When Russia’s political and business elite congregate in St Petersburg this week for an event often billed as the country’s answer to Davos, a dearth of western delegates and more attendees from Asia and the Middle East will illustrate how much geopolitics has changed Russia’s global standing.
While many Russian delegates will attend the St Petersburg International Economic Forum in good spirits, thanks to a less damaging than expected pandemic that has allowed it to take place, many are looking ahead more to this month’s summit between presidents Joe Biden and Vladimir Putin to arrest the unravelling of western ties with Moscow.
“Of course the [Biden/Putin] summit is welcome. Russia and the US have a substantial list of important issues to discuss. Russian business and myself wish the best of success to the presidents,” Andrei Kostin, chief executive of VTB Bank, told the Financial Times.