SPIEF’26 Highlighted Russia’s Growing Economic Troubles

(Pavel K. Baev – The Jamestown Foundation) The annual St. Petersburg International Economic Forum 2026 (SPIEF’26), which Russia held from June 3 to June 6, highlighted Russia’s worsening economic troubles. Rosstat released data just before the forum showing that fixed investments in the first quarter of 2026 declined by 14.3 percent compared with the same period in 2025. Putin used his keynote address at the forum to reaffirm his commitment to the war in Ukraine, rejecting ceasefire proposals and portraying Russia as advancing militarily. Repeated Ukrainian drone strikes on strategic military and energy targets during the forum, however, undermined Kremlin claims of strong defenses and battlefield momentum. Ukraine’s growing technological and strategic advantages are shifting the war’s trajectory, increasing pressure for negotiations. Russia’s business elites went through the motions of demonstrating loyalty to Putin by attending SPIEF’26 amid mounting economic and security challenges. –  SPIEF’26 Highlighted Russia’s Growing Economic Troubles  – Jamestown