The 29th St. Petersburg International Economic Forum (SPIEF 2026) concluded on Saturday in the historic Russian city of St. Petersburg. The forum, which has been held since its establishment in 1997, brought together participants from 130 countries and territories, led by China and the United States, alongside a notably strong and, this time, striking European presence. At the heart of it all was Saudi Arabia, the Forum's Guest of Honor.
The world views this event as one of considerable importance. Some describe it as "Russia's Davos." Because it brings together a spectrum of sovereign nations that are capable, willing, and ready to move forward immediately on the basis of partnership to develop their economies and work together toward a shared globalized economy, many regard it as distinct from the Western-oriented Davos forum, which critics argue has fallen short of implementing the very ideology it promotes.
This year's forum served, first and foremost, to demonstrate the strength and resilience of relations between Moscow and Riyadh. More precisely, it highlighted the effectiveness of Saudi diplomacy in maintaining balanced relations with the world's major powers and capitals, as well as the Kingdom's significant standing and influence in international forums.
This distinguished participation comes as relations between the two countries enter their centennial year and as productive partnerships continue to deepen across the energy, industrial, and agricultural sectors, alongside the digital economy and tourism.
Moscow has come to recognize with certainty Riyadh's active and vital role in the Ukrainian crisis. Saudi Arabia has pursued a balanced, rational, and constructive approach, opening its doors to both sides and welcoming all parties in multiple efforts aimed at ending a war that has dragged on for far too long, yielding little beyond death and destruction for everyone involved.
Saudi Arabia's presence at the St. Petersburg International Economic Forum reinforced the Arab and Gulf role in the discussions that took place throughout the forum's sessions, many of which Russian President Vladimir Putin took care to attend. This comes at a critical moment as the global order undergoes rapid transformation in search of new avenues of cooperation on a host of divisive issues, foremost among them the state of the global economy and concerns over a possible worldwide recession or the emergence of severe financial crises reminiscent of, and perhaps even worse than, the 2008 financial crisis in the United States.
It has become clear from the participation of representatives of major international corporations, government officials, and leading technology figures that artificial intelligence has come to occupy a prominent place in virtually every international gathering, whether political, economic, social, or even religious. The reason lies not only in the immense opportunities it offers humanity, in ways that seem to surpass the wonders of myth and legend, but also in the profound risks it poses, from the threat of deepfakes to the prospect of a world shaped by cyborgs and brain-implant technologies.
"Pragmatic Dialogue: The Path to a Stable Future" was the theme of this year's forum. It appears that Europeans in general, and Germans in particular, have come to recognize, with considerable pragmatism, that it is neither wise nor beneficial to remain locked in a prolonged confrontation with the Kremlin. There is no quick resolution to the Ukrainian crisis in sight, while Uncle Sam has begun reducing his military presence on the Old Continent after eight decades of partnership dating back to the Second World War.
Despite the decline in economic ties between Berlin and Moscow, some 1,800 German companies continue to operate in Russia, a market that has long attracted German investment at levels reportedly ten times greater than those in any other European country.
In the aftermath of the war in Ukraine, many German companies pledged to leave the Russian market. Yet only 9 percent ultimately departed, while the rest chose to remain.
The European presence at the St. Petersburg forum highlights a growing recognition of the substantial damage suffered by the European Union, which continues to grapple with challenges in its energy sector. These difficulties have deepened divisions over policy toward Moscow and raised questions about whether reconciliation with the Russian bear may ultimately prove a more beneficial and practical choice than continued hostility. This is especially so given claims that Germany and other European countries have lost nearly €3 trillion as a result of rejecting Russian energy supplies, losses that some argue have brought the continent's economies close to the brink.
The forum also showcased the scale of the Eurasian awakening, particularly in the form of expanding Chinese-Russian cooperation. According to available data, 1,400 Chinese companies were established in Russia during the first quarter of this year alone.
The forum comes ahead of NATO's summit next July. Could it signal the beginning of a European-Russian rapprochement, easing pressure from the White House on America's allies and allowing them greater room for maneuver?
