Russian President Vladimir Putin will take part in the plenary session of the 26th St. Petersburg International Economic Forum (SPIEF) on June 16, and will deliver a speech outlining his views on the development of the global economy and Russia, according to Kremlin spokesman Dmitry Peskov.
Mr. Peskov said on Channel One on June 15 that in his speech at SPIEF this year, Mr. Putin could give an assessment of the Russian economy and highlight the main prospects.
“At the very least, we can expect a very long speech from the Head of State. Indeed, a rather long speech has been prepared,” Mr. Peskov said.
“First of all, we can expect an assessment of our economy over the past year,” the spokesman noted. “This is the most important thing. You know that the President always likes to give a detailed assessment at the Forum and will probably outline the main prospects.”
Not afraid of great pressure
The 26th St. Petersburg International Economic Forum (SPIEF) – Russia’s annual economic and business event – was held from June 14-17. The theme of this year’s forum is: “ Sovereign Development – The Foundation of a Just World: Uniting for Future Generations”.
In an interview with Izvestiya Studio on June 15, on the sidelines of the forum taking place in St. Petersburg – Russia’s second largest city and a financial and industrial center – Russian Finance Minister Anton Siluanov said that Russia has successfully coped with unprecedented pressure from the Western bloc.
At the 26th St. Petersburg International Economic Forum (SPIEF) from June 14-17, 2023, many businessmen expressed confidence in the Russian economy. Photo: Sputnik
“In general, we have succeeded in coping with unprecedented pressure on our country,” Mr. Siluanov said.
Russia has a “fundamental” understanding of how to respond to specific challenges and is not afraid to face the risks of greater pressure, the finance minister said. “We have mastered how to work in this new environment,” he added.
Often referred to as the “Russian Davos”, SPIEF 2023 brings together business leaders, scientists , entrepreneurs, politicians and public figures to discuss issues related to both the Russian and global economies.
Unlike previous forums, this year the Organizing Committee did not announce in advance which countries' representatives had confirmed their participation. However, at the forum, many businessmen expressed confidence in the Russian economy.
The Russian economy has proven resilient to external shocks, and some Russian producers, despite losing some international customers, have been able to replace goods from foreign producers who have left the market, said Pavel Lyakhovich, head of the polymer unit of Moscow-based Sibur Petrochemicals.
Adapt and evolve
“For example, at Sibur we have developed polymers suitable for the packaging and medical industries that previously had to be imported. In addition, Russian exporters have successfully redirected their exports from West to East.”
Last year, the petrochemical giant managed to maintain net profit at 2021 levels, Lyakhovich said. Sibur has launched new products, such as various polymers, specialty chemicals and others, to replace imports.
In addition, the company increased sales to China and Southeast Asia last year and is planning to increase sales in other international markets, he said.
The Magnitogorsk plant in Russia's Chelyabinsk region is one of the world's largest steel plants. Photo: Russia Business Today
Alexander Shevelev, CEO of Severstal, one of Russia's largest mining and steel companies, shares Mr. Lyakhovich's view.
After an 8% drop in output last year, Severstal plans to restore production to previous levels by rebuilding its supply chain and redirecting 80% of total sales to the domestic market and new foreign markets, including Asia.
“Obviously, Russia’s export-oriented industries, including steel, are among the hardest hit by Western sanctions,” Shevelev said. “Russia is a major steel exporter. Russian enterprises produce about 70 million tons of steel a year, and only 40 million tons are consumed domestically. As a result of Western sanctions, our important export markets have been closed. So we all have had to adapt significantly.”
“The good news is that the decline in metal consumption in Russia last year, which was only 3%, was not as severe as previously thought,” Shevelev said, adding that all steel-consuming sectors showed relative stability in the current conditions, including thanks to state support measures .
Minh Duc (According to TASS, China Daily)
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