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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).

12:20 GMT 16.06.2023

Putin on Foreign Companies Remaining to Work in Russia: We Consider Them to Be Domestic

12:15 GMT 16.06.2023

Russia Never Expelled Anyone From Russian Market, Everyone Has Right to Choose - Putin

If foreign companies want to return to Russia, we will not close the doors for anyone, but create conditions; Russia has never expelled anyone from its market, Russian President Vladimir Putin said on Friday.

"You know very well, we have never expelled anyone from our market, from our economy. On the contrary, they offered to weigh the pros and cons, think well about their Russian partners and the possible consequences of such a step. Each of our partners had the right to choose," Putin said during his address at the St. Petersburg International Economic Forum (SPIEF).

If foreign companies want to return to Russia, we will not close doors for anyone, but create conditions, the president said, adding that the authorities will support the new Russian owners of the former foreign companies in country.

"Those [companies] that stayed with us are working and are going to work from foreign companies, we consider them to be domestic producers too," Putin said.

12:13 GMT 16.06.2023

Putin Says Russia Gradually Reducing Dependence on Oil, Gas, This Trend Gaining Momentum

The trend of reducing oil and gas dependence is gaining momentum in Russia, Russian President Vladimir Putin said on Friday.

"The Russian part of the audience probably remembers and knows, we have always said: 'When will we get off the oil and gas needle?' Well, this trend is gradually gaining momentum," Putin said during his address at the St. Petersburg International Economic Forum (SPIEF).

12:12 GMT 16.06.2023

Putin: Russia Must Increase Defense Spending to Ensure Country's Security

Russia must to increase spending on strengthening the defense and security of the country, this must be done to protect sovereignty, Russian President Vladimir Putin said on Friday.

"Naturally, additional funds were needed to strengthen defense and security, and to purchase weapons. We must do this to protect the sovereignty of our country. I must say that in general, and it justifies itself, including from an economic point of view," Putin said during his address at the St. Petersburg International Economic Forum (SPIEF).

12:10 GMT 16.06.2023

Russia's Unemployment Rate Down to 3.3%, Never Been So Low Before - Putin

12:09 GMT 16.06.2023

Inflation in Russia Lower Than in Many Western Countries and Close to Historical Low of 2.9% - Putin

Inflation in Russia is now lower than in many Western countries and is close to its historical low, Russian President Vladimir Putin said on Friday, adding that it amounts to 2.9%.

"We have maintained a responsible, balanced budgetary and monetary policy. Their effective combination made it possible to reach the minimum figures of unemployment, as well as inflation, which is now lower in Russia than in many Western countries — both in the eurozone and in other regions — and is close to the historical minimum, is 2.9%," Putin said during his address at the St. Petersburg International Economic Forum (SPIEF).

12:01 GMT 16.06.2023

Russia

Putin Takes Part in SPIEF 2023 Plenary Session

16 June 2023, 12:00 GMT

11:47 GMT 16.06.2023

Reporters Await Vladimir Putin’s Speech

11:10 GMT 16.06.2023

Stand of Chechen Republic at SPIEF 2023

09:14 GMT 16.06.2023

Putin and UAE President Hold Meeting

08:02 GMT 16.06.2023

Putin to Address Special Operation, Its Effect on Economy at SPIEF - Kremlin

Russian President Vladimir Putin is still open to any contacts to discuss options Ukrainian settlement, Kremlin spokesman Dmitry Peskov said on Friday.

"President Putin was, is and remains open to any contacts in order to discuss possible options for solving the Ukrainian problem," Peskov told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

The Ukrainian problem can be solved in many ways, the official said, adding that the Russian leader supports any set of ideas to end the conflict.

06:14 GMT 16.06.2023

Russia Not in Economic Isolation, No Vacuum Possible in Economic Affairs - Kremlin

Russia is not in economic isolation, there can be no vacuum in economic relations because when some directions are closed, others open, Kremlin spokesman Dmitry Peskov said on Friday.

"[Russia] is certainly not in isolation. There can be no vacuum in economic affairs. If some directions are closed, then other directions automatically open and become more profitable and more profitable," Peskov said.

06:03 GMT 16.06.2023

Vladimir Putin to Participate in SPIEF 2023 Plenary Session

06:02 GMT 16.06.2023

Russian, UAE Heads to Meet in St. Petersburg Ahead of SPIEF Plenary Session - Kremlin

UAE President Sheikh Mohamed bin Zayed Al Nahyan will arrive in St. Petersburg on Friday and hold a meeting with Russian President Vladimir Putin ahead of the St. Petersburg International Economic Forum (SPIEF), Kremlin aide Yury Ushakov said.

"On June 16, UAE President Mohamed bin Zayed Al Nahyan will arrive in St. Petersburg. In the morning of June 16, he will hold a meeting with president Putin, during which they will consider issues related to the work of the forum, and, of course, issues of the development of bilateral relations will be discussed in general terms. Also, of course, topical international and regional problems will be discussed," Ushakov told reporters.

The talks between the leaders will take place "immediately before the [SPIEF] plenary session," the official said, adding that the presidents "developed trusting, constructive relationships."

05:43 GMT 16.06.2023

View of the Moscow Kremlin from the Bolshoy Moskvoretsky Bridge. (File) - Sputnik International, 1920, 16.06.2023

Economy

Russia Interested in Trade, Economic Cooperation With UAE, Other Countries

16 June 2023, 05:02 GMT