clearn.png
Monday October 3rd, 2022 3:30AM

Russia's economic forum to be far smaller but moves forward

By The Associated Press
Related Articles
  Contact Editor

MOSCOW (AP) — Organizers of Russia's showpiece investment gathering are telling foreign participants to be sure to bring cash — not necessarily for making investments, but for spending money.

With Russia under wide sanctions after sending troops into Ukraine, most foreign bank cards don't work in the country. The advice for those at the St. Petersburg International Economic Forum, which starts Wednesday and runs through Saturday, is a quiet acknowledgment of the economic difficulties Russia faces as it tries to promote itself to international businesses.

The attendance list is another sign of Russia's uncertain economic prospects. As of early June, about 2,700 business representatives from 90 countries were expected to attend — far below the 13,500 participants from 140 countries reported last year.

Organizers did not provide a list of foreign businesses attending, but the program for the more than 100 panel discussions showed few speakers from outside Russia. Some were from China, and the trade minister of the United Arab Emirates is scheduled.

The forum, often characterized as Russia's analogue of the World Economic Forum in Davos, Switzerland, aims to portray the country as orderly and full of attractive opportunities for clever and adventurous investors. This year's program carries the theme to an extent that is overly optimistic for Russia's straitened circumstances.

Several sessions focus on developing Russia's tourist potential, despite the difficulty of foreigners even getting to the country amid flight bans by Western countries. Another session proclaims Russia as “The Land of Opportunity” but its introduction complains that “the policy of ‘abolishing Russian culture’ abroad, closing borders and interruption of banking services makes it difficult to choose Russia as a place to study or work.”

Less than four months after wide-ranging sanctions were imposed and hundreds of foreign companies pulled out of Russia, the full effect on the Russian economy is unclear.

Shuttered storefronts give Moscow's shopping malls a foreboding atmosphere, but officials claim Russian entrepreneurs can step in to revive the consumer economy — as shown over the weekend when a Russian tycoon opened the first of the restaurants he bought from McDonald's.

The ruble, after losing half its value in the early days of the Ukraine conflict, has strengthened to levels not seen in several years after Russia imposed strict financial measures like capital controls, a heartening image for Russians but possibly a long-term problem making exports more expensive.

One of the most closely watched sessions at the forum is likely to be Thursday's panel on Russia's economic prospects featuring heavyweights including Finance Minister Anton Siluanov and Elvira Nabiullina, head of Russia's central bank.

Nabiullina so far has given ambiguous assessments, saying recently that “the effects of the sanctions are less acute than we feared ... but it is premature to say that the full effect of the sanctions has manifested itself.”

One of the forum's most popular events won't be held: President Vladimir Putin's question-and-answer session with executives of major international news organizations. Instead, he will meet with the heads of Russian news media and “front-line reporters” from Russia's military operation in Ukraine, according to Kremlin spokesman Dmitry Peskov.

Denis Pushilin, leader of the Ukrainian separatist Donetsk People's Republic, has announced he plans to attend the forum. A representative of the Taliban also is expected, although Russia formally designates the Taliban as a terrorist group.

  • Associated Categories: Associated Press (AP), AP National News, AP Online National News, AP Business, AP Business - Economy
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Russia's economic forum to be far smaller but moves forward
Russia’s showpiece investment gathering begins Wednesday, and organizers are telling foreign participants to be sure to bring cash — not necessarily for making investments, but for spending money
4:57AM ( 4 minutes ago )
European Central Bank to gather after borrowing costs rise
The European Central Bank’s rate-setting council will hold an unscheduled meeting “to discuss market conditions” as borrowing costs for several countries have risen after the bank said it would raise interest rates
4:45AM ( 16 minutes ago )
UK vows more Rwanda deportation flights after legal setback
The British government is vowing to organize more flights to deport asylum-seekers to Rwanda after a last-minute court judgment grounded the first plane due to take off
4:43AM ( 18 minutes ago )
Associated Press (AP)
Study: Facebook fails to catch East Africa extremist content
A new study has found that Facebook failed to catch Islamic State group and al-Shabab extremist content in posts aimed at East Africa as the region remains under threat from violent attacks and Kenya prepares to vote in a closely contested national election
2:59AM ( 2 hours ago )
Asian stocks mixed ahead of Fed rate hike decision
Asian stock markets are mixed ahead of the Federal Reserve’s announcement of how sharply it will raise interest rates to cool U.S. inflation
2:43AM ( 2 hours ago )
China's factory activity rebounds as anti-virus curbs ease
China’s factory output rebounded in May, adding to a recovery from the latest economic slump induced by COVID-19 curbs
1:46AM ( 3 hours ago )
AP Business
Mills, LePage look ahead to November in Maine governor race
Former Maine Gov. Paul LePage is seeking a political comeback
8:03PM ( 8 hours ago )
Biden to visit 'pariah' Saudi Arabia and Israel next month
President Joe Biden will make his first trip to the Middle East next month with visits to Israel, the occupied West Bank and Saudi Arabia
6:23PM ( 10 hours ago )
Biden focuses on workers as high inflation remains a risk
President Joe Biden has told the largest federation of labor unions that he’s rebuilding the U.S. economy around workers
5:52PM ( 11 hours ago )
AP Business - Economy
European Central Bank to gather after borrowing costs rise
The European Central Bank’s rate-setting council will hold an unscheduled meeting “to discuss market conditions” as borrowing costs for several countries have risen after the bank said it would raise interest rates
4:45AM ( 16 minutes ago )
UK vows more Rwanda deportation flights after legal setback
The British government is vowing to organize more flights to deport asylum-seekers to Rwanda after a last-minute court judgment grounded the first plane due to take off
4:43AM ( 18 minutes ago )
Laxalt's Nevada win sets up fierce race for Senate control
Adam Laxalt, a former state attorney general who has embraced lies about the 2020 election, has won the Republican nomination for a pivotal Nevada Senate seat
3:47AM ( 1 hour ago )
Election 2022 Takeaways: Big Trump win, Nev. Senate race set
Donald Trump has notched a significant victory in South Carolina, where his preferred candidate made five-term Rep. Tom Rice the first Republican to be booted from office after voting to impeach the former president last year
3:45AM ( 1 hour ago )
Gonsolin earns 8th victory, Dodgers edge Angels 2-0
Tony Gonsolin tossed 6 1/3 strong innings, Mookie Betts hit his 17th home run and the Los Angeles Dodgers held off the Los Angeles Angels 2-0 in their Freeway Series opener
3:37AM ( 1 hour ago )