War, what war? Putin looks to woo new business partners willing to overlook its invasion of Ukraine

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Russia’s annual economic forum in St. Petersburg used to be known as the country’s “Davos” in a nod to the World Economic Forum that’s held in Switzerland every year. War in Ukraine has changed the dial in global geopolitical and trade relations, however. The days of scores of Western business leaders and heads of state attending the St. Petersburg International Economic Forum are long gone. Russian President Vladimir Putin is seen while visiting the Lakhta Center on June 5, 2024, in Saint Petersburg, Russia. Vladimir Putin visited a newly built Lakhta Center, a skyscraper of Gazprom, prior to his meetings at the Saint Petersburg International Economic Forum SPIEF 2024. Contributor | Getty Images News | Getty Images

Russia’s annual economic forum in St. Petersburg used to be known as the country’s “Davos” in a nod to the World Economic Forum that’s held in Switzerland every year.

War in Ukraine has changed the dial in global geopolitical and trade relations, however. The days when scores of Western business leaders and heads of state attended the St. Petersburg International Economic Forum, an event that enables Russia to showcase its economy and investment opportunities, are long gone.

Now, Russia is looking to use SPIEF to court new relationships with countries apparently less squeamish about doing business with a country that has invaded its neighbor — namely a number of countries in Asia, Latin America and Africa — and those willing to turn a blind eye to the war for their own economic interests, such as Russia’s oil and gas customers in eastern Europe, Slovakia and Hungary.

SPIEF is the latest effort in the Kremlin’s campaign to try to show that everything is still normal, Max Hess, fellow at the Foreign Policy Research Institute and author of “Economic War: Ukraine and the Global Conflict Between Russia and the West,” told CNBC Thursday.

“They trumpet and highlight international attendees and domestic propaganda, extremely, but except for a few of the usual characters like the Hungarian Foreign Minister [Peter Szijjarto], nobody new and notable is showing up and also no new major investments or deals will be agreed at this forum, at least not with major foreign countries,” he said.

A view of the stand of the Russian private bank Alfa-Bank during the 27th St. Petersburg International Economic

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