SPIEF is Held in Spite of Western Sanctions

SPIEF is Held in Spite of Western Sanctions

Photo: https://ulyanovsk.er.ru

On June 16, the XXV St. Petersburg International Economic Forum (SPIEF) was opened in St. Petersburg and will continue its work till June, 18. This large-scale economic event has been held annually since 1997.

Since 2005 the Forum has been carried out under the auspices and with the participation of the Russian President.

St. Petersburg International Economic Forum is one of the “largest and most important” business events in the world, according to the website of the event. Over 25 years, SPIEF has earned the status of a “leading world platform” to discuss key issues in the global economy and share global best practices and competencies for sustainable development.

Delegations from 69 countries have applied for participation in this anniversary event, including “unfriendly” ones. As of today representatives of more than 40 foreign countries have honored Saint-Petersburg with their presence. It should be noted that for the first time, the head of the Donetsk people's republic Denis Pushilin and the head of the Lugansk people's republic Leonid Pasechnik are taking part in the forum.

By the way, delegations from South Ossetia and Abkhazia have confirmed their participation in the SPIEF, and the President of Armenia Vahagn Khachaturyan has also announced it. Chairman of the Cabinet of Ministers of Kyrgyzstan Akylbek Japarov also intends to hold talks with Russian investors on the sidelines of the SPIEF.

As is known, Russia has been conducting a special military operation in Ukraine since February 24. Some Western media outlets have reported that Russia's actions in Ukraine have made the SPIEF “toxic” for most Western participants. In this connection, presidential aide Yuri Ushakov confirmed that this year there would be no official delegations from so-called unfriendly countries in St. Petersburg.

Nevertheless, despite the fact that the “civilized” West constantly imposes more and more new sanctions against Russia, business representatives from Italy, France, Canada and the United States were already spotted on its platforms on the first day of the forum. In addition, representatives of Asian and African countries have already arrived at the anniversary event. Particular attention was attracted by the appearance of business representatives from Afghanistan. It is worth mentioning that the head of the delegation, Afghan Charge d'Affaires in Russia Jamal Nasir Garval stated that the Taliban* government is “determined to develop economic cooperation with Russia.”

“To my thinking it is obvious to everyone that “as before” is not going to happen. We keep repeating that external conditions have really changed for a long time, if not forever, and changed significantly. We as a country are currently losing participation in the international division of labor, because our exports are discounted and imports are at a premium. In my opinion, in these conditions, we need to rethink the benefits of exports,” said the Head of the Bank of Russia Elvira Nabiullina during her speech at the forum.

In addition, she noted that exports used to be regarded as “such our intrinsic value,” because it brings foreign exchange earnings into the country. If foreign currency proceeds from exports do not buy imported goods, and if its accumulation has become risky due to the fact that foreign currency savings of companies and banks subject to Western sanctions can be frozen, then, according to the head of the Central Bank, we should think about the fact that a significant part of production should work for the domestic market.

The work of the forum continues. Russian President Vladimir Putin is expected to deliver a speech at the SPIEF on May 17. According to presidential spokesman Dmitry Peskov, Putin's speech at the plenary session of the SPIEF on Friday “will be big.” Peskov specified that the President would talk about the influence of anti-Russian sanctions on the situation in the world.

* The Supreme Court of the Russian Federation recognized the Taliban movement as an extremist organization banned on Russian territory on 14.02.2003; ruling No. 03 116, entered into force 04.03.2003

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