Vladimir Putin has failed to attract western companies to an economic conference in St Petersburg this week. Even Russia’s allies sent lower-ranking officials and businessmen, with the exception of Indonesia, whose president is in attendance.
Several close relatives of top Kremlin officials are among the participants at the flagship event this week. The conference comes after years of conflict and harsh western sanctions have hit Russia’s economic outlook.
“Nobody’s talking about any investment, because how are you supposed to invest in Russia in this climate — war, sanctions, slowing growth and persistent inflation?” said Alexandra Prokopenko, a fellow at the Carnegie Russia Eurasia Center in Berlin. “The main point of the forum is to show Putin that the economy isn’t stagnating and that everyone is having a great time doing business as usual.”