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SPIEF 2026 Was A Tragicomic Encapsulation of Russia's Economic Quagmire

24 0
10.06.2026

The St. Petersburg International Economic Forum (SPIEF) began with an epic backdrop as clouds of black smoke from a Ukrainian drone strike on a local oil terminal billowed across the sky. Those present played down the scene, of course. But by the end of the conference, the flagship event had become almost comical.

While the closure of Pulkovo Airport due to the attack held back the arrival of some guests, those already gathered were entertained by the notorious media mogul Konstantin Malofeyev and philosopher Alexander Dugin, who presented their visions for Russia’s future. In brief: if Russia continues its killing and defeats and robs its enemies, grabbing the world by its throat, everything will turn out well for Moscow. But if the war ends, everything would get worse. Much worse.

Of course, the organizers did not choose this opening for SPIEF by accident. But that the conference went ahead was clearly meant to show that nothing could stop the Kremlin. Moreover, early events on SPIEF’s agenda are often, shall we say, entertaining in character, leaving the officials for later. So, should anything happen, the Kremlin can always tell Washington that these marginal figures are talking nonsense and don’t represent Moscow’s position. 

But the script hadn’t accounted for a Ukrainian drone attack, leaving many people trying to act as if everything was normal. Russian television reporters breathlessly relayed that “foreign delegations” were arriving. Even Americans! 

Only, it wasn’t an official delegation, as Secretary of State Marco Rubio told a Senate Committee. In time, it emerged that the so-called United States delegation consisted of an architect advising Trump on the construction of the White House ballroom, along with ever-present actor Steven Seagal and Candace Owens, a blogger and conspiracy theorist.

And the epic performance continued. Kirill Dmitriev announced that documents on the construction of the notorious “Putin-Trump tunnel” under the Bering Strait would be signed “as soon as tomorrow.” Journalists — and experts too — were somewhat surprised and Dmitriev was forced to admit that the deal was actually with an engineering company to design the tunnel. Designing is not building. Russia designed Power of Siberia 2, but there is not even a hint of an agreement with China that the pipeline will ever be built.

In short, everyone did what they could — in tune and out of tune, either unable to leave the well-worn........

© The Moscow Times