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Economy · Geopolitics · Russia · Ukraine War
President Vladimir Putin hosted Russia's premier annual investment conference in St Petersburg, where participants presented two starkly opposing visions for the nation's future: some advocated for continued global confrontation with the West and prolonged war in Ukraine, while others emphasized the significant economic benefits of ending the conflict.
The debate at the St Petersburg International Economic Forum highlights internal divisions among Russia's political and business leaders regarding the country's direction after more than four years of war. Arguments for peace are strengthened by signs of stagnation in Russia's $3-trillion economy, with some elites suggesting a peace deal mediated by U.S. President Donald Trump.
Conversely, nationalists, including former spy Andrey Bezrukov, view the conflict as the initial phase of a multi-decade global confrontation with the West, advocating for Russia to prepare for prolonged warfare. The conference, often compared to the World Economic Forum in Davos, showcased military technology like drones and AI-powered cyber defense, replacing traditional Western financial presence from companies like Goldman Sachs and Citi.
Despite Russia controlling about one-fifth of Ukrainian territory, its battlefield advances have slowed, and Ukraine maintains it will not cede territory. Ultra-nationalist ideologue Alexander Dugin stated the war "will end either with Russia’s victory or it will never end," summarizing future relations with the West as "War."
