The St. Petersburg International Economic Forum (SPIEF), which opened on June 3, is the fifth edition since Russia launched its full-scale invasion of Ukraine in 2022. Before the war, the forum was a venue for major investment deals with Western companies, and the European Union was Russia’s key economic partner.

But after the invasion, major Western economies scaled back ties, and the forum’s top foreign attendees now come from countries that are no longer among Moscow’s key economic partners. This year, the leaders of Uzbekistan and Tanzania are set to appear on a joint panel with Russian President Vladimir Putin.

Russian officials and media have touted a return of German businesses to SPIEF. Kirill Dmitriev, Putin’s special envoy for investment, claimed that “Germany is sending an official business delegation” for the first time in years. In reality, no such delegation exists.

Among the attendees listed is Thomas Bruch, a shareholder in German retail chain Globus. However, a Globus Holding spokesperson told DW that Bruch is not representing the company; since January 2025, his Russian stores are no longer part of Globus Holding. He is representing Russian Hyperglobus, which operates only in Russia.

Another participant, Stefan Dürr, has a business entirely tied to Russia. His Ekoniva Group is one of Russia’s largest milk producers. Dürr has held Russian citizenship since 2013. He reportedly advised Putin to impose the 2014 embargo on EU products, which boosted his company’s growth.

Leo Eppinger, also listed, holds dual citizenship. His company Masterlock Engineering is the successor to the Russian branch of German-Swedish Metalock Engineering, which cut ties with Russia after the invasion. Metalock Engineering confirmed it has no business relations with Eppinger’s firm.

Polina Sharova, owner of Hermes-Ural, is linked to Germany only through the acquisition of Viessmann’s Russian assets after the war. The forum also hosts lawmakers from Germany’s far-right Alternative for Germany (AfD) and Berliner Zeitung owner Holger Friedrich.

The composition of what Russian officials call a “German delegation” reflects the current state of economic relations between the two countries. Sanctions, corporate exits, and energy decoupling have taken a toll: bilateral trade fell below €10 billion in 2025, down sharply from nearly €60 billion in 2021.

Source: www.dw.com