Steve Rosenberg: Russia's economic forum overshadowed by drone attacks on St Petersburg
Ukraine’s drone attacks and Putin’s refusal to talk with Zelensky overshadowed Russia’s flagship economic forum in St Petersburg.
Intelligence analysis by GPT-5.4 Mini
BBC Russia editor Steve Rosenberg says the forum’s polished image clashed with smoke from drone attacks and a war that keeps pressing on Russia’s economy. Inside, Putin projected confidence; outside, the conflict and sanctions kept intruding.
Russia threw a big business party to show everything was fine, but drones and smoke made the war impossible to ignore. It was like trying to host a birthday party while a fire alarm kept going off in the background.
Analysis
What happened
Russia’s flagship St Petersburg International Economic Forum was meant to showcase confidence, investment and stability. Instead, Ukrainian drone attacks on the opening and closing days made the war impossible to ignore, with the most lasting image described as a thick plume of smoke over the city.
Putin’s message
At the forum, Vladimir Putin tried to project certainty. He dismissed Volodymyr Zelensky’s open letter calling for a meeting in a neutral country, criticizing its tone and saying there was “no point” in meeting him. Putin instead repeated the line that the war must be carried through by Russian soldiers on the frontline, signaling no willingness to end the war on terms other than his own.
The economic strain
The article says Russia’s economy is under pressure from war and sanctions. It notes stalled growth in most sectors, with economists using words like stagnation and, in some areas, decline. The war is also drawing heavily on human and financial resources. Business owners in Lipetsk told Rosenberg they were struggling to stay afloat.
The forum’s contrast
Inside the congress hall, officials and friendly guests praised resilience and stability. Outside, the conflict kept breaking through that image. Even when Russian officials answered questions about the war, they tended to quote Putin rather than offer their own view, underscoring how tightly the Kremlin controls the public line.
Key points
- Ukrainian drones hit the St Petersburg area on both the opening and closing days of the economic forum.
- The most striking image of the event was a large plume of smoke over the city.
- Zelensky publicly предложed a meeting with Putin in a neutral country to discuss peace, but Putin rejected it.
- Putin presented Russia’s economy as stable, while the article says war and sanctions are causing pressure and stagnation.
- The forum’s polished presentation clashed with the reality of war outside the venue.
If the pressure from the war and sanctions pushes leaders toward talks, Zelensky’s offer of a meeting in a neutral country could become a starting point. The forum also showed Russian officials still trying to attract investment, and lower interest rates could help businesses if policy shifts in that direction.
If the fighting continues, the drone attacks and battlefield losses will keep undermining Russia’s claim of stability. The article also suggests the economy is already under strain, with stagnation, possible decline in some sectors, and small businesses struggling to stay afloat.
