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Putin’s Forum Preaches Self-Reliance as Foreigners Stay Away

  • Government to revise forecast for smaller GDP drop this year
  • Kremlin’s annual economic showcase squeezed amid sanctions
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Source: Bloomberg

Updated on

Top officials told the Kremlin’s annual economic showcase that Russia’s bearing up better under sanctions than initially feared, touting a new model focused on domestic production as the country faces unprecedented international isolation over its invasion of Ukraine.

Fewer foreigners turned up at this year’s St. Petersburg International Economic Forum, an event that in the past drew major global leaders and top executives from the world’s biggest companies. They were replaced by local businesspeople who attended a slew of sessions on Russia’s need to become self-reliant, according to attendees.