Kremlin To Stage Annual 'Russian Davos' Sans Global Financial Elite

Russia has hosted world leaders and business titans at its annual economic forum in St. Petersburg for years, but the "Russian Davos" will see few of the global financial elite this time around, as Moscow is isolated by sanctions over its actions in Ukraine, according to Reuters.

Photo Insert: Russia has long compared the St Petersburg International Economic Forum (SPIEF) to the World Economic Forum (WEF), an annual high-level gathering of global VIPs in the Swiss Alpine resort of Davos to discuss global issues.

To compensate for the lack of attendees personifying Western economic might and star power, Russia is giving pride of place this week to smaller players or countries such as China - the world's second largest economy - that have not joined in sanctions.

"Foreign investors are not only from the U.S. and the European Union (EU)," Kremlin spokesman Dmitry Peskov said on Tuesday, referring to the Middle East and Asia. "Such investors and entrepreneurs are interested and will take an active part in the forum."

In 1997, the Kremlin established the St Petersburg International Economic Forum (SPIEF) to attract foreign investment, discuss economic policy, and project an image that the country was open for business following the fall of Soviet communist rule.

Russia has long compared SPIEF to the World Economic Forum (WEF), an annual high-level gathering of global VIPs in the Swiss Alpine resort of Davos to discuss global issues.

With Western leaders avoiding dealings with Russia, longtime President Vladimir Putin will not meet with political and business leaders from the United States and Europe.

On the published schedule for the June 15-18 SPIEF, there were no names of U.S. or European companies or CEOs, reflecting fears of punishment under the most sweeping sanctions regime ever imposed on a major power.

Even companies that have remained in Russia despite a general exodus of Western investors have not been listed. The head of the American Chamber of Commerce in Russia, along with his French and Italian counterparts, will speak at a session on Thursday titled "Western Investors in Russia: New Reality."

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