(ST PETERSBURG, RUSSIA) – Ukrainian drone strikes on St Petersburg overshadowed the Russian dictator Vladimir Putin’s annual economic forum, highlighting the growing impact of the war on Russia’s domestic landscape.
The St Petersburg International Economic Forum, once promoted as Russia’s answer to the World Economic Forum in Davos, opened hours after Ukrainian drones attacked the city, sending a plume of thick black smoke into the sky. The strikes served as a reminder that the war in Ukraine is increasingly being felt on Russian territory. Footage of the drone attack was shared on social media.
Inside the forum, Russian officials presented an optimistic picture of the economy, with one participant stating that the Russian economy had “proven resilience” despite Western predictions of collapse. However, the event had a surreal quality, with officials acknowledging that interest rates were “a bit too high” and that investments were down.
The Russian economy is under pressure from sanctions, a labour shortage and a fuel crisis, with two thirds of tax revenue directed towards military operations.
The forum attracted delegations from more than 130 countries and territories, but Western businessmen and chief executives were notably absent, having largely stayed away since the full scale invasion of Ukraine.
This year’s event did include some American guests, including right wing influencers and Rodney Mims Cook Jr, a US administration official overseeing Donald Trump’s White House ballroom project.
BBC Russia Editor Steve Rosenberg attempted to interview the American visitors but was met with silence, a response he suggested reflected the continuing controversy of engaging with Russia while the war continues.
In a meeting with senior figures from international news agencies, Putin acknowledged that more needed to be done to protect Russia from Ukrainian drones, stating that more money and attention would be directed towards air defences. He also reiterated his claim that the war was progressing in Russia’s favour.
Away from the forum, BBC journalists visited a family farm 40 kilometres from St Petersburg to gauge public opinion. They encountered some extreme views, including support for the war and criticism of Western media. At the forum itself, nationalist tycoon Konstantin Malofeev presented what he called a “positive scenario” for Russia’s future that would involve Russia launching a nuclear weapon, underscoring the range of opinions present.
The BBC’s presence at the forum was met with hostility from some participants, reflecting tensions over the broadcaster’s refusal to join a Russian foreign ministry press tour to occupied Luhansk following a Ukrainian drone strike on a student hostel that killed 21 people. The BBC cited security concerns but continued to cover the story from Moscow.
During the forum, Ukrainian President Volodymyr Zelensky published an open letter taunting Putin over his age and Russian setbacks in the war, while proposing that the two leaders meet in a neutral country to discuss peace.
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