Russian President Vladimir Putin at the St. Petersburg International Economic Forum (SPIEF) - Sputnik International

LIVE UPDATES: Day Two at St.Petersburg International Economic Forum

This year, the St. Petersburg International Economic Forum (SPIEF) is expected to bring together at least 14,000 guests, including heads of state and governments, corporate leaders, famous researchers, and many others. The event is also hosting a considerable vast Chinese delegation, led by President Xi Jinping.

Russian President Vladimir Putin has delivered an address at the plenary session of the 2019 St. Petersburg International Economic Forum (SPIEF).

SPIEF is an annual Russian business forum held in St. Petersburg since 1997. The event is taking place on 6–8 June at the ExpoForum Convention and Exhibition Centre.

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22:29 GMT 07.06.2019

Russian Economic Development Minister Maxim Oreshkin said on the results of the meeting that the businesspeople discussed not only the ongoing work but also the projects that are needed for future work and development of their businesses in Russia.

"No political issues were on the agenda. It was a business discussion so business topics were addressed", Oreshkin told reporters when asked if the case of Baring Vostok founder Michael Calvey, who was under home arrest in Russia on embezzlement charges, was discussed during the meeting.

22:16 GMT 07.06.2019

Foreign investors spoke about their optimism with regard to their work in Russia during their meeting with Russian President Vladimir Putin, Deputy Prime Minister Maxim Akimov has said on the results of the event, adding that the meeting was very good and constructive.

"There were a lot of digital [economy] and innovation issues on the agenda; and very constructive and promising suggestions by the companies on the development of not only their businesses but the improvement of the regulatory environment and the environment supporting innovation and investment. There were very kind, good and constructive discussions … They said they were very optimistic about their presence in Russia", Akimov told reporters on Friday.

The deputy prime minister added that the businesspeople presented their plans for future work. The official noted there were a lot of representatives of European companies and US investors among the meeting participants.

Akimov continued by saying that the discussions were focused on national projects in education, healthcare,  and other areas. The participants discussed the educational agenda, human resources training and other incentives for the implementation and development of such projects.

"It was a very high-level discussion. There were no questions concerning tax regulations, debt, liabilities or customs issues", Akimov concluded.

21:41 GMT 07.06.2019
20:09 GMT 07.06.2019

The participation of UN Secretary-General Antonio Guterres in the St. Petersburg International Economic Forum gives the business event a special status, Russian President Vladimir Putin said on Friday.

"I hope you find [the forum] constructive and useful. And your presence also gives it a special status", Putin said at a meeting with Guterres. Putin also stressed that Russia was satisfied with its constructive relations with the United Nations and its institutions, and strongly supported the strengthening of the UN's central role in international affairs.

Guterres, on his part, thanked the Russian president for inviting him to the SPIEF.

19:41 GMT 07.06.2019

The issue of Russia sanctions was not discussed at Russian President Vladimir Putin's meeting with the international business community, Russian Deputy Prime Minister Maxim Akimov told reporters on Friday on the margins of the St. Petersburg International Economic Forum.

19:38 GMT 07.06.2019

Russia's national projects on economic and social development are a rich source of opportunities for cooperation between Russian and foreign businesses, Russian President Vladimir Putin said during a meeting with foreign managers on the sidelines of the SPIEF on Friday.

"Work on national projects is an extensive ground for cooperation and partnership and for joint initiatives of Russian and foreign entrepreneurs. And I very much count on that in this regard not do you only understand us, but tune into joint work", Putin said.

He pointed out that many of the forum’s attendees have moved their businesses to Russia and have successfully worked there for a long time.

In 2018, Putin issued the decree on the development of national projects in 12 areas to improve Russia's social and economic indicators and the overall standard of life.

19:34 GMT 07.06.2019

A meeting of Russian President Vladimir Putin with representatives of foreign businesses was dedicated to the participation of foreign investors in Russia's national projects, Russian presidential aide Andrei Belousov told reporters on Friday.

"I can only say that the entire meeting was dedicated to the participation of foreign business in national projects", Belousov said on the sidelines of the forum.

19:32 GMT 07.06.2019

Russian President Vladimir Putin held a meeting with Minister President of the Free State of Saxony Michael Kretschmer on the sidelines of the SPIEF, the Kremlin press office informed on its website on Friday.

"Vladimir Putin met with Minister President of the Free State of Saxony Michael Kretschmer on the sidelines of the St Petersburg International Economic Forum", the Kremlin said.

17:48 GMT 07.06.2019

"The contract has not been signed", Sergei Chemezov, CEO of Russia's state corporation Rostec, said on the side-lines of the St. Petersburg International Economic Forum (SPIEF).

17:30 GMT 07.06.2019

"We do not see any special risks, because we are one of the largest oil producers in the world", Novak said in an interview with NTV, on the side-lines of the St. Petersburg International Economic Forum (SPIEF).

"Our share of the market is about 11 percent, and in our strategy we foresee keeping the production volumes at the achieved level for the next 20 years", the minister emphasised.

17:29 GMT 07.06.2019

“This is a modernisation of Cuba’s railroad network, which should improve the flow of goods in Cuba threefold... Today, this intergovernmental agreement was signed, the cost of this project is a little less than $1 billion”, Borisov said on the Rossiya 24 TV channel, when asked whether any contracts had been signed at the St. Petersburg International Economic Forum (SPIEF).

