Putin claims Russia’s economy is expanding amid harsh global sanctions while seeking out investors

President Vladimir Putin stated at the St. Petersburg International Economic Forum that despite international sanctions, the Russian economy is growing. He highlighted the expansion of economic ties with countries in Africa, the Middle East, and Asia as evidence of Russia’s continued participation in world trade. Despite facing widespread sanctions due to actions in Ukraine, Putin emphasized that Russia remains a key player in the global economy.

The forum has traditionally been used by Russia to showcase its development, but the absence of Western officials and investors has been notable since sanctions limited trade with Western countries. The conflict in Ukraine has become a significant driver of economic growth for Russia, with increased state spending on military equipment and volunteer soldiers providing a boost to the economy.

Putin’s media appearances have been limited since the conflict in Ukraine began, but he engaged with international journalists at the forum, including those from countries he has criticized. During these interactions, Putin raised concerns about the potential for Russia to provide long-range weapons to others in response to NATO support for Ukraine. He also reiterated Moscow’s willingness to use nuclear weapons if sovereignty is threatened.

Last year, journalists from countries considered unfriendly to Russia were not invited to the forum, including those from the U.S., the U.K., and the European Union. Putin’s comments reflect Russia’s efforts to maintain economic growth and global influence despite ongoing geopolitical challenges and international sanctions.