Russian President Vladimir Putin failed to convince global investors at the St. Petersburg International Economic Forum (SPIEF). Western companies, considering the risks of working with Russia, hardly participated in this year's forum. This was reported by “The Financial Times”.
It was reported that even Russia's closest allies sent lower-level delegations than usual to St. Petersburg this year. The only exception was Indonesia, which visited the forum at the presidential level — led by Prabowo Subianto.
According to Alexandra Prokopenko, a researcher at the Carnegie Foundation's Center for Russia and Eurasia in Berlin, it is currently impossible to even discuss investing in Russia.
“Who will invest in Russia in conditions of war, sanctions, slowing economic growth, and constant inflation?” — said Prokopenko.
According to the Russian Ministry of Finance, dozens of foreign companies are filing applications to leave the Russian market every month. This situation, as Deputy Finance Minister Ivan Chebeskov mentioned in an interview with the RBK agency, shows that the continuation of Western sanctions and the situation on the Ukrainian front indicate that Putin is not ready for peace.
“The Financial Times” also emphasized, considering this background, that the sanctions against Russia are unlikely to be lifted anytime soon.
