The St. Petersburg International Economic Forum (SPIEF) was launched in 1997 as a Russian equivalent to the Davos World Economic Forum, and for many years it provided a venue for Western businesses looking for opportunities to invest in Russia. But not anymore, and in the absence of foreign guests, Russian business elites were mainly trying to convince themselves that there was still plenty of money going around (Meduza, June 4). “Vanity fair for domestic consumption” – this apt definition by an opposition politician from St. Petersburg, a city still in partial lockdown due to the COVID-19 pandemic – captures perfectly the spirit of showing-off and fake joy (Moscow Echo, June 4). Russia’s President Vladimir Putin departed from his now habitual virtual leadership and addressed the carefully selected audience in person, but his assertion that the Russian economy showed resilience and proceeded on a track of recovery was delivered without much confidence and aroused scant enthusiasm (Kommersant, June 5).
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Russian Sukhoi Su-25 assault aircrafts release smoke in the colours of the Russian flag while flying over the Kremlin and Red Square in downtown Moscow on May 7, 2021, during a rehearsal for the Victory Day military parade.
