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Putin Acts to Calm Investors

Published: May 24, 2014 (Issue # 1812)



  • President Vladimir Putin delivers a speech at the St. Petersburg International Economic Forum 2014 on Friday.
    Photo: Kremlin.ru

President Vladimir Putin attempted to reassure global business leaders — jittery over the US-led sanctions campaign against Russia — to stay in the country as he met with them at St. Petersburg International Economic Forum Friday.

"Think of the benefits of working in Russia, don't give in to pressure and blackmail, and we will help you," Putin said at the 18th annual gathering, which saw a severely diminished showing by U.S. executives. Many of these ducked the forum at the request of Barack Obama's administration, which is intent on punish the Kremlin for its alleged meddling in the Ukraine conflict.

Putin, acknowledging that Russia's economic growth can no longer be driven by energy exports, outlined his strategy for the structural reform of the economy on Friday, focusing on massive infrastructure projects, the enhancement of human capital and financial and regulatory support of business by the state.

He has also answered the question on many minds in the run-up to the Ukrainian presidential elections this Sunday, hinting that he would recognize the new leadership in Kiev if it halts military action in Ukraine's maverick pro-Russian eastern provinces.

Lambasting the West, and primarily the United States, for disrespecting Russia's interests and snubbing Moscow's attempts to engage in dialog was another leitmotiv of Putin's 40-minute speech and the hour-long question and answer session that followed it.

Putin also downplayed the effect of the economic sanctions on Russia's economy, saying they target mainly his personal friends, and these had been shrewd enough businessmen to transfer their assets home in good time.

Reform Roadmap

The Kremlin's plan to revive the Russian economy, as presented by Putin Friday, sees non-energy exports growing by six percent each year, substitution of imported goods with domestic products, stimulating investment into modernization projects, improving professional education and easing labor market mobility.

"I will also send to parliament a package of bills aiming to ease procedures for registration of companies, getting licenses, customs procedures — all initially expected to pass in 2018 — by the end of this year," Putin said.

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ALL ABOUT TOWN

Friday, Oct. 31


Put your grammar and logical thinking to the test in a fun and friendly environment during the British Book Center’s Board Game Evening starting at 5 p.m. today. The event is free and all are welcome to attend.



Saturday, Nov. 1


The men and women who dedicate their lives to fitness get their chance to compete for the title of best body in Russia at today’s Grand Prix Fitness House PRO, the nation’s premier bodybuilding competition. Not only will men and women be competing for thousands of dollars in prizes and a trip to represent their nation at Mr. Olympia but sporting goods and nutritional supplements will also be available for sale. Learn more about the culture of the Indian subcontinent during Diwali, the annual festival of lights that will be celebrated in St. Petersburg this weekend at the Culture Palace on Tambovskaya Ul. For 100 rubles ($2.40), festival-goers listen to Indian music, try on traditional Indian outfits and sample dishes highlighting the culinary diversity of the billion-plus people in the South Asian superpower.



Sunday, Nov. 2


Check out the latest video and interactive games at the Gaming Festival at the Mayakovsky Library ending today. Meet with the developers of the popular and learn more about their work, or learn how to play one of their creations with the opportunity to ask the creators themselves about the exact rules.



Monday, Nov. 3


Non-athletes can get feed their need for competition without breaking a sweat at the Rock-Paper-Scissors tournament this evening at the Cube Bar at Lomonosova 1. Referees will judge the validity of each matchup award points to winners while the city’s elite fight for the chance to be called the best of the best. Those hoping to play must arrange a team beforehand and pay 200 rubles ($4.80) to enter.



Tuesday, Nov. 4


Attend the premiere of Canadian director Xavier Dolan’s latest film “Mommy” at the Avrora theater this evening. The fifth picture from the 25-year-old, it is the story of an unruly teenager but the most alluring (or unappealing) aspect is the way the film was shot: in a 1:1 format that is more reminiscent of Instagram videos than cinematic art. Tickets cost 400 rubles ($9.60) and snacks and drinks will be available.



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