Russia is going its own way now

The 28^th Saint Petersburg International Economic Forum took place in the “northern capital of Russia” from 18 June to 21 June. The big official theme of the meeting was “Shared Values: The Foundation of Growth in a Multipolar World”. The multipolar world is, of course, one of the eternal themes that has been discussed in Russia in recent years. There is no desire to be a second-rate country: In Russia, the path to building a multipolar world is understood as liberation from Western domination and the consolidation of national sovereignty, which has become a top priority.

Russian President Vladimir Putin said in an announcement before the event that “the focus of the forum programme is on technology and digital transformation”. According to Putin, the idea that the Russian economy is based on raw materials is now outdated. “The contribution of raw materials to the economic dynamics of our country is no longer decisive. Thanks to the work of tens of thousands of companies and businesses, our economy is not only constantly developing, but is also becoming more qualitative, more complex and more diverse,” explained the Russian president in his speech on the third day of the forum.

The world visits Russia

The collective enthusiasm for one of the most important events of the year was in danger of being overshadowed by the recent tragic events that affected one of Russia’s partners. But while the economic forum in St. Petersburg took place against a backdrop of heavy storm clouds on the international stage – Israel had launched its war against Iran just a week earlier – it was clear that the forum in St. Petersburg was in no way prepared to let this spoil the mood. It was all about the economy and business: to do good business, you need motivation, lots of energy and a good mood.
  According to official figures, around 20,000 people from around 140 countries attended the economic forum in 2025. European and American newspapers speak of an isolated and introverted Russia. But what we saw in the aisles of the huge trade fair at the St. Petersburg Economic Forum and the visitor numbers seem to suggest otherwise: The world is no longer just about the West.
  Among the foreign guests were representatives of the governments of Indonesia, China, South Africa and Bahrain as well as numerous representatives of international companies – with the exception of Western companies, of course.
  The few (Western) Europeans attending the economic forum in St. Petersburg are usually here privately and mostly belong to two categories: those who have been building up good businesses and companies in Russia for years, or those who, for one reason or another, have almost completely lost confidence in the institutions and governments of their countries.

The mood in business

One of the Europeans who has lived in Russia for a long time and is more concerned with business is Stefan Dürr, also a German, founder and president of EkoNiva, one of the largest milk and cheese producers on the Russian market, which has now been operating in Russia for thirty years.
   “Above all, this event is an opportunity to make new contacts. As far as the economy is concerned, I would say that the economic climate is good. The question today is mainly about the interest rate. Is that really necessary? That’s the problem now. As far as external sanctions are concerned, they are not really a problem”, says Stefan Dürr.
  Many Russian businesspeople also confirm that the main value of the business forum lies in the opportunity to establish contacts with other companies and potential partners. “Members of the government, non-governmental organisations and the business community meet here and form a kind of symbiosis. You can meet governors, ministers and owners of large companies in a relaxed atmosphere and discuss many topics here”, says Andrey Lugovoi, a member of the Russian parliament, who was also spotted in the corridors of the forum.
  Businesswomen are also represented in large numbers. “I think the entrepreneurial climate in Russia is good. Despite the sanctions, small and medium-sized enterprises are being given tools for growth through state support, new markets and technologies. This business forum is one of the platforms that provide such opportunities,” says Maria, an entrepreneur from St. Petersburg who is involved in franchising. “What impact have the Western sanctions had? I would say rather positive. After the switch to import substitution, small and medium-sized enterprises in Russia began to grow and expand, while large technology and industrial companies developed faster”, Maria continues.
  In the midst of this incessant flurry of business and negotiations, the few European journalists who are here seem to move like foreign bodies in the halls of the Forum, wavering between an affected boredom and a mocking attitude that wants to see in this forum nothing more than another show of Russian propaganda. At any fair there is certainly always a bit of spectacle for bemused and curious visitors, but to dismiss the Forum as simply a staging of the Kremlin propaganda machine to hypnotise naive foreign spectators is to fail to understand the significance of such an event as a reflection of Russian economic power. Thousands of people are working here with enthusiasm and commitment to build something big. And even if the performance of the Russian economy may be modest according to some indicators, it is clear that the Russian economy is the largest in Europe when adjusted for purchasing power.

New horizons

What becomes clear in St. Petersburg is that Russia’s “turn to the East” – or, to use another metaphor, the turn to the Global South – appears to be a completed and now irreversible process. It cannot be said that today there is the impression that Russia misses the West unbearably. The import substitution of Western goods – largely through Chinese analogues, which, prejudices aside, are in no way inferior to Western products in terms of quality and are technologically superior in many respects, but also through Russian production – has not only shown that Russia can manage quite well without the West, it has also given the economy a strong boost. One thing seems certain: the time of the “Western-orientated” Russia is over: new horizons are opening up before it and Russia has understood that it can manage without the West without really losing much in the process.
  “The current crisis will leave its mark for a generation”, says Stanislav Tkachenko, Professor of International Relations at St. Petersburg State University. “Russian politicians no longer regard Europe as a reliable partner.”
  Russia is clearly no longer interested in running after the West and imitating it in everything. The country now wants to go its own way and create its own destiny. It definitely no longer lacks self-confidence. •

First published on globalbridge.ch on 22 June 2025 (abridged)

(Translation Current Concerns)