The 29th St. Petersburg International Economic Forum, held annually in Russia’s city of St. Petersburg since 1997, concluded today. This year’s event saw participation from 130 countries, including major players like China and the United States. Noteworthy attendance from Europe was also among the forum’s highlights.
At the heart of the event was the Kingdom of Saudi Arabia, invited as the guest of honor. This participation not only enhanced the forum’s international stature but also underscored the strength of relations between Russia and Saudi Arabia.
Emphasis on Russia-Saudi Arabia Relations
The forum highlighted the harmony and cooperation between Moscow and Riyadh. Deepening partnerships in energy, industry, agriculture, digital economy, and tourism were among the key topics discussed.
The text noted that the two countries are entering the centennial year of their relations, and Saudi Arabia’s prominent position on international platforms was made visible at this forum.
Discussion on Ukraine War and Diplomacy
Russia closely monitors Saudi Arabia’s role in the context of the Ukraine crisis. Riyadh’s approach, which keeps doors open to both sides, is seen as a balanced stance in efforts to end the long-standing conflict.
Within this framework, the forum addressed not only economic issues but also the future of the war and the direction of diplomatic contacts. Participants also focused on the rapidly changing global order and the search for new areas of cooperation.
Notable European Participation
The forum emphasized the remarkable participation from Europe this year. It was particularly noted that German companies continue to operate in Russia, with 1,800 German firms still active in the country.
The text revealed that only 9% of German companies that pledged to withdraw from the Russian market after the war have actually left, while the rest chose to stay. This situation brought the division in Europe’s economic relations with Russia back into focus.
Energy, Losses, and the Search for a New Balance
The forum highlighted assessments that the European Union has been negatively affected by energy imbalances and that the continent has lost about 3 trillion euros due to distancing from Russian energy. This scenario deepened the debate over whether reconciliation with Moscow or maintaining distance is more beneficial.
This year’s forum theme was "Pragmatic Dialogue: The Path to a Stable Future." The text argued that Europe, especially Germany, is increasingly recognizing that prolonged hostility toward Moscow is not in its best interests.
Chinese Companies and Artificial Intelligence on the Agenda
Eurasia-centered cooperation also stood out at the forum. According to data, 1,400 Chinese companies were established in Russia in the first quarter of this year. This development was seen as one indicator of the growing economic closeness between Russia and China.
The participation of representatives from major companies, government officials, and technology circles reaffirmed that artificial intelligence is now at the center of the international agenda. The forum addressed not only opportunities but also potential dangers such as fraud, cyber risks, and brain chips.
The timing of the forum, held ahead of the NATO summit in July, was also notable. Questions arose about whether there would be any signs of easing in Europe-Russia relations, whether pressure from the White House on its allies would lessen, and if a new space for maneuver would emerge.
The event also highlighted Russia’s effort to present itself not only as a regional but also as a global meeting point amid increasing global economic uncertainties, financial risk discussions, and the reshaping of competition among major powers.
