Putin says he won't allow Russia to fall into recession amid gloomy economy
ST. PETERSBURG — Speaking Friday at an economic forum once set up to court Western companies and showcase Russia as a lucrative investment destination, President Vladimir Putin declared that stagnation and recession in the economy would not be allowed after experts and high-ranking officials warned of a slowdown.
The St. Petersburg International Economic Forum, which just over a decade ago hosted energy giants such as BP and Total and announced billion-dollar deals like the Nord Stream 2 pipeline, has had a sparse attendance from Western investors this year. It is an indication of the drastic transformation the Russian has undergone since the full-scale invasion of Ukraine in 2022 as it has shifted to war-footing and Western companies have left in droves.
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