The 29th St. Petersburg International Economic Forum opened on June 3, 2026, under the theme “Pragmatic Dialogue: the Path to a Stable Future.” As Russia’s elite and foreign guests gathered, Ukrainian drones struck the host city. One scored a direct hit on the corvette Boiky at the Kronstadt shipyard — the third Baltic Fleet warship Ukraine has successfully attacked from over 1,000 kilometers away without a navy of its own. The message was unmistakable: Russia’s flagship economic event is no longer safe.

SPIEF was once Russia’s Davos, where Western executives inked billion-dollar deals. That era is over. In 2026, the guest of honor was Saudi Arabia, and the audience was the Global South. Behind the glossy branding, a much darker conversation unfolded.