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LIVE UPDATES: Day Three of St Petersburg International Economic Forum

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The St. Petersburg International Economic Forum (SPIEF) is an annual event that brings together political leaders, business executives, and experts from around the world to discuss and address key economic issues. This year, the forum is held between 14 and 17 June.

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LIVE UPDATES: Day Three of St Petersburg International Economic Forum

06:02 GMT 16.06.2023 (Updated: 05:26 GMT 17.06.2023)

On the third day of SPIEF Russian President Vladimir Putin will attend the forum, which this year is being held under the theme "Sovereign Development - the Basis for a Just World. Let us unite our efforts for the sake of future generations". The head of state will traditionally make a keynote speech at the plenary session of the forum.

High-ranking representatives from Algeria, India, Qatar, Pakistan, Venezuela, Hungary, Myanmar, Nicaragua and the United Arab Emirates (UAE) will also be present at the event. At this year's forum, the UAE enjoys the privileged "guest country" status, with Minister of Economy Abdulla Bin Touq Al Marri leading the country's delegation.

Follow Sputnik's live feed to find out more!

Table of contents

New firstOld first

19:50 GMT 16.06.2023

SPIEF Moderator Tells Sputnik What Putin is Prepared to Do to Protect Russia's Interests

Russian President Vladimir Putin shakes hands with veteran political scientist and former president and CEO of the Center for the National Interest Dimitri Simes at the St. Petersburg International Economic Forum. Friday, June 16, 2023. - Sputnik International, 1920, 16.06.2023

World

SPIEF Moderator Tells Sputnik What Putin is Prepared to Do to Protect Russia's Interests

16 June 2023, 19:45 GMT

14:49 GMT 16.06.2023

Putin: We Don't Need to Use Nuclear Weapons, But It is Possible if Russia's Existence is at Stake

14:26 GMT 16.06.2023

Leopard Tanks Now Up in Flames in Ukraine, F-16s to Face Same Fate, Vows Putin

13:49 GMT 16.06.2023

Russia Plays Important Role in Reducing Severity of Current Crises in World - Algerian President

13:35 GMT 16.06.2023

Putin: Ukraine Making New Counteroffensive Attempts, Clashes Ongoing Right Now, Including in Zaporozhye Direction, Kiev Has No Chances

13:32 GMT 16.06.2023

Putin on Ukraine's Counteroffensive: Kiev Already Lost 186 Tanks, 418 Armored Vehicles, Losses Growing Every Day

Screengrab of Russian Defense Ministry video showing Ukrainian tank destroyed by Russian strikes over the course of Kiev's attempted counteroffensive. - Sputnik International, 1920, 16.06.2023

Russia's Special Operation in Ukraine

Putin: Kiev Has Lost 186 Tanks, 418 Armored Vehicles, Losses Mounting

16 June 2023, 13:38 GMT

13:31 GMT 16.06.2023

Russian Defense Industry Enterprises Work in 2-3 Shifts, Production of Weapons Increased By 2.7 Times, Some Production Increased By 10 Times – Putin

The Russian defense industry enterprises are working double and triple shifts, President Vladimir Putin said on Friday, adding that production of weapons increased by 2.7 times.

“We have increased the output of military products by 2.7 times, and when it comes to the most needed equipment, [production] increased by 10 times, enterprises work in double or triple shifts,” Putin said during his address at the St. Petersburg International Economic Forum (SPIEF).

13:29 GMT 16.06.2023

Putin Says Russia Among Leaders in Sphere of ‘Digital State’ - Putin

Russia is among the world leaders in the sphere of "digital state," Russian President Vladimir Putin said on Friday.

"In many areas of such work on the use of new principles of the digital state, we are among the undisputed world leaders..., we need to strengthen these positions and go further," Putin said during his address at the St. Petersburg International Economic Forum (SPIEF).

13:17 GMT 16.06.2023

Putin Says Russia's Foes Used to Excess Profits Because of Monopoly

Russia's foes are used to gaining excess profits from their monopoly, they do not need any competitors, Russian President Vladimir Putin said on Friday.

"Of course, Russia has not only partners and friends in these markets, but also foe, let us call the that. They are used to gaining excess profits from their dominance and monopoly, including political monopoly. They just do not want other countries of the world to have an alternative to their planes, ships, medicines, banking systems, technologies and other goods and services," Putin said during his address at the St. Petersburg International Economic Forum (SPIEF).

13:09 GMT 16.06.2023

Putin Says Russia's Agro-Industrial Complex Supplies Reach New Maximum

Russian suppliers will update the record for wheat supplies to foreign markets this year, Russian President Vladimir Putin said on Friday.

"There are reasons to believe that this year our companies will take another step forward, update the record again," Putin said during his address at the St. Petersburg International Economic Forum (SPIEF).

