Agreements worth more than $100 billion signed during Economic Forum

Moscow: According to the Russian media, more than 100 billion US dollars deals were signed at the St Petersburg International Economic Forum, a trade and investment conference held in Russia. This is a significant development against the tough sanctions imposed on Russia due to the Russia-Ukraine conflict. Russia claims that representatives from more than 100 countries attended the conference, which was held from June 15th to 18th.

Russia went for an offensive military campaign against Ukraine in February. Subsequently, the United States and other western countries imposed heavy economic sanctions targeting the Russian currency, Central Bank, trade, and economy. Russia has managed to bear the impact of the economic war imposed by the West, and there are signs that the Russian economy is recovering after the initial blow due to sanctions.

The response to the St Petersburg International Economic Forum and the trade and investment agreements signed during the conference endorse these claims. As per the information given by the Russian media, more than 690 agreements were signed during the 25th St Petersburg International Economic Forum. These include more than 100 international agreements of USD 97 billion, an increase of 30% over the last year. Central Asian and Gulf countries, along with China, participated in the conference.

Representatives and companies from the countries which have imposed sanctions against Russia were also said to have participated in the St Petersburg International Economic Forum. Russia informed that the Presidents of China, Kazakhstan, and Egypt were present at the conference. Anton Kobyakov, the advisor to Russian President Vladimir Putin, reacted that the conference demonstrated the economic sovereignty of Russia.

During the conference, Russian President Putin warned that the global order before the Ukraine conflict had been dismantled and could not be restored. Against this background, the international community’s response to the St Petersburg International Economic Forum becomes noteworthy.