Vladimir Putin speaks at St. Petersburg International Economic Forum. Key points

Russian President Vladimir Putin has delivered a speech at the flagship St. Petersburg International Economic Forum (SPIEF). Per earlierreports, the event organisers jammed internet connection in the area where the forum is held to ensure security of the Russian leader. Traditionally, Putin was one hour late for his speech.

The SPIEF plenary session also featured Algerian President Abdelmadjid Tebboune, while “political scientist” Dimitri Simes moderated the discussion.

In the beginning of his speech, Putin presented a review of the current state of Russia’s economy. According to his data:

• •Russia is becoming less reliant on oil, this trend is gaining momentum;
• •Russia’s inflation is close to a historical low, stands at 2.9%;
• •Russia’s GDP growth by the end of 2023 can reach 1.5-2%;
• •Real income in Russia is “modestly growing”;
• •The minimum wage in Russia will be increased by 18.5% on 1 January 2024. “The total increase in the minimum wage will have a positive impact on the incomes of 4.8 million people,” Putin said. The minimum wage in Russia rose by 6.3% on 1 January 2023 to reach 16,242 rubles a month (€176.84);
• •In the past year, Russia increased military production by almost three times, while this number reached ten for the most in-demand items;
• •Russia maintained economic stability.

Putin also voiced several ideas in the speech:

• •Create a five-year forecast each year that reflects the market’s employee needs;
• •Declare an amnesty for forced foreign currency violations committed while the moratorium was in place, while extending the moratorium until 2024;
• •Cancel inspections for businesses that do not involve high risks of harm to people or the environment, leaving only “preventive inspections”;
• •Eliminate unclear wordings in legislations;
• •Accelerate the return of key assets to Russia’s jurisdiction, accelerating the registration and legalisation process in special administrative zones by December 2023;
• •Investments in high-priority projects should reach 2 trillion rubles (€21.8 billion), increasing fivefold to 10 trillion rubles (€109 billion) by 2030;
• •Projects involving self-driving vehicles should become a regular fixture in Russia;
• •Tap into the potential of Russia’s stock market;
• •Russia’s economy should become one of high salaries;
• •Russia must increase its defence spending;

Russia and the West:

• •“Many of our businessmen were surprised to discover that their accounts and assets in the West were frozen. Nobody could ever imagine that it was possible before. [It happened] in violation of all their laws and international regulations. Robbery. They shut it down, took it away, and don’t even explain why it happened. Just shocking. The Middle Ages.”;
• •Russian businesses are increasingly often asking to not let any of the foreign companies who left the country back. However, Russia does not shut its doors close for anyone if foreign businesses decide to come back;
• •Russia is not scared of competition with foreign businesses but will take into account their behaviour once they return;
• •“Western counterparts refused to settle the Ukraine war peacefully which forced Russia to use its armed forces in an attempt to end this war”;
• •“We did not shift to self-isolationism. On the contrary, we have expanded contacts with reliable and responsible partners in countries and regions which today act as drivers of the global economy”;
• •The US is undermining its power in the global finance world by abusing dollar as a “tool of armed struggle”.

During his speech, Putin also touched upon the topic of nuclear weapons:

• •“The use of nuclear weapons is theoretically possible. However, there’s no need for it now, while the very fact of discussions on this topic is already lowering the threshold required for its use”;
• •According to him, the first nuclear warheads have already been delivered to Belarus. The operation will be completed before the end of 2023.