Russia's annual economic forum in St. Petersburg used to be known as the country's "Davos" in a nod to the World Economic Forum that's held in Switzerland every year.
War in Ukraine has changed the dial in global geopolitical and trade relations, however. The days when scores of Western business leaders and heads of state attended the St. Petersburg International Economic Forum, an event that enables Russia to showcase its economy and investment opportunities, are long gone.
SPIEF is the latest effort in the Kremlin's campaign to try to show that everything is still normal, Max Hess, fellow at the Foreign Policy Research Institute and author of "Economic War: Ukraine and the Global Conflict Between Russia and the West," told CNBC Thursday. A view of the stand of the Russian private bank Alfa-Bank during the 27th St. Petersburg International Economic Forum in St. Petersburg, Russia on June 05, 2024.SPIEF has been blacklisted by most Western businesses and politicians since Feb. 24, 2022, when Russian forces invaded Ukraine.