The St. Petersburg International Economic Forum (SPIEF) 2026 featured an unexpected guest: the Russian folklore villain 'Koschei the Deathless,' who performed magic tricks, producing coins from thin air, breaking and reassembling glasses, and emitting smoke from his fingers. 'Russians are unpredictable people,' he declared.
However, the most dramatic surprise came from Ukraine. Ukrainian drones attacked the St. Petersburg area on the opening and closing days of the forum. On Wednesday, a huge plume of black smoke dominated the city skyline. Local officials admitted drones had damaged 'infrastructure,' and all delegates saw the smoke upon arrival.
Against this backdrop, Ukrainian President Volodymyr Zelensky published an open letter to Vladimir Putin, taunting the Russian leader about his age and war setbacks, and proposing a meeting in a neutral country for peace talks. Putin criticized the letter's 'rude' tone and dismissed the offer, saying, 'It's not the author of the letter I need to respond to, but our soldiers on the frontline… Keep at it, brothers!'
At the plenary session, Putin appeared uncompromising and confident, claiming, 'There are wars and sanctions. But the economy is developing. Everything is stable.' Yet his main challenges remain massive battlefield losses and Ukrainian drones penetrating deep into Russian territory.
When questioned, officials consistently echoed Kremlin lines. Deputy Duma Speaker Alexander Zhukov said, 'I can only respond in the words of our president: this situation must be resolved soon.' Smolensk Governor Vasily Anokhin added, 'Our enemies are trying to hurt us.'
The Russian economy is under strain. Growth has stalled in most sectors, with economists citing 'stagnation' and 'decline.' Small business owners struggle to survive. Presidential envoy Kirill Dmitriev admitted high interest rates but claimed the economy has proven 'resilient.'
A US delegation attended the forum. Rodney Mims Cook Jr., chair of the US Commission of Fine Arts, conveyed 'a good hello from your friend President Trump.' However, US Secretary of State Marco Rubio said he was unaware of any official delegation, suggesting it was not high-level.
Exhibition halls featured boxing robots, singing dancing grandmothers, and a giant Russian 'nevalyashka' tumbler doll. The doll symbolizes Russia: it wobbles but never falls. Yet such instability may not attract long-term foreign investment.
Source: www.bbc.com