The 26th Annual of the St. Petersburg International Economic forum yet another challenge for Russia or a Great opportunity


By: Contribution for Syrializm


Despite the sanctions imposed on Russia, and the complex circumstances it is facing in light of the continuation of the battles in Ukraine, it seems comfortable and continues to pursue its international role by hosting international events in various sectors.

Russia is hosting, during the period from the 14th to 17 June, the 26th session of the St. Petersburg International Economic Forum.

Over the years, the forum proved to be one of the biggest and most important business events in the world.

Over the past 25 years, the Forum has cemented its status as a leading international event focusing on key issues on the global economic agenda, because it provides a platform for participants to exchange best practices and expertise in the interests of sustainable development.

SPIEF has been held annually since 1997, and as of 2005, it has been held under the auspices of the President of the Russian Federation, who has also attended each event.

In 2021, SPIEF was the first business event of such magnitude to be held offline since the unavoidable break caused by the Covid-19 pandemic.

The Forum was also notable for its use of cutting-edge digital technology.

SPIEF 2022 welcomed 14,000 plus people from 130 countries.

Among them were heads of state and government, senior executives of major corporations, and world-renowned experts in the fields of science and civil society.

Over 81 countries were represented by their official delegations.

Recapping last year, 2022, the forum witnessed the conclusion of deals and contracts worth about 5.6 trillion rubles ($105 billion), as 691 agreements were signed in various economic and commercial fields.

Moreover, and thanks to the activities of the Forum, the total volume of Russian foreign trade in 2022 increased by 8.1%, reaching $850.5 billion.

At the same time, the total volume of Russian exports increased by 19.9%, reaching $591.5 billion, as the trade surplus increased 1.7 times compared to 2022 and amounted to $332.4 billion.

This year and for 4 days, world leaders, and heads of Major Russian and foreign companies and financial organizations and banks, as well as leading experts from academia, the media, and civil society, discussed the most pressing issues of today’s economy.

The Forum in its 26th edition will continue to be an outlook for the continuous sustainable development of the global economy, especially in light of the current turmoil caused by the shift of international economic alliances, the fluctuation in social justice, and the unstable trade and political relations.

Therefore, this forum is a single space of trust that provides equal conditions and opportunities for all economic players around the world.

In this regard, Russia will enhance the forum’s role in motivating state leaders and all concerned parties to increase their capabilities in solving urgent problems the world is facing.

This will allow all participants and guests to create a strategic advantage, increase credibility, and accelerate the pace of gradual development in the coming years.

The forum has turned into a global communication platform, in which participants can present ideas and programs to find solutions for urgent economic and political problems that directly concern Russia, and the developing countries of the world, many of which today are progressing rapidly to be among the ranks of the developed countries, in order to be head to head with Western countries, especially those who still have trust in Washington.

The proceedings and discussions of the forum opened a new chapter in Russia’s relations with the countries of the African continent and the Middle East.

There’s no secret that sanctions policy carried out by the United States and Western countries has led Moscow to attach special importance to the African, Asian, and Arab World market, and as a result, the volume of Russia’s foreign trade with African countries in 2022 reached $18 billion.

The Kremlin has set an ambitious task to double the aforementioned foreign policy role by 2030 while trade with the countries of the Greater Middle East increased by 83% over the past five years alone and amounted to $94.9 billion.

In its economic relations with the countries of Africa and the Middle East, Russia not only acts as a customer or supplier of products, but its participation in economic development programs is one of the main indicators of the parties’ interest in continuing cooperation, the parameters and conditions of which have been identified.

Hence, the direct participation of Russian President Vladimir Putin pushes to strengthen Russia’s peacekeeping position, and its humanitarian and constructive stance with regard to the international chaos that has occurred as a result of practices made by the US and Western countries.

Russia didn’t find itself in a state of complete economic and political isolation as a result of the sanctions.

The Forum in its 26th edition will be a great opportunity for Russia to clarify its policies and its intention to coordinate policies independently with the countries of the Middle East, Africa, and Southeast and Central Asia on most issues related to technology and strategic resources away from the policies of the West and to find alternative markets based on cooperation and parity.

It was very unfortunate that old friendly country took the high road as they took active measures to prevent their own countries business community and officials from attending the forum, continuing with this unfortunate and seemingly desperate measure to create pressures on, after their 13,000 plus sanctions imposed on Russia, only effected their countries and their economies.

In Europe, the wellbeing of the European citizens has become a game on the hand of few policy makers who still don’t want to listen nor see their pride economy is going.

Indeed, the glorious days of cooperation with Russia that was the godfather of Europe economic prosperity and the flourishing the European quality of life, here it is started to crumble and fall apart, with the daily news that we hear of high inflation, and the high unemployment rate, with cost of living gigantically skyrocketed while businesses hitting rock-bottom day by day.

In addition, with the increase in strikes that are ravaging most of the services sectors in Europe, the fact and the matter is, it requires awakening.

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