US to boycott Russia's St. Petersburg Economic Forum; calls on partners to join the move

In retaliation to Moscow's brutal war in Ukraine, the US on Saturday announced that it will boycott the flagship Russian investment forum in St. Petersburg. Taking to Twitter, US State Department spokesperson Ned Price asserted that the US government will not attend the Russian Economic Forum "in any capacity." Further, he also urged all international companies and partner governments to join the move in order to send out a clear message that "there is no business as usual" with Russia.

The St. Petersburg International Economic Forum will be held from June 15 to 18. It is conceived as a "leading world platform for communication between representatives of business circles and discussing key economic issues." At least 115 countries, including the UAE, Turkey, Venezuela, and Egypt are expected to be in attendance at the Russian convention, where Moscow will be attempting to diversify its relations while hoping to "establish an independent and efficient financial system." In a briefing on the conclave to discuss this year's theme 'New Opportunities in a New World' that holds significance in the wake of changing geopolitical scenarios, Russia stated that representatives from business unions of Italy, Canada and France are expected to participate. Egyptian President Abdel Fattah Saeed Hussein Khalil el-Sisi will be the primary guest of honour at the event.

The expansion of Moscow's investment and revenue is of significance after West-led sanctions on its exports and imports have hit the Russian economy. In addition, the suspension of major Russian investment banks from the SWIFT global messaging system also impacted the sensitive Russian financial sector. In view of the sweeping economic and financial sanctions, the World Bank in April estimated that Moscow could see the largest GDP collapse in 30 years- triggering a two-year-long recession.

Macron to visit Kyiv along with German and Italian counterparts

During the Russian Economic Forum, French President Emmanuel Macron, German Chancellor Olaf Scholz, and Italian Prime Minister Mario Draghi are expected to travel to Kyiv German newspaper Bild am Sontag reported citing government sources that the trio will embark on a journey to Ukraine in late June. This will be the first visit of the three leaders since Russia launched its war in Ukraine. However, there is no official confirmation on the trip yet.

(Image: AP)