Putin seeks new allies to counter Western isolation

Moscow is turning towards countries in Asia, Latin America, and Africa. Vladimir Putin is also reaching out to European countries prioritizing their economic interests, such as those in Eastern Europe, Slovakia, and Hungary, significant Russian oil and gas recipients. This strategy aims to secure new business partners.

The days when dozens of Western business leaders and heads of state participated in the St. Petersburg International Economic Forum (SPIEF) are long gone. Now, Moscow is seeking new business partners, reports the CNBC portal.

Putin intends to use the forum to forge new relationships with countries that are willing to overlook the invasion of Ukraine and engage in business with Russia despite its actions.

"This year’s program includes sessions on expanding Russian development of the Arctic, the expansion of the BRICS group of economies and Russia’s car industry. There’s also sessions on "Family Values," another keystone of Russian President Vladimir Putin’s fifth term in office, and Russia’s relationship with the West," lists CNBC.

Moscow is turning towards countries in Asia, Latin America, and Africa. Vladimir Putin is also reaching out to European countries prioritizing their economic interests, particularly those in Eastern Europe, Slovakia, and Hungary, which are significant Russian oil and gas recipients.

Despite being isolated by the West and Ukraine's allies, Russia is keen to demonstrate that it remains open for business with foreign countries.

"Russia says Western sanctions on its critical industries have made it more self-sufficient and that private consumption and domestic investment remain resilient. Meanwhile, continuing oil and commodity exports to the likes of India and China, as well as alleged sanctions evasion and high oil prices, have allowed it to maintain robust oil export revenues," explains CNBC.