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.
Now, Russia is looking to use SPIEF to court new relationships with countries apparently less squeamish about doing business with a country that has invaded its neighbor — namely a number of countries in Asia, Latin America and Africa — and those willing to turn a blind eye to the war for their own economic interests, such as Russia's oil and gas customers in eastern Europe, Slovakia and Hungary.
SPIEF has been blacklisted by most Western businesses and politicians since Feb. 24, 2022, when Russian forces invaded Ukraine. But Russia is keen to show it's open to business from elsewhere and indeed, its need and desire for economic partnerships with non-Western nations has accompanied heightened anti-Western sentiment and rhetoric in the last few years.
Russia's economy is expected to grow faster than all advanced economies this year, the International Monetary Fund predicted back in April., the IMF said it expected Russia to grow 3.2% in 2024, exceeding the forecasted growth rates for the U.S. , the U.K. , Germany and France .Per-anders Pettersson | Getty Images News | Getty Images