Russia highlights economic achievements as focus shifts away from Ukraine conflict

Russian President Vladimir Putin visited the newly built Lakhta Center in Saint Petersburg on June 5, 2024, ahead of his meetings at the Saint Petersburg International Economic Forum (SPIEF) 2024. The forum, which has been shunned by most Western businesses and politicians since Russia’s invasion of Ukraine in 2022, is now being used by Russia to court new relationships with countries in Asia, Latin America, and Africa.

Despite facing sanctions and trade restrictions, Russia’s economy is expected to grow faster than all advanced economies this year, with the International Monetary Fund predicting a growth rate of 3.2% in 2024. The country has adapted to the new reality of sanctions and trade restrictions, making it more self-sufficient and resilient in the face of economic challenges.

At SPIEF 2024, the theme is “The Foundations of a Multipolar World — The Formation of New Areas of Growth,” reflecting Russia’s desire to establish a world order that is not dominated by the West. The program includes sessions on expanding Russian development of the Arctic, the BRICS group of economies, Russia’s car industry, and discussions on Russia’s relationship with the West.

Representatives from 136 countries are attending the forum, where Putin is expected to promote Russia’s economic resilience, investment opportunities, and growth despite international sanctions. The forum will also explore opportunities for economic partnerships between BRICS nations, with Turkey expressing interest in joining the group.

While Western nations remain skeptical of Russia’s economic success amid sanctions, analysts are keeping a close eye on any announcements regarding the BRICS organization and the potential expansion of the group. Despite political posturing, the forum provides a platform for discussions on global economic partnerships and the future of international relations.