuri Ushakov, Putin’s international coverage adviser, mentioned that solely “pleasant” nations would ship delegations this yr amid the conflict. Vedomosti. In accordance with Ushakov, the most important delegation and “visitor” will come from Egypt.

Kremlin spokesman Dmitry Peskov tried to defend the lowered convention.

“International traders are usually not solely from the USA and the European Union,” Peskov mentioned. Reuters.

“It’s tough to get to Saint Petersburg for goal causes,” Ushakov admitted, presumably referring to the truth that many Western nations have lots of restricted Airspace Russian plane because of Putin’s conflict in Ukraine.

Many enterprise leaders fear that attending the convention will sign them as targets for extra Western sanctions, Bloomberg talked about.

Even the convention program lists are very shut. This system of the Discussion board hardly refers back to the conflict in Ukraine, on the one hand it refers back to the “new situations” and, then again, to the “new setting” of the Russian monetary sector. This system laments “sanctions towards Russia” and asks many determined questions, equivalent to “How will the Russian monetary system develop beneath the brand new situations?” and “How can we stimulate funding within the Russian financial system?”

In accordance with the Biden administration, Putin may finish the conflict.

However this system continues. The resilience and resilience of the Russian monetary system has been “examined” by the sanctions that the USA and Western nations have imposed on Russia to wage conflict in Ukraine, this system notes – with out mentioning the conflict.

This system even acknowledges how weak Russia’s cybersecurity sector has been on account of the invasion of Ukraine.

“The fast exit of corporations and ecosystems from Russia has demonstrated how weak our cyber resilience may be,” this system mentioned, bemoaning a press release from US Nationwide Safety Company Director Normal Paul Nakasone, who additionally leads the Pentagon’s offensive cyber unit, Cyber ​​Command that confirmed the administration’s Biden has Run offensive operations In assist of Ukraine.

This system notes that “allegations of the US Cyber ​​Command about its participation in cyber-attacks carried out from inside Ukraine are additionally disturbing.”

The downgraded financial discussion board in Russia will finish with statements from Putin himself. Ushakov mentioned he plans to ship a speech centered on making an attempt to spice up “international funding and commerce relations.”