Russian Davos started yesterday, and Ushakov said high-level delegations from more than 40 nations were expected to come. 1,244 Russian and 265 foreign companies had confirmed they would be there, including China. Companies from US and EU were not on the list for the SPIEF.
The St.Petersburg International Economic Forum (SPIEF) is an annual Russian business event for the economic sector, which has been held in St.Petersburg since 1997, and under the auspices of the Russian President since 2005. They celebrate their 25th anniversary this year.
Each year, more than 10,000 people from over 120 different countries take part. The Forum brings together the chief executives of major Russian and international companies, heads of state, political leaders, prime ministers, deputy prime ministers, departmental ministers, and governors.
The key purpose of the Forum is to provide a practical tool for business, helping to overcome geographical and informational barriers dividing Russia and other countries. But the global financial elite has boycotted Russia and SPIEF, and isolated Moscow with sanctions over Russia`s actions in Ukraine.
The head of the American Chamber of Commerce in Russia along with French and Italian counterparts will speak at a session on Thursday called «Western Investors in Russia: New Reality.»
President Vladimir Putin will give a major speech on Friday. This is a speech we should pay attention to. He will be focusing on the international economic situation and Russia`s tasks in the near future, Yuri Ushakov said.
McDonald`s is out of business in Russia, and other Western companies are doing the same, while domestic corporations are rushing to take over businesses that are left behind in Russia. As we can see; globalization, as we know it, has ended.
New world order is on the way, with new opportunities in a new world.
I bet Putin will talk about that in his speech on Friday. A new way for Russia to make growth. The war seems to make the relationship with China better, but also the relationship with BRIC countries.
SWIFT banned Russia, but the Central Bank of Russia made its own, called SPFS (System for Transfer of Financial Messages). Russian equivalent of the SWIFT financial transfer system.
China did the same. They developed CIPS (Cros-Border Interbank Payment System), which processes payments in Chinese yuan. It has the potential to replace SWIFT.
The SWIFT ban on Russia has boosted the development of the non-US dollar and non-SWIFT transactions, including CIPS. It has also stimulated the e-yuan, which is China`s official digital currency. The development of the e-yuan is also a catalyst for CHIPS, and both will play an important role in the internationalization of the Chinese currency.
As we can see, Russia, China, and BRIC countries are on the way to developing their own system. If this continues, we will probably end up with two blocs; The West, and the rest.