Putin’s Speech at Economic Forum After Drone Strikes on St. Petersburg
In St. Petersburg, Russia, President Vladimir Putin is preparing to address a key economic forum. His speech follows Ukrainian drone strikes that recently hit the city, setting an oil terminal on fire. This annual event is traditionally used by Putin to showcase Russia’s economy and attract foreign investment.
The International Economic Forum, held in Russia’s cultural hub, now coincides with challenging times. The aftermath of the drone attacks has led to the delay or diversion of flights at the city’s airport, and authorities have restricted cellphone internet service to prevent further incidents.
As Russia’s $3-trillion economy struggles, marked by reduced military spending benefits, the government has increased taxes and borrowing to control the budget deficit. Putin has pledged to bolster air defenses, acknowledging some drones have reached their targets.
Speaking to foreign media editors, Putin emphasized readiness to conclude the conflict with Ukraine through diplomatic means. He referred to compromises made with former U.S. President Donald Trump, urging Ukraine to agree and suggesting the conflict would then end swiftly. Ukrainian President Volodymyr Zelenskyy proposed negotiations, though Kremlin response remains non-committal.
The ongoing war has led to a series of aerial exchanges between Russia and Ukraine, as evidenced by the recent events in St. Petersburg. At the forum, drones produced in Russia were prominently showcased. The event, which draws over 24,000 attendees, has seen diminished Western participation since Russia’s invasion of Ukraine in February 2022.
This year, a modest U.S. delegation attended, led by Rodney Mims Cook Jr., focusing on cultural dialogue rather than political discourse. Prominent figures like Candace Owens and Steven Seagal were present, alongside high-level delegations from countries such as Saudi Arabia. Uzbekistan’s president, Tanzania’s president, China’s vice president, and officials from Iran also attended.