'Russian Davos' moves forward

Under the theme of "New Opportunities in a New World", the 25th St. Petersburg International Economic Forum started on Wednesday in Russia's second-largest city.

The annual "Russian Davos", which runs through Saturday, is attended by representatives from more than 90 countries and regions, according to the organizer.

Participants will discuss issues regarding the global and Russian economies, digitalization and information security.

While addressing the forum's plenary session on Friday, Russian President Vladimir Putin will assess the current global situation and outline the future direction of Russia's economic development, Kremlin aide Yuri Ushakov said.

Due to the military conflict with Ukraine, one of the forum's most popular events won't be held: Putin's question-and-answer session with executives of major international news organizations. Instead, he will meet with the heads of Russian news media and "front-line reporters" from the special military operation in Ukraine, according to Kremlin spokesman Dmitry Peskov.

Peskov dismissed media reports that the forum this year lacks foreign participants, as Western countries had claimed to boycott the event.

There were no names of companies from the United States or the European Union, or their CEOs, on the published schedule for the forum, reflecting fears of punishment under the most sweeping sanctions ever imposed on Russia, Reuters reported.

"Foreign investors are not only from the United States and European Union," Peskov said, pointing to the Middle East and Asia.

Taliban representative

A representative of the Taliban also is expected, although Russia formally designates the Taliban as a terrorist group.

Peskov said this didn't mean Russia would recognize the Taliban as the legitimate government of Afghanistan. "However, there are many humanitarian problems that obligate many countries to come into contact with representatives of the Taliban," he said.

Since 1997, the forum has become one of the leading global platforms for the business community to discuss critical economic issues facing Russia, emerging markets and the world.

With Russia under Western sanctions after launching the military operation in Ukraine, many foreign bank cards don't work in the country.

According to the schedule, several sessions focus on developing Russia's tourist potential, despite the coronavirus restrictions as well as flight bans by Western countries.

Meanwhile, more sessions of the Forum will focus on solutions to economic difficulties Russia is facing as it tries to promote itself to international businesses.

On Thursday, the St. Petersburg Stock Exchange announced that it will begin trading in 12 securities whose primary listing is on the Hong Kong Stock Exchange, and will provide access to exchange infrastructure enabling brokers to carry out trial operations.

The trial format will give Russian brokers an opportunity to configure, at a functioning stock market, their accounting systems for transactions in a new currency－Hong Kong dollars－as well as for calculating and withholding stamp duty.