ST PETERSBURG, Russia (Reuters) – Russia, cut off from the West, pitches its $2 trillion economy to giants like China and Saudi Arabia. St. Petersburg, founded as a window to Europe by the tsars, hosts its premier investment forum.
The war in Ukraine caused the biggest upheaval in Russia’s West relations since the 1962 Cuban Missile Crisis. Western sanctions triggered a once-in-a-century revolution in Russia’s economic relations.
Since Peter the Great’s time, Russia’s rulers have sought technology, investment, and ideas from the West. St. Petersburg’s establishment as the capital solidified this trend. This historical reliance underscores Russia’s ongoing orientation towards Western influence.
The 2022 invasion of Ukraine, though, has forced President Vladimir Putin to pivot towards Asia and the rest of the non-Western world amid what the Kremlin says amounts to an economic blockade by the United States and its European allies.
Western sanctions have not torpedoed Russia’s economy, however, and Moscow has nurtured ties with China, major regional powers in the Middle East and across Africa and Latin America.
It is less clear, though, how much cash these countries are prepared to invest in Russia’s economy, and at what price. No blockbuster deals were announced so far.
But Russian officials say it is just beginning – and that relations with the West are ruined for a generation.
Putin looks east, seeking to strengthen Russia’s ties with Asian partners.
Furthermore, Putin’s eastward gaze carries implications for regional dynamics and global geopolitics.
As Putin looks east, he navigates the complex landscape of Asian politics and security challenges.
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