RismadarVoice Reporters, June 5, 2026
Russian President Vladimir Putin is expected to deliver a major address at the country’s flagship economic forum on Friday, as Ukraine’s escalating drone campaign and signs of economic slowdown cast a shadow over the high-profile event.
The annual International Economic Forum often referred to as Russia’s “Davos” has traditionally been used by Putin to promote investment opportunities and project confidence in the Russian economy. However, this year’s gathering comes amid renewed military pressure and domestic economic concerns.
Just days before the forum, Ukrainian drone strikes targeted St. Petersburg, disrupting airport operations, setting an oil facility ablaze, and forcing authorities to restrict mobile internet services in an effort to limit further attacks.
Ahead of his speech, Putin vowed to strengthen Russia’s air defence systems, acknowledging that some Ukrainian drones have managed to penetrate existing defences.
“Some of them break through,” he said. “We need to improve our air defence system, strengthen it, and we will do that.”
The Russian leader also used the forum’s lead-up to reiterate his position on the war in Ukraine, stating that Moscow remains open to negotiations but is prepared to continue fighting if necessary. He added that Russia is ready to pursue what he described as diplomatic solutions, provided they align with understandings reached in previous discussions with former U.S. President Donald Trump.
Putin further claimed that Russian forces maintain control over large parts of Ukraine’s eastern and southern territories, including Donetsk, Luhansk and Zaporizhzhia regions annexed by Moscow in 2022 in moves widely condemned by Western governments.
He also suggested that Ukraine should agree to Russian conditions in order to bring the conflict to an end, arguing that continued resistance would only prolong the war.
Meanwhile, Ukrainian President Volodymyr Zelenskyy has renewed calls for direct talks, proposing a face-to-face meeting with Putin. The Kremlin, however, responded that any such discussions would require Zelenskyy to travel to Moscow an offer Kyiv has rejected.
In Washington, U.S. President Donald Trump expressed support for the idea of dialogue between both leaders, though attention in the United States has increasingly shifted toward tensions in the Middle East.
Inside St. Petersburg, the impact of the war was impossible to ignore. Drone attacks earlier in the week sent plumes of smoke over parts of the city, while security measures were tightened ahead of the forum.
The economic backdrop is also less optimistic than in previous years. Russia’s estimated $3 trillion economy is showing signs of stagnation after an initial boost driven by wartime spending. Rising taxes and increased domestic borrowing have been introduced as the government seeks to manage widening fiscal pressures.
Despite these challenges, organisers say tens of thousands of participants from around the world are attending this year’s forum, including delegations from Saudi Arabia, China, Iran, Uzbekistan and Tanzania. A small American delegation is also present, marking a rare U.S. presence since the start of the war in 2022.
However, most Western governments and major business leaders continue to boycott the event.
