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LIVE UPDATES: St. Petersburg International Economic Forum Day 3

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The 29th St. Petersburg International Economic Forum runs from June 3 to 6 under the theme "Pragmatic Dialogue: The Path to a Stable Future."

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LIVE UPDATES: St. Petersburg International Economic Forum Day 3

08:30 GMT 05.06.2026 (Updated: 09:34 GMT 05.06.2026)

The 29th St. Petersburg International Economic Forum runs from June 3 to 6 under the theme "Pragmatic Dialogue: The Path to a Stable Future."

Bringing together representatives from more than 130 countries, the forum is hosting over 380 sessions aimed at forging international connections through business dialogue.

The highlight of SPIEF 2026's third day will be a large-scale plenary session featuring the traditional address by Russian President Vladimir Putin.

Day three's central themes include setting the direction for future economic strategies and responses to global challenges, high-level international meetings, and discussions on macroeconomic trends, structural reforms, and geopolitical shifts.

Day one of the forum centered on small and medium-sized businesses, pharmaceutical security, AI, unmanned systems, and the future of media. Day two featured a more intensive business agenda, including sessions on the global economy, energy, logistics, and international cooperation, with discussions on oil markets, external debts, and industrial relaunch.

Table of contents

08:55 GMT 05.06.2026

Live SOON on Sputnik: Vladimir Putin’s Plenary Speech at SPIEF 2026

New firstOld first

17:22 GMT 05.06.2026

President Putin at the plenary session of the St. Petersburg International Economic Forum, 2026. - Sputnik International, 1920, 05.06.2026

Analysis

Main Message of Putin’s SPIEF Speech: Tectonic Shift in Global Economic Power is Irreversible

17:21 GMT

17:22 GMT 05.06.2026

Room to Lower Key Rate in Russia Exists - Economic Development Minister

There is room to lower the key rate in Russia, Russian Economic Development Minister Maxim Reshetnikov said on Friday.

"In recent months, our annualized monthly inflation has been below 4%. Therefore, there is room for a rate cut," Reshetnikov said on the sidelines of the 2026 St. Petersburg International Economic Forum (SPIEF).

The ruble exchange rate by the end of 2026 may be stronger than the Economic Development Ministry's updated forecast suggests, the minister added.

17:22 GMT 05.06.2026

President Vladimir Putin at the 2026 St. Petersburg International Economic Forum. June 5, 2026. - Sputnik International, 1920, 05.06.2026

Economy

Putin's Q&A at SPIEF: Ukraine, Economy Energy and More

16:01 GMT

14:23 GMT 05.06.2026

Cargo Volume on Northern Sea Route Expected to Reach 150Mln Tonnes by 2035 - Rosatom

Russian state nuclear corporation Rosatom plans to increase cargo traffic on the Northern Sea Route to 150 million tonnes per year by 2035, the head of the state corporation, Alexey Likhachev, said on Friday.

"Our baseline model by 2035 is 150 million tonnes of cargo," Likhachev said during the session "New Frontiers in Global Logistics and the Arctic Logistics Framework" at the St. Petersburg International Economic Forum (SPIEF).

He also said that Rosatom plans to transition to year-round cargo transportation via the Northern Sea Route using a caravan principle in 2031–2035.

Cargo traffic along the Northern Sea Route could exceed 40 million tonnes in 2026, Likhachev stated in April. By the end of 2025, it had reached 37.02 million tonnes, exceeding the target by 5.5%, Russian Transport Minister Andrey Nikitin said in February.

The 2026 SPIEF is taking place from June 3-6. RIA Novosti is the general information partner of the forum.

14:22 GMT 05.06.2026

Russia Manages to Maintain High-Tech Imports Thanks to Friendly Countries – Minister

Russia has managed to maintain high-tech imports thanks to partnerships with friendly countries, Russian Deputy Prime Minister Alexander Novak said on Friday.

"We have built friendly partnerships with our friendly countries and ensured, among other things, the preservation of exports and imports, primarily the imports we need – high-tech products," Novak said at the St. Petersburg International Economic Forum (SPIEF) session "The Economy of the New World Order: Structural Transformation, Challenges and Opportunities."

