Beautiful Virgin Islands

Wednesday, Aug 27, 2025

Russia Begins Its Flagship Economic Forum Despite Pandemic

Russia Begins Its Flagship Economic Forum Despite Pandemic

The Saint Petersburg International Economic Forum (SPIEF), which was cancelled last year, is Russia's main showcase for investors.
A flagship economic forum has returned to Saint Petersburg, with Russia aiming to signal it has moved beyond the coronavirus pandemic and is open for business despite political tensions.

The Saint Petersburg International Economic Forum (SPIEF), often dubbed the Russian Davos, officially starts on Thursday and is the country's main showcase for investors, attracting political and business leaders from around the world.

It has been hosted every year since 1997 -- cancelled only in 2020 due to the pandemic -- in the hometown of President Vladimir Putin, who is expected to speak at the forum in person on Friday.

"The forum is very important for the image of the city, the restoration of the economy's growth and the revival of tourism," Saint Petersburg governor Alexander Beglov told the RIA Novosti news agency.

The scale of the forum will be smaller than previous years, with the number of participants capped at 5,000. In comparison, the 2019 SPIEF was attended by over 19,000 people from 145 countries, according to organisers.

At the forum previously attended by leaders of China, France and India, Putin will be joined via video link by Austrian Chancellor Sebastian Kurz and Sheikh Tamim bin Hamad Al-Thani, the Emir of Qatar, which has sent one of the biggest delegations this year.

The reduced attendance also comes after a turbulent year for Russian diplomacy, as relations with the West -- which have been deteriorating since the annexation of Crimea in 2014 -- reached a new low following the poisoning and imprisonment of Kremlin critic Alexei Navalny.

But Russian officials now say that "bad politics should not be allowed to interfere with good business", said Chris Weafer, analyst and founder of Macro-Advisory consultancy firm.

According to Weafer, one of the messages at this year's SPIEF is that "Russia has turned a corner and has learned from the last seven years" characterised by low oil prices and sanctions.

Handshakes, no masks

The forum comes almost a year after Russia lifted its strict lockdown that was imposed last spring when the coronavirus swept across the country.

Since late summer most virus restrictions have been lifted with authorities opting to protect the economy and pin hopes on Russia's Sputnik V jab that was registered in August.

The country still continues to record an average of 9,000 new infections every day.

To ensure virus safety at the forum, all participants this year are required to test negative for the coronavirus before they enter the site. Inside, masks are required at all times.

Julius Bakazarov, a 19-year-old forum volunteer, told AFP that participants "never ignore requests" to wear masks or observe other measures.

But the reality is different, with few people wearing face coverings, handshakes among participants and large crowds gathering at the forum venues, an AFP journalist reported.

Saint Petersburg, Russia's second largest city, has struggled to contain the spread of the virus, especially after a boom in domestic tourism made the former capital a popular travel destination.

Just days after the forum, the city will also host several matches of the postponed Euro 2020 football tournament that will bring together thousands of fans, both from Russia and abroad.

SPIEF volunteer Yekaterina Bolkhovskaya, who lives in Saint Petersburg, said holding an event such as the economic forum can only have a "positive effect".

"This will remind people that if they want to participate in big events then they need to... observe the rules of personal hygiene and safety," the 19-year-old said.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
A new faith called Robotheism claims artificial intelligence isn’t just smart but actually God itself
Deputy Prime Minister Angela Rayner Purchases Third Property Amid Housing Tax Reforms Debate
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Italian Facebook Group Sharing Intimate Images Without Consent Shut Down Amid Police Investigation
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
Sam Nicoresti becomes first transgender comedian to win Edinburgh Comedy Award
Builders uncover historic human remains in Lancashire house renovation
Australia Wants to Tax Your Empty Bedrooms
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
FBI Investigates John Bolton Over Classified Documents in High-Profile Raids
Report reveals OpenAI pitched national ChatGPT Plus subscription to UK ministers
Labour set to freeze income tax thresholds in long-term 'stealth' tax raid
Coca‑Cola explores sale of Costa coffee chain
Trial hears dog walker was chased and fatally stabbed by trio
Restaurateur resigns from government hospitality council over tax criticism
Spanish City funfair shut after serious ride injury
Suspected arson at Ilford restaurant leaves three in critical condition
Tottenham beat Manchester City to go top of Premier League
Bank holiday heatwave to hit 30°C before remnants of Hurricane Erin arrive
UK to deploy immigration advisers to West Africa to block fake visas
Nurse who raped woman continued working for a year despite police alert
Drought forces closures of England’s canal routes, canceling boat holidays
Sweet tooth scents: food-inspired perfumes surge as weight-loss drugs suppress appetites
Experts warn Britain dangerously reliant on imported food
Family of Notting Hill Carnival murder victim call event unmanageable
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
×