The annual St. Petersburg International Economic Forum (SPIEF) in Russia has historically been known as the country’s equivalent to the World Economic Forum in Davos. However, the geopolitical landscape and trade relations have shifted dramatically in recent years due to the war in Ukraine. As a result, Western businesses and politicians have largely boycotted the event since Russia’s invasion of Ukraine in 2022. Despite this, Russia is now focusing on cultivating new economic partnerships with non-Western countries, particularly in Asia, Latin America, and Africa, as well as with oil and gas customers in eastern Europe.
With its eye on establishing a “multipolar” world order and combating Western hegemony, Russia is emphasizing its desire for economic relationships outside of the Western world. The theme for the 2024 SPIEF is “The Foundations of a Multipolar World — The Formation of New Areas of Growth.” The forum will feature discussions on a variety of topics, including Russian Arctic development, the expansion of the BRICS group of economies, and Russia’s car industry. Sessions will also explore Russia’s stance on “family values” and its relationship with the West.
Despite facing significant sanctions and trade restrictions from Western nations, Russia has managed to adapt its economy and maintain resilience. The International Monetary Fund predicts that Russia’s economy will grow 3.2% in 2024, outpacing growth forecasts for other major advanced economies. Russia attributes this growth to increased self-sufficiency, resilient private consumption and domestic investment, as well as continued oil and commodity exports to countries like India and China. Analysts will be closely monitoring any announcements related to the BRICS organization and potential expansions with new member countries like Turkey.
At the SPIEF, Russian President Vladimir Putin is expected to address delegates and highlight Russia’s economic resilience, investment opportunities, and growth prospects despite international sanctions. While the war in Ukraine may be a sensitive topic, Moscow is likely to downplay the conflict in its attempts to attract outside investment. The forum aims to showcase Russia as open for business with non-Western nations and promote partnerships that bypass Western sanctions. Sessions will also explore contentious topics such as Russia’s portrayal in the West and the demonization of the country.
SPIEF has become a platform for Russia to demonstrate its economic strength and willingness to engage with international partners, particularly those outside of the Western sphere. The forum will bring together representatives from 136 countries, showcasing a diverse array of political and business interests. While the event may not attract the same level of participation from Western leaders and companies as it once did, Russia is keen to position itself as a key player in the global economy and promote its vision of a multipolar world order. Amidst ongoing geopolitical tensions and economic challenges, Russia continues to seek opportunities for growth and collaboration on the international stage.