Russia is working with friendly countries to develop industries that provide additional economic benefits, the minister added.

14:20 GMT 05.06.2026

SPIEF'26 Plenary Session, President Putin Full speech. - Sputnik International, 1920, 05.06.2026

Economy

Putin at SPIEF 2026: Western-Dominated Global Trade System Faltering, BRICS Rising

13:16 GMT

12:53 GMT 05.06.2026

Rosatom Sees South Korea Interest in Cooperation on Northern Sea Route – CEO

Russia has no unfriendly countries in the nuclear sector, Russian state nuclear corporation Rosatom sees interest in South Korea in cooperation on the Northern Sea Route, Rosatom CEO Alexey Likhachev said on Friday.

"We [in Russia] do not have unfriendly countries in the nuclear field, and Rosatom as a whole is committed to cooperation and to developing cooperation in all areas, and we note South Korea's great interest not only in the nuclear field, but also in the Northern Sea Route as part of the development of the transport corridor," Likhachev said at the St. Petersburg International Economic Forum (SPIEF).

Russia and South Korea have taken the initiative to create an international platform, an organization for discussing logistics, transit, and infrastructure cooperation in high latitudes, Likhachev said.

Rosatom is ready for "explosive" growth in cargo traffic along the Arctic corridor, the CEO added.

12:36 GMT 05.06.2026

Vietnam Sees Great Potential in Developing Oil, Gas Cooperation With Russia - Official

Vietnam sees great potential in developing cooperation with Russia in the oil and gas sector, Vietnamese Deputy Foreign Minister Le Thi Thu Hang told Sputnik.

"I would like to emphasize that there is much potential for both countries to explore and to further promote, including oil and gas," the diplomat said on the St. Petersburg International Economic Forum (SPIEF) sidelines.

12:35 GMT 05.06.2026

Russia's Rosatom Ready to Audit Work on Paks-II NPP, Awaiting Hungary's Decision - CEO

The Russian state nuclear corporation Rosatom has sent a letter to Hungary via diplomatic channels about its readiness to audit the work on the Paks-II NPP and is awaiting Budapest's decision, Rosatom CEO Alexey Likhachev said on Friday.

"This week, we have sent through diplomatic channels and through our business channels our willingness to participate in consultations and answer all questions that exist on the pricing structure, on the timing of the implementation of this facility, and we are waiting for the decision of the Hungarian side to start consultations with us as the general contractor," Likhachev told reporters on the St. Petersburg International Economic Forum (SPIEF) sidelines.

Hungary needs the Paks-II NPP project, the official added.

11:56 GMT 05.06.2026

Tanzania Invites Russia to Participate in Development of Gas Fields - President

Tanzania is inviting Russia to participate in the development of gas fields in the country, Tanzanian President Samia Suluhu Hassan said on Friday.

"The other area [of cooperation] is oil and gas. Tanzania has discovered about 57 tcf [trillion cubic feet] of natural gas, but we still need more exploration, so the private sector, Russian private sectors are invited to work with us on that field," the president said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

Tanzania is interested in building small nuclear power plants and is discussing this issue with Russia, the president added.

10:36 GMT 05.06.2026

Russia, Nicaragua Sign Memorandum of Understanding on Biosafety

The governments of Russia and Nicaragua signed a memorandum of understanding on safeguarding biosafety on Friday on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

The document was signed by Russian Foreign Minister Sergey Lavrov and the Nicaraguan president's special envoy for relations with Russia, Laureano Ortega Murillo.

Ortega Murillo thanked Russian President Vladimir Putin for the opportunity to foster cooperation between the two countries. This is why the Central American nation's delegation has come to the SPIEF, the world's most important economic forum, he added.

"We are here once again at this forum, which is the most important economic forum in the world. I would like to thank President Putin once again for the opportunity to foster our cooperation and contribute to the fight against interference in the affairs of our countries," he said during a meeting with Lavrov.

10:33 GMT 05.06.2026

Putin to Talk About His Vision for Russia's Future at SPIEF Plenary Session - Kremlin

Russian President Vladimir Putin will talk at the St. Petersburg International Economic Forum (SPIEF) plenary session about his vision of where Russia as a country should move, Kremlin spokesman Dmitry Peskov said on Friday.

