Putin asserts that despite heavy international sanctions, Russia’s economy continues to grow as he seeks to attract investors.

In a speech at the St. Petersburg International Economic Forum, President Vladimir Putin highlighted that the Russian economy continues to grow despite facing heavy sanctions from the international community. He emphasized that the country has expanded its economic ties with nations in Africa, the Middle East, and Asia. Putin’s message was aimed at attracting investors and demonstrating that Russia remains a significant player in global trade.

Over the years, the St. Petersburg International Economic Forum has been utilized by Russia to showcase its economic development. However, Western officials and investors have largely avoided the event following sanctions that have severely limited Russia’s trade with Western Europe, the U.S., and other allies. These sanctions were imposed due to Russia’s military intervention in Ukraine, a move that continues to impact its economic standing.

Despite the challenges posed by sanctions, the conflict in Ukraine has become a key driver of Russia’s economic growth. The Kremlin has heavily invested in military equipment and support for volunteer soldiers, leading to a boost in the economy. While some imported products have become scarce and global brands have disappeared, the overall economic conditions for most Russians have seen minimal changes.

In recent interactions with international journalists at the forum, Putin made strong statements about Russia’s military capabilities and its willingness to use force to protect its sovereignty. He warned of potential retaliation against NATO allies if they allow Ukraine to use Western weapons against Russian territory and reaffirmed Moscow’s readiness to use nuclear weapons if deemed necessary.

Last year, journalists from countries considered unfriendly to Russia, such as the U.S., the U.K., and the European Union, were not invited to the forum. Putin’s statements and interactions during the event reflect Russia’s ongoing efforts to assert its economic and military strength on the global stage, despite facing significant challenges from international sanctions.