For the past 10 years Russia has been consistently among the top five grain exporters, since 2016 it has been the world's largest supplier of wheat, and the country will actively participate in ensuring global food security and provide assistance to those in need, Putin added.

13:02 GMT 16.06.2023

Putin Calls Freezing of Russian Accounts Abroad Theft, Violation of All Legal Norms

Freezing of accounts of Russian businessmen abroad is a “violation of all legal norms” and can be described as a “robbery,” Putin said on Friday.

“Many of our businessmen were convinced of this by their own example when they were surprised to find that their accounts and assets were frozen in the West …In violation of all norms of our own and international legislation. Robbery, they just closed it, took it away, they don’t even explain why. They don't even want to talk,” Putin said during his address at the St. Petersburg International Economic Forum (SPIEF).

12:56 GMT 16.06.2023

Russian Banks Pass Strength Test - Putin

The capital base of Russian banks have passed the test on strength, President Vladimir Putin said on Friday.

"Domestic banks maintain high investment activity, their capital base has passed the test of strength,” Putin said during his address at the St. Petersburg International Economic Forum (SPIEF).

12:42 GMT 16.06.2023

Putin: Russia Has Every Opportunity To Develop 'Supply-Side Economy' Model

Russia has every opportunity to develop supply-side economics, President Vladimir Putin said on Friday during his address at the St. Petersburg International Economic Forum (SPIEF).

According to Putin, Russia needs a proactive economic policy, a transition to a sovereign economy that not only takes into account demand, but also forms it itself.

"Such an economy, it is often called a supply-side economy, involves a large-scale build-up of productive forces and services, the widespread strengthening of the infrastructure network, the development of advanced technologies, the creation of new, modern industrial capacities and entire industries … But the possibilities for this - scientific opportunities, creativity - we, of course, have,” Putin said.

12:38 GMT 16.06.2023

Vladimir Putin Speaks About State of Russia’s Economy After Foreign Companies Left Market

12:37 GMT 16.06.2023

About 90% of Settlements With EEU Countries in Rubles, With China 80% of Settlements in Rubles, Yuan - Putin

About 90% of settlements with the Eurasian Economic Union (EEU) countries are made in rubles, and over 80% of settlements with China are in rubles and yuan, Russian President Vladimir Putin said on Friday.

"I would also point to a noticeable progress in the use of national currencies in foreign trade. This is a separate big topic. Today, about 90% of settlements with the countries of the Eurasian Economic Union are made in rubles. More than 80% of settlements with China are in rubles and yuan," Putin said during his address at the St. Petersburg International Economic Forum (SPIEF).

12:36 GMT 16.06.2023

Russia Will Significantly Simplify Opening of Bank Account For Foreign Companies - Putin

Russia will significantly simplify the opening of a bank account for foreign companies, Russian President Vladimir Putin said on Friday.

"We will make it extremely easy to open a bank account in Russia for foreign companies. In this case, personal presence is not even required, of course, subject to all the requirements of the so-called anti-money laundering legislation," Putin said during his address at the St. Petersburg International Economic Forum (SPIEF).

12:34 GMT 16.06.2023

Russian President Vladimir Putin speaks at the plenary session of the St. Petersburg International Economic Forum on Friday, June 16, 2023. - Sputnik International, 1920, 16.06.2023

World

'Multipolar World Order Strengthening, This Process is Inevitable' - Putin

16 June 2023, 12:32 GMT

12:33 GMT 16.06.2023

Russian Foreign Trade Has $22.6 Billion Surplus in January-April - Putin

Russia’s foreign trade surplus has reached $22.6 billion in January-April, President Vladimir Putin said on Friday.

“In general, in January-April, our foreign trade is in positive territory by $22.6 billion,” Putin said during his address at the St. Petersburg International Economic Forum (SPIEF).

12:25 GMT 16.06.2023

UAE Hopes to Welcome 1Mln Russian Tourists This Year - President

President of the United Arab Emirates Mohamed bin Zayed Al Nahyan said on Friday that this year his country hopes to host 1 million Russian tourists.

"I believe that cooperation between the private sectors of the two countries plays a big role in the development of our bilateral relations. For example, bilateral tourism is developing greatly. We hope to welcome 1 million Russian tourists this year," Al Nahyan said at talks with Russian President Vladimir Putin on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

12:23 GMT 16.06.2023

Putin Expects Russia's GDP to Grow by About 1.5-2% by Year End

Russia's GDP growth by the end of 2023 may be about 2%, and in April it increased by 3.3%, Russian President Vladimir Putin said on Friday.

"I agree with those of our experts who believe that the growth [of GDP] will still be up to 1.5%, and maybe more — under 2%. This will help our country to keep its place among the leading economies of the world," Putin said during his address at the St. Petersburg International Economic Forum (SPIEF).