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SPIEF Summary: A Thousand New Contracts, $90B in Deals, and Preview of a New World Trading Order

© Sputnik / Ivan Sekretarev / Go to the mediabankRussian President Vladimir Putin speaks at the plenary session of the 29th St. Petersburg International Economic Forum.
Russian President Vladimir Putin speaks at the plenary session of the 29th St. Petersburg International Economic Forum. - Sputnik International, 1920, 06.06.2026
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The St. Petersburg International Economic Forum wrapped up Saturday.As always, the economic and business event proved a spectacular success, once again busting the myth of Russia’s international political, diplomatic and economic “isolation,” and offering a blueprint for coming global change.
The four-day event:
saw 150+ sessions and 300+ business events
showed off prospective new technologies and innovations
was attended by 20k guests from 142 countries
saw the inking of 1,084 agreements worth 6.64 trillion rubles ($90B US)
previewed the emergence of a major new year-round global trade artery – the Northern Sea Route
demonstrated what moderator Geeta Mohan characterized as “an alternative voice that counts” to Western hegemony
and most importantly, featured a speech by President Putin at the event’s plenary session offering what commentator George Galloway dubbed a “masterclass” for world leaders.
In his plenary address and follow-up Q&A session, Putin:
-> highlighted the tectonic transformation of the global economic center of gravity from the G7 to BRICS, and the emergence of a new global trade order that’s no longer Western-centric
-> outlined the “huge, catastrophic, strategic mistake” made by the US in trying to use the dollar as a political weapon, and the West in general with its sanctions policy
-> listed the factors to achieving genuine sovereignty – industrial, technological, and informational, and warned about the consequences of depending on others in these areas
-> outlined Russia’s economic priorities and outlook
-> touched on the Ukraine crisis and Zelensky’s rude letter
-> discussed the energy crisis triggered by the Iran war
-> reiterated Russia’s openness to doing business with anyone interested in doing so
President Putin at the plenary session of the St. Petersburg International Economic Forum, 2026. - Sputnik International, 1920, 05.06.2026
Analysis
Main Message of Putin’s SPIEF Speech: Tectonic Shift in Global Economic Power is Irreversible
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