St. Petersburg Economic Forum opens to investors worth $10trn

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https://www.rt.com/business/346754-st-petersburg-economic-forum-ready/

Russia’s annual international economic forum, SPIEF, has opened, marking its 20th anniversary. Among the guests are European Commission President Jean-Claude Juncker, Italian Prime Minister Matteo Renzi and executives from the world’s leading companies.

On Thursday evening, Jean-Claude Juncker is meeting Russian President Vladimir Putin to discuss the current state and prospects for Russian-EU relations, and the problem of settling regional crises. Putin and Juncker will consider how to stabilize business ties which have been greatly affected by bilateral sanctions.

Earlier during the day, Juncker said he intended to discuss sanctions with Putin. Russian Foreign Minister Sergey Lavrov said he hoped the meeting between Putin and Juncker at the St. Petersburg International Economic Forum will help to improve relations between Moscow and Brussels.

The EU is Russia’s main trading partner (44.8 percent of Russia’s foreign trade in 2015). Russia is the fourth largest trade partner of the EU after the US, China and Switzerland and also the biggest natural gas supplier to the EU and one of its biggest oil suppliers. However, trade between Moscow and Brussels has sharply dropped from $417.7 billion in 2013 to $235.7 billion last year.

Putin and Juncker are also expected to touch upon the Nord Stream-2 pipeline, which is intended to provide 55 billion cubic meters of Russia gas per year to Germany via the Baltic Sea bypassing Ukraine. The controversial project is backed by Berlin, but heavily opposed by the Baltic States, Eastern Europe and the UK.

On Friday, Putin will meet Italian PM Renzi to discuss business and energy cooperation. Italy is Russia’s fifth largest trading partner after China, the Netherlands, Germany and Belarus. Trade between Moscow and Rome is a victim of political tension, too, down to $30.6 billion from $48.4 billion in 2014. Russian reciprocal sanctions cost Italy, according to some estimates, 0.1 percent of GDP and 80,000 jobs.

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“On Friday, Putin will meet Italian PM Renzi to discuss business and energy cooperation. Italy is Russia’s fifth largest trading partner after China, the Netherlands, Germany and Belarus. Trade between Moscow and Rome is a victim of political tension, too, down to $30.6 billion from $48.4 billion in 2014. Russian reciprocal sanctions cost Italy, according to some estimates, 0.1 percent of GDP and 80,000 jobs.”

sanctions??

“Russia is the fourth largest trade partner of the EU after the US, China and Switzerland and also the biggest natural gas supplier to the EU and one of its biggest oil suppliers.”

401

~ by seeker401 on June 20, 2016.

2 Responses to “St. Petersburg Economic Forum opens to investors worth $10trn”

  1. Russia strikes over $15bn worth of deals despite sanctions at SPIEF 2016

    https://www.rt.com/business/347301-spief-forum-main-highlights/

  2. PurinSpeech was interesting

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