Putin asserts that Russia’s economy is expanding despite harsh international sanctions while actively seeking investors

President Vladimir Putin addressed the presidents of Bolivia and Zimbabwe and business leaders at the St. Petersburg International Economic Forum, where he stated that the Russian economy is growing despite international sanctions. He emphasized that Russia has expanded economic ties with countries in Africa, the Middle East, and Asia while seeking to court investors. Putin highlighted that Russia remains a key participant in world trade, despite the sanctions imposed due to the conflict in Ukraine.

The St. Petersburg International Economic Forum has traditionally been a platform for Russia to showcase its development. However, Western officials and investors have avoided the session following sanctions that limited Russia’s trade with Western Europe, the U.S., and their allies. The main driver of Russia’s economic growth is the conflict in Ukraine, which has become as crucial to the Kremlin economically as it is politically.

Due to the sanctions, Russians are experiencing shortages of imported goods, and many global brands have disappeared. State spending on military equipment and volunteer soldiers has provided a significant boost to the economy, while Putin has maintained tight control over media appearances since the conflict began.

During the forum, Putin took questions from international journalists, including some from Western countries. He warned that Russia could provide long-range weapons to others to target Western territories in retaliation for NATO allies supporting Ukraine. Additionally, Putin reiterated Moscow’s willingness to use nuclear weapons if it perceives a threat to its sovereignty. Last year, journalists from countries deemed unfriendly by Russia were not invited to the forum.