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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, Sept. 19


SPIBA’s newest addition to their Cultural Discoveries events is “Handmade in Germany,” an exhibition featuring unique handmade objects of a significantly higher quality than mass-produced items. The work of over 100 German manufacturers will be displayed during the event, which opens today in the Lutheran Church of Saint Peter and Paul on Nevsky Prospekt and runs through Sept. 28.



Saturday, Sept. 20


Starting on Sept. 18 and ending tomorrow is the Extreme Fantasy Wakeboarding Festival in Sunpark by Sredny Suzdalskoye lake in the Ozerki region of the city.


Those after something more laid back can instead head to Jazz and Wine night at TerraVino with legendary jazz guitarist Ildar Kazahanov. 12/14 Admiralteyskaya Emb.



Sunday, Sept. 21


Learn more about African culture and get some exercise during today’s “Djembe and Vuvuzela,” a bike ride starting in Palace Square that includes several stops where riders can listen to the music of Africa or watch short films about the continent. The riders plan to set off at 4 p.m. and all you need to join is a set of wheels.



Monday, Sept. 22


Do you love puppetry? If so, then be sure to go to BTK-Fest, a five-day festival that starts on Sept. 19 celebrating the art. Contemporaries from France, Belgium, the U.K. and other countries will join Russian artists to put on theatrical performances involving a variety of themes, materials and eras. Workshops and meetings are also scheduled for a chance to discuss the artistic medium in further depth.



Tuesday, Sept. 23


Marina Suhih, Director of the External Communications Department at Rostelecom North-West, and Yana Donskaya, HR Director for Northern Capital Gateway are just some of the confirmed participants of today’s round table discussion on “Interaction with Trade Unions” being hosted by SPIBA. Confirm your attendance with SPIBA by Sept. 22.


Kino Expo 2014, an international film industry convention, will be at LenExpo from today until Sept. 26. The third largest exhibition of film equipment in the world, the expo focuses on not only Russia but former Soviet republics as well.



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