Executive Summary

This report assesses the strategic direction and geopolitical relevance of the 2025 St. Petersburg International Economic Forum (SPIEF), scheduled from 18 to 21 June 2025.

The forum, themed “Shared Values as a Foundation for Growth in a Multipolar World,” highlights Russia’s shift towards new global alliances. SPIEF continues to develop from a Western-oriented platform to a mechanism for economic diplomacy aligned with a multipolar vision. Major topics for discussion are the expansion of BRICS, strategies for alternative energy sources, improved Arctic connectivity, and outreach to the Global South.

The Forum also maintains selective engagement with Western stakeholders, highlighting Moscow’s interest in preserving limited dialogue channels.

Key Takeaways

1. Russia is using SPIEF to merge alliances with non-Western actors, particularly through expanded BRICS and strategic Global South partnerships.
2. The Forum highlights Moscow’s efforts to develop alternative trade corridors and energy routes, reflecting long-term decoupling from Western markets.
3. Despite ongoing geopolitical tensions, the SPIEF includes dialogue formats with the United States and the European Union, reflecting Moscow’s interest in managing confrontation through limited engagement.

Background Information

St. Petersburg has annually hosted SPIEF since 1997 and the forum has operated under presidential patronage since 2006. Originally focused on Western engagement, its emphasis shifted following the 2014 Ukraine crisis.

SPIEF now promotes Russia’s role in a multipolar global order. Participation increased: in 2024, over 21,000 participants from 136 countries attended, and they signed agreements worth ₽6.492 trillion (~$83 billion). The Roscongress Foundation, which coordinates international economic forums aligned with Russian state objectives, manages the event.

SPIEF 2025 will feature specialised business sessions, discussions by region, and forums focused on the Shanghai Cooperation Organisation (SCO), BRICS, Business 20, small and medium enterprises (SMEs), creative industries, and pharmaceuticals. It will feature official delegations from China, India, ASEAN, the Middle East, Latin America, the Commonwealth of the Independent States (CIS), and the Eurasian Economic Union (EAEU), reflecting a broad strategic reorientation.

Geopolitical Scenario

Given recent geopolitical shifts in Eurasia, SPIEF 2025 could serve as a key platform for discussing economic, geopolitical, and security issues.

1. BRICS Expansion and Strategic Alignment. SPIEF will prioritise discussion on BRICS, following the bloc’s expansion at the 2024 Kazan Summit. Introducing a “partner country” category—comprising Belarus, Bolivia, Kazakhstan, Thailand, Cuba, Malaysia, Nigeria, Uganda, and Uzbekistan—represents an institutional shift towards a more flexible alignment model. Moscow aims to leverage this model to broaden technological collaboration, foster new trade routes, and bolster alternative media viewpoints. These efforts are crucial for Moscow’s international standing while under sanctions.
2. Redirection of Energy Strategy. With Western markets increasingly inaccessible, Russia is redirecting its energy exports to Asia-Pacific and the Global South. SPIEF discussions will centre on the global “energy order,” with an emphasis on national energy diversification and supply security. Moscow is focusing on developing long-term contracts and infrastructure projects in Asia and Latin America. These efforts support Russia’s resilience in the face of decarbonisation trends and trade restrictions in the West.
3. Arctic Strategy and Maritime Sovereignty. The SPIEF 2025 forum will further talks about the Northern Sea Route and a wider Arctic transport link between Europe and Asia. Russia frames this as a matter of sovereignty and a strategic alternative to conventional Suez routes. Russia plans infrastructure investment from Kaliningrad to Vladivostok to enable year-round navigation. Moscow’s goal of securing greater maritime influence and logistical self-reliance motivates this initiative.
4. Regional Influence in the Post-Soviet Space. The Forum includes business dialogues with CIS and EAEU countries, underpinning the Kremlin’s ongoing influence in its blizhnee zarubezhe (near abroad). Belarus and Kazakhstan are powerful partners, while Armenia and Azerbaijan collaborate on agriculture and investment. Despite tensions, Russia proposes business talks with Moldova. These dialogues show continued use of economic tools to shape political alignment in the post-Soviet space.
5. Strategic Engagement with Non-Western Actors. SPIEF 2025 intensifies diplomatic outreach beyond traditional alliances. Notable engagements include:

• Thailand: Positioned as a potential EAEU free trade partner under the BRICS framework.
• Brazil and Cuba: Key Latin American allies aligned with Russia’s multipolar values.
• UAE and Bahrain: Gulf partners with expanding trade ties; UAE trade reached $10B in 2024.
• Indonesia: Longstanding diplomatic partner, with economic commissions and business forums planned.

          These moves show Russia is trying to build stronger ties with developing nations and become less reliant on the West.

6. Managed Dialogue with Western States. Despite adversarial relations, the SPIEF includes sessions with Western actors. A Russia–US roundtable involving the American Chamber of Russia (AmCham) and US firms will address trade and technology barriers. A dedicated panel will examine cultural and humanitarian diplomacy with the EU, emphasising education, science, and sports. This pragmatic approach focuses on limiting communication while working towards a long-term realignment.
7. China and India as Primary Strategic Pillars. Beijing remains a top partner following Xi Jinping’s May 2025 Moscow visit. Over 9,000 Chinese firms operate in Russia, with a 2.5-fold growth in revenues. The Russia–China business dialogue will explore further integration. India continues to be a key player, with discussions planned during President Putin’s upcoming visit. Topics include trade rebalancing and logistics via the International North–South Transport Corridor (INSTC). These partnerships are critical for Russia’s economic and diplomatic recalibration.

Conclusion

SPIEF 2025 reflects Russia’s approach to navigating a complex geopolitical environment, shaped significantly by the consequences of the Ukraine conflict.

The Forum highlights Moscow’s attempts to reinvent itself by strategically diversifying partnerships, expanding economic diplomacy, and actively promoting a multipolar world order.

Although mainly focused on economy, it is likely that the current escalation in the Middle East—particularly the Israel–Iran conflict—will feature in closed-door discussions or on the margins of official panels.

Russian officials and attendees might discuss how regional instability could affect energy markets, trade, and international business. SPIEF functions as both an economic forum and a platform for strategic discussions addressing global instability.

*Cover image: a picture from the SPIEF 2025 (Credits: Roscongress Foundation- Author Anton Antonov)

Report in media partnership with Kaspiskiy Vestnik.