Nearly $100 billion worth of deals signed in Saint Petersburg

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Representatives from over 130 countries, including ‘unfriendly states’, attended the annual SPIEF 2022 forum in St. Petersburg

This week’s 25th Saint Petersburg International Economic Forum (SPIEF) resulted in 5.6 trillion rubles ($97 billion) worth of agreements, which is 30% more than last year (3.8 trillion rubles).

Over 690 deals were signed during the four-day event. Despite the tense political situation regarding Russia’s military operation in Ukraine, officials and businessmen from more than 130 countries took part in the forum this year, including representatives from all ‘unfriendly states’ that have imposed sanctions on Russia.

The forum’s business program included 214 events and focused on Russian and global economic and social issues, and technology. The presidents of Egypt, China, and Kazakhstan took part in a plenary session of the forum along with Russian President Vladimir Putin.

According to Anton Kobyakov, a Putin adviser and head of the SPIEF Organizing Committee, the forum showcased the “economic sovereignty” of Russia while highlighting the importance of the platform on the international level.

It seems to us that the most important thing SPIEF demonstrated was Russia’s self-sufficiency and economic sovereignty,” and that the country is not susceptible to “external pressures and blackmail,” Kobyakov said.

SPIEF confirmed its status as a globally sought-after platform for discussing issues of the world order. This is important, as the world has already become multipolar.

Among the major deals signed at the forum this year was a technical agreement on gas supplies between Russia’s main gas exporter, Gazprom, and China National Petroleum Corporation (CNPC).

Gazprom and QazaqGaz agreed to increase the processing of Kazakh gas in Russia. NOVATEK announced plans to build a mini-plant for the production of liquefied natural gas (LNG) at its plant in the city of Togliatti in western Russia. Rosatom signed an agreement with Yakutia on the construction of a pilot mini-nuclear power plant, to be commissioned in 2030.

Russia and the Donetsk People’s Republic concluded agreements on trade, economic, scientific, technical, and cultural cooperation. Also, Russia and Egypt signed a two-year cooperation agreement which focuses on combating terrorism, extremism, and “the misuse of virtual currency,” as well as transport security, the rights of businessmen, and environmental protection.

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