Unable to fulfill duty or obligation.
Sparking Progress in the Russian Economy
In the lively setting of the 28th St. Petersburg International Economic Forum (SPIEF) 2025, top-tier economic proposals and agreements were signed, illuminating a bold recovery strategy for businesses, a surge in scientific advancements, and a boost to industrial development.
Finance Minister Anton Siluanov, with an eye to international equality, proposed a mechanism to make foreign investments in Russia more welcoming, particularly for nations either friendly or unfriendly. In related news, Siluanov hinted no plans for increasing the tax burden on businesses to bolster the budget.
Sberbank CEO German Gref addressed the economic landscape as an "ideal storm," illuminating pitfalls such as elevated key interest rates and productivity gaps with developed countries. In the face of these challenges, state-owned companies in sectors like energy, transport, and finance are prime candidates for privatization, Siluanov announced.
Vice-Premier Alexander Novak suggested a call for lowering the Central Bank's key rate and transitioning from economic cooling to heating, given mounting indicators. Meanwhile, housing prices in Russia may climb in the coming years according to Vice-Premier Marat Khusnullin, due to inflation and reduced supply.
The Russian Ministry of Transport is pitching a transformation into a Ministry of Infrastructure and Logistics, as Vice-Premier Vitaly Savelyev revealed. American Chamber of Commerce in Russia head Robert Eid hinted at a potential resumption of direct flights between Russia and the U.S. by year-end.
Russian Railways plans to begin quantum communication services to external subscribers as early as 2026, CEO Oleg Belozorov declared. Prosecutor General Igor Krasnov advocates for the scrapping of mandatory licensing for certain businesses.
In the wake of the SPIEF, security measures have been heightened, causing connectivity issues within the event area, according to Dmitry Peskov, Press Secretary of the Russian President. Russia and Kazakhstan signed a plan for constructing a nuclear power plant at the forum, while a preliminary agreement on a free trade zone with Indonesia is set to be signed during the event.
The first deep-water marine terminal for metal products in Russia, slated for construction in the port of Novorossiysk, will reportedly exceed 120 billion rubles in investment, as per Krasnodar Krai Governor Veniamin Kondratyev. A significant agreement between Gazprombank, AO "Dorogi i Mosty," and the federal developer company DOGMA outlined plans for building the Northern bypass of Omsk.
The Ministry of Culture and state corporation Rosatom signed an agreement, emphasizing cooperation in cultural endeavors, while Sber and DOGMA agreed to expand their collaboration in areas like banking products, marketing, and technological interaction.
SPIEF 2025, themed "Shared Values: The Foundation of Growth in a Multipolar World," drew 350 events, including 24 business dialogues with major partners, cementing the forum's international outlook. A total of 1,060 agreements, valued at 6.3 trillion rubles ($80.3 billion), were signed during the event, projecting optimism about business relations amid global economic challenges. Significant attention was given to the local development of St. Petersburg—67 agreements, including over 40 investment deals worth 1.0288 trillion rubles ($13.1 billion), were inked. These deals seek to enhance the scientific and industrial potential of the city by focusing on topics such as science, cutting-edge industry, and new technologies through 2030.
Finance Minister Anton Siluanov plans to implement a mechanism to attract more foreign investments in Russia, including from nations that may not be traditionally friendly.In his address at SPIEF 2025, German Gref, CEO of Sberbank, advocated for privatization of state-owned companies in sectors like energy, transport, and finance to boost the economy.
