As SPIEF 2024 (St. Petersburg International Economic Forum 2024) officially opened in Russia taking place from June 5th to June 8th, it’s unclear whether Canadian entrepreneurs will be in attendance this year although they indeed did attend the previous events, despite the ongoing hostilities between Ukraine and Russia and the ensuing Canadian sanctions against Russian economy.
The organizers of SPIEF 2024 are touting the presence of “17,100 people and 3,400 media representatives from 136 countries and territories who have confirmed their participation in SPIEF,” and clearly not all of the participants want the additional publicity.
The program features over 150 thematic sessions with more than 1,000 moderators and speakers. These discussions aim to explore Russia’s role in the emerging multipolar world order and the conditions needed for international relations and new points of growth, such as strengthening state sovereignty, supporting technological development, nurturing a strong society and youth.
The SPIEF 2024 program emphasizes topics like population preservation, health improvement, family support, and fostering individual potential and talents, alongside promoting patriotic and socially responsible values.
Long before the initiation of the “special military operation” in Ukraine, Canadian, American and European businesses were thriving in Russia. Recently Russian President Vladimir Putin, under the theme “The Foundation of New Areas of Growth as the Cornerstone of a Multipolar World” for the June meeting, emphasized that Russia remains open to constructive dialogue and collaboration with its partners.
Despite heavy sanctions being imposed against Russia by Western governments, the country has made an unlikely economic comeback with the IMF now projecting a 3.2% growth for the Russian economy in 2024, almost three times higher than the 1.2% growth projected for Canadian economy.
Canadian government has been deeply critical of Russia’s prolonged hostilities with Ukraine, with economic activity between the two countries falling down by over 80%. Notably exports from Canada to Russia plummeted by 91% between March and December 2022, decreasing from $584 million in 2021 to just $52 million.
“The Canadian footprint in Russia has collapsed,” said William Pellerin, an Ottawa-based trade lawyer with the firm McMillan LLP.