17:29 GMT 07.06.2019

"In the period up to 2030-2035, we could reach more ambitious figures, such as LNG production at 100-120 million tonnes overall, there is a resource base for this and, most importantly, the infrastructure on Yamal has been built", the minister said in an interview with the NTV television channel on the side-lines of the St. Petersburg International Economic Forum (SPIEF).

16:27 GMT 07.06.2019

"The issue of the North Korean nuclear programme is very serious and important not only for the region, but for the entire world. I absolutely agree, and we are paying much attention to it with our Chinese friends. Of course, I want to confirm what President Xi Jinping said now, the key role should be given to the countries between which there is a major dispute - the United States and North Korea", Putin said.

"But at the same time, it is necessary to admit that [North] Korea, for its part, is fulfilling certain obligations: it has stopped tests and eliminated one of the test sites there. We hear that the American partners are saying that 'no, this is not enough'. Maybe not enough, but that's what they agreed on", he said.

16:22 GMT 07.06.2019
14:46 GMT 07.06.2019
14:25 GMT 07.06.2019
14:17 GMT 07.06.2019

"We are open to working with everyone, including the US. There, however, we have a tiny turnover. It used to be 30 billion, under Obama it fell to 20; now, with Donald Trump, it has grown by five billion, despite the fact that I think he has imposed various restrictions 30 times", Putin said when asked whether trade relations with China could replace Russia's economic relations with Europe.

13:50 GMT 07.06.2019
13:38 GMT 07.06.2019

"We are not in a military alliance with China. We are strategic allies, we are not working against anyone; we are working for the benefit of ourselves and our partners. We are not going to replace or substitute anything", Putin said, responding to a question of whether trade relations between Russia and China could replace Russia's economic ties with the West.

13:36 GMT 07.06.2019

“We do not oppose anything or anyone, we are ready to work with everyone”, he said.

13:31 GMT 07.06.2019
13:22 GMT 07.06.2019

"[The world is currently facing] a policy of unlimited economic egoism. But this is the path toward endless conflicts, including trade wars and other wars, but this is also a fight without rules in which all turn on each other”, he said.

According to the Russian president, the United States is "extending its jurisdiction to the whole world" and is turning "the universalist model of globalisation" into a parody.

"Such a model not only contradicts the logic of normal communication between the nations in a complex multi-polar world but also fails to meet the challenges of the future", Putin added.

12:38 GMT 07.06.2019

"China will consistently expand openness, in particular, access to the market, create a favourable environment for competition. We will be a strong supporter of economic globalisation... China is ready to share technological inventions and know-how, in particular, 5G technology, with all partners", the Chinese president stated.

12:07 GMT 07.06.2019

"It is obvious that in order to design a more sustainable and equitable model of development, new agreements will be required. They [should] not only be, as they say, clearly spelled out but, above all, respected by all", the president noted.

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12:03 GMT 07.06.2019

"This [Nord Stream 2 project] does not fit the logic and does not correspond to the interests of those who are used to exclusivity and permissiveness within the existing universal model, those who are used to the fact that others have to pay their bills. This is the reason that the project is endlessly facing obstacles", Putin stressed.

"The project aims to improve Europe's energy security and to create new jobs. It fully meets the national interests of all participants — both European and Russian. If it were otherwise, we would not see our European partners [joining the project]. Who would join it against their will? [The partners] have taken part in the project because they are interested in its implementation", he added.

12:00 GMT 07.06.2019

The US-promoted model of dominance leads to endless conflicts, trade wars, and other rows; this is a free-for-all fight without any rules, he added.

11:47 GMT 07.06.2019

The Russian president stressed that global trust in the American currency has been decreasing, adding that the role of international economic institutions should be strengthened in order to boost economic growth.

Participants listen to Russian President Vladimir Putin, who delivers a speech during a session of the St. Petersburg International Economic Forum (SPIEF), Russia June 7, 2019 - Sputnik International
11:43 GMT 07.06.2019
11:29 GMT 07.06.2019
10:32 GMT 07.06.2019

According to the Russian president, Moscow will continue to ensure special conditions for Chinese businesses working in areas along the border.

09:53 GMT 07.06.2019

"The US policy towards Iran is well-known. We don’t really condone it, sanctions for political reasons ... Sanctions hurt people more than governments ... people of any country whether in Iran or others, when they are subjected to economic sanctions, especially on the source that generates revenues substantially and significantly — this is very hurting. I don’t think any human being would like to see other people suffer because of political differences", Iraqi Oil Minister Thamir Ghadhban told Sputnik.

Ghadhban pointed out that Iraq had been under UN sanctions for over a decade "and it was terrible".

09:06 GMT 07.06.2019

Saudi Energy Minister Khalid Falih said Friday that the country's oil production was 9.65 million barrels daily in May, which is lower than the level of 10.3 million barrels daily envisioned by the OPEC-non-OPEC deal.

The minister also said at the St. Petersburg International Economic Forum that Saudi Arabia could easily bring production to 12 million barrels daily, but would not do so as the move would tip the balance of the global energy market.

08:08 GMT 07.06.2019

"I have met many of the companies here, with the chairman of Lukoil. We discussed oil and gas ... We are offering exploration opportunities in the western desert of Iraq, one-third of which is still unexplored and has very high potential in all blocks: oil, gas and condensate. We also have an interest in capturing flared gas and already have signed a number of contracts. We need further cooperation with other interested parties to utilize the gas. We are also embarking on the petrochemical industry. Furthermore, we are expanding our refining capacity", Iraqi Oil Minister Thamir Ghadhban after a meeting with the CEO of Russian oil giant Lukoil, Vagit Alekperov.

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