Russian President Vladimir Putin on Monday conveyed a strong message to international investors, saying Russia has been and remains an integral part of the global economic system.
Putin’s comments came as his country prepares to host the 29th St Petersburg International Economic Forum (SPIEF), scheduled to convene from June 3 to 6.
The forum will bring together the chief executives of major Russian and international companies, heads of state, political leaders, and prime ministers with Saudi Arabia serving as the guest country for this year’s edition.
“I am confident that your traditionally substantive and results-oriented discussions will help develop new and effective solutions in all areas of economic and social life, including energy, digitalization, food security and human capital development, as well as the strengthening of financial and trade sovereignty,” Putin said in a message to participants, organizers, and guests of SPIEF.
He noted that those efforts “will serve the interests of our states and peoples and contribute to international cooperation, security and stability,” according to Russia’s RT channel.
For his part, Anton Kobyakov, adviser to Putin and Executive Secretary of the SPIEF Organizing Committee, said amid today’s global economic fragmentation, managing sovereign self-development and boosting domestic supply chains are critical national priorities.
He said the forum serves as a premier venue to forge solutions for sustainable development, international cooperation, and restructuring global financial and macroeconomic system.
High-Ranking Saudi Attendance
Saudi Arabia will be the guest country of SPIEF 2026. The Kingdom’s attendance reflects the depth of strategic and economic relations between Riyadh and Moscow and opens new horizons for joint cooperation.
Three Saudi ministers will participate in the forum, according to a document from the Federation of Saudi Chambers of Commerce.
“Among the high-ranking members of the Saudi delegation are Energy Minister Prince Abdulaziz bin Salman Al Saud, Industry Minister Bandar Al-Khorayef, and Investment Minister Fahad Al-Saif,” the document said.
It added that Sultan al-Musallam, Secretary General of the Federation of Saudi Chambers, and Tariq al-Qahtani, head of the Russian-Saudi Business Council, are attending to represent the Kingdom's private sector.
According to the delegation's schedule, the opening day will witness a Saudi-Russian Joint Business Council. The next day, a high-level meeting will be held between the Saudi Energy Minister and Russian Deputy Prime Minister Alexander Novak.
The volume of trade between Saudi Arabia and Russia reached $3.3 billion in 2025 (Russian exports accounted for 98%).
The volume of Russian investments in the Kingdom more than tripled from 2020 to 2024, reaching 332 million riyals per year (about $92 million).
US Surprise
In a notable shift reflecting a renewed cautious American business interest in Russian markets, a US administration-linked official will attend Russia’s St. Petersburg International Economic Forum for the first time since Washington severed ties with Moscow due to the war in Ukraine.
Rodney Mims Cook, head of the US federal Commission of Fine Arts, said he has been invited to attend the plenary session and Russian Putin’s address at the forum.
“The organizing committee of the forum and the US State Department confirmed that I am invited, and I will be present,” Cook said.
Cook, who was appointed head of the Commission of Fine Arts in January, is also the founder of the US National Monument Foundation and a specialist affiliated with the World Monuments Fund.
Robert Agee, president of the American Chamber of Commerce in Russia, said more US companies are expected to attend this year compared to recent editions, but numbers remain significantly lower than before Russia’s full-scale invasion of Ukraine.
“We will have a commercial dialogue between Russia and America,” Agee said, adding that US businesses are still approaching Russia “with caution” to avoid legal and political risks linked to the sanctions.
He also noted efforts to “rebuild cultural ties” between the two countries through business and dialogue.