Putin is currently finalizing preparations for his speech at the SPIEF plenary session, Peskov said.

"The president will talk about his vision of where we should go in terms of the country's development, both in the economy and in the social sphere, and what our main challenges are," Peskov said in a VK Video studio at the SPIEF.

This gives market participants an understanding of what to focus on, the spokesman explained.

"This is very interesting because it gives an understanding to market participants and business representatives, whether they are giant businesses or small and medium-sized businesses, what they should focus on conceptually, because it is the words of the head of state that determine the main vector," Peskov added.

10:33 GMT 05.06.2026

Europe Suffers More From Sanctions Against Russia Than Moscow - European Lawmaker

The consequences of sanctions against Russia are proving more sensitive for the European Union countries than for Russia itself, European Parliament lawmaker from Luxembourg Fernand Kartheiser told Sputnik on Friday.

"We suffer from this much more than Russia," Kartheiser said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

The restrictions have led to loss of markets and increased costs for European companies and consumers, the lawmaker added.

10:31 GMT 05.06.2026

10:23 GMT 05.06.2026

No One Can Currently Replace 16Mln Bpd of Oil Lost to Global Market - Rosneft Head

No country can currently replace the 16 million barrels of oil per day lost to the global market due to the Middle East crisis, Russian oil giant Rosneft CEO Igor Sechin said on Friday.

"Nobody can. 16 million barrels per day," Sechin told reporters on the sidelines of the 2026 St. Petersburg International Economic Forum (SPIEF), when asked whether the United States would be able to replace the lost oil volumes due to the crisis in the Middle East.

10:22 GMT 05.06.2026

Russia's Economy Entering Period of Balanced Growth - Finance Minister

The Russian economy is entering a period of balanced growth, which is already being felt, Russian Finance Minister Anton Siluanov said on Friday.

"We are entering the stage where balanced growth is already close, and, according to the latest data, we are starting to feel it," Siluanov said at a Sberbank business breakfast at the St. Petersburg International Economic Forum (SPIEF).

Higher spending and lower interest rates promote growth, but the sustainability of this path is questionable, Siluanov said.

"We now see that such growth cannot continue. Now is truly the time to make growth more balanced and stable, so that it is not sustained by bigger spending or large budget deficits or low interest rates," the minister said.

09:25 GMT 05.06.2026

Western Business Waiting for Putin's Speech at SPIEF - Kremlin

The Western business, even being absent in St. Petersburg, is waiting for Putin's speech at the St. Petersburg International Economic Forum (SPIEF), Kremlin spokesman Dmitry Peskov said on Friday.

"The main thing is the interest that Western business is showing, and it is showing, and even if it is not here, they are all waiting for the president's speech today, the president's statement during the panel session," Peskov told Russian media.

Russia is interested in foreign investments for development, Peskov said, adding that the interest of Western business in Russia has never disappeared.

The Western business community is interested in SPIEF 2026, the spokesman added.

09:19 GMT 05.06.2026

New US Sanctions on Russia Clash With Washington's Claims - Foreign Ministry

ST. PETERSBURG, June 5 (RIA Novosti) - By preparing a new batch of sanctions against Russia, the United States seems to contradict its own statements regarding the prospects for bilateral cooperation once the conflict in Ukraine ends, Russian Deputy Foreign Minister Mikhail Galuzin told Sputnik on Friday.

"This somewhat contradicts the assurances we sometimes hear from the American side that as soon as the Ukrainian conflict is resolved, Russian-American relations will be revitalized," he said in an interview on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

The US House of Representatives approved a bill on aid to Ukraine and sanctions against Russia on Thursday. It establishes a Ukraine recovery fund, renews the US president's authority to loan or lease defense assets to Ukraine and extends the Pentagon's authority to provide assistance to Kiev through 2027.

Galuzin described the move as an escalation of sanctions pressure by the Trump administration, "rather than simply a continuation of the sanctions imposed by the Biden administration."

08:55 GMT 05.06.2026

Live SOON on Sputnik: Vladimir Putin’s Plenary Speech at SPIEF 2026