SPIEF proceeds amid drone strikes as Russia pivots to Global South and US cultural delegation

The St Petersburg International Economic Forum (SPIEF) commenced on Wednesday in St Petersburg, drawing approximately 20,000 guests from more than 130 countries. The three-day event, often described as the “Russian Davos,” is proceeding as planned despite a security breach that occurred hours before delegates arrived. Ukrainian drones struck energy facilities and a naval base in and around the city, located roughly 16km from the forum venue. Russian authorities reported that air defences intercepted 59 drones overnight, affecting three districts of the city.

The attacks temporarily disrupted operations at Pulkovo Airport and caused mobile internet outages, though no fatalities were reported from the strikes. The incident underscores the escalating capacity of Ukraine’s defence sector to target Russian infrastructure, a capability that has developed significantly since the full-scale invasion began. For Moscow, the forum has evolved from its origins in 1997 as an investment showcase into a primary platform for projecting political influence and cultivating ties with nations outside the Western sphere.

This year’s gathering highlights Russia’s strategic pivot toward the Global South amid prolonged estrangement from Western governments and multinational corporations. Notable attendees include Chinese Vice President Han Zheng, who is expected to meet separately with President Vladimir Putin on June 6. Also present are Uzbekistan President Shavkat Mirziyoyev and Tanzania’s President Samia Suluhu Hassan, whose visit marks the first by a Tanzanian leader to Moscow since 1969. Saudi Arabia is the guest country, represented by Energy Minister Prince Abdulaziz bin Salman Al Saud.

A significant development in the diplomatic landscape of the forum is the presence of an official US delegation, the first such participation at a major Russian investment forum since before the Ukraine war. Rodney Mims Cook Jr, chairman of the US Commission of Fine Arts and appointed by President Donald Trump, is attending to participate in a session titled “Russia-USA: A Cultural Dialogue.” The American Chamber of Commerce in Russia and the Roscongress Foundation are also organising a separate business forum to explore potential cooperation between Russian and US companies.

The programme reflects a broader focus on information warfare and media influence, featuring a panel with Russian Foreign Ministry spokesperson Maria Zakharova titled “Your Words are Like Bullets: How Information Has Transformed into the Most Powerful Weapon of the Modern Era.” The event also attracts a mix of controversial figures, including actor Steven Seagal, conservative commentator Candace Owens, and social media personalities Andrew and Tristan Tate. German retail billionaire Thomas Bruch is scheduled to discuss the continued operations of approximately 1,800 German companies in Russia, signalling ongoing economic links despite deteriorating political relations.