Russia’s big money meet faces tough questions on war and weak economy

Every year since 2019, Russia hosts its own version of Davos in St. Petersburg. This time the timing is terrible. Hours before the doors opened, missiles slammed into Kyiv in retaliation for a dormitory strike in Luhansk. The official schedule never says “Ukraine, ” but the shadow of war is everywhere. Inside the high-security site, a small group of outsiders rub shoulders with Russian officials and oligarchs. A U. S. right-wing influencer, a German billionaire, and even a possible visit from a controversial internet personality show how isolated Moscow has become. Western governments still shun the event, so the Kremlin is happy to welcome anyone willing to show up.Numbers tell the real story. Back in 2013, before Crimea and sanctions, Russia’s economy was worth 2. 3 trillion dollars. Today it is only 2. 9 trillion, barely a rounding error next to NATO’s 45 trillion. Growth has slowed to a crawl—just 0. 4 percent expected this year—while inflation and a strong rouble make life harder for ordinary people. Behind the scenes, officials admit a hard choice: spend more on guns or give the economy a break. One former central banker put it bluntly—keep financing the war and watch incomes fall, or cut military cash and risk recession. Either way, the public feels the squeeze. The guest list mixes business with politics. A Saudi energy minister chats about oil with Putin’s oil chief. A German retailer still runs stores in Russia despite sanctions. An American commentator plans to talk about big families and careers. None of them can ignore the elephant in the room: can Russia grow while it wages war?