Russia's St. Petersburg Economic Forum

Russia is launching its St. Petersburg Economic Forum on May 22-23, attracting top businesses, investors and politicians from Russia and around the world. In the past, the Kremlin has used the forum to promote its economic strategy. For example, in 2008 and 2010, Russia used the forum to attract foreign businesses and investors for the country's modernization and privatization plans. This year, Moscow is using the forum to show that Russia is still a desirable economic partner and a destination for foreign investment and business.

This is important to Russia at this time for two reasons. First, Russia wants to prove that despite the Western sanctions levied against it, the global business and investment community still wants to operate in Russia. Second, Russia has seen massive capital flight from the country -- $51 billion in the first quarter -- due to tensions with the West, which has prompted Moscow to look for new economic opportunities. Leading up to the forum, a number of U.S. firms publicly rejected their invitations from Russia outright. As the forum neared, other firms decided they would pull out even though they initially accepted their invitations. While a number of foreign business leaders are still coming to St. Petersburg, this year's economic forum remains under a cloud of tension and uncertainty about the future of investment in Russia.

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