US: St. Petersburg International Economic Forum, Russia’s annual showcase for global investors, and you’ll notice a couple of things. First, the number of business leaders making an appearance remains way below the event’s heyday before the crisis in Ukraine.
Second, those who do go to hear President Vladimir Putin’s keynote address on are far more likely to bump into a European oil executive than an American banker while the panic over last year’s ruble collapse has ebbed; the economy’s slide into recession for the first time since 2009 continues to damp any interest in investment in Russia. Moreover, European companies are more willing to remain engaged than their U.S. counterparts, put off by the coolest relations between Moscow and Washington in a generation.
The stance of U.S. executives reflects continued pressure from President Barack Obama’s administration even if it’s “less obvious” than a year ago, said Alexis Rodzianko, president of the American Chamber of Commerce in Moscow.“I don’t see a very quick solution to that,” he said Attendance has increased a little from last year’s forum, which took place as fighting in eastern Ukraine escalated. Among those scheduled to appear are the chief executive officers of accountants Ernst & Young and PwC, Swiss engineering firm ABB Ltd. and French bank Society Generale SA. Among U.S. corporations, the head of Caterpillar Inc. is listed.
