As Russian President Vladimir Putin hosted the St. Petersburg International Economic Forum on Saturday — often dubbed “Russia’s Davos” — Ukraine launched another series of long-range strikes deep inside Russian territory, targeting areas near St. Petersburg, hundreds of miles from the front lines of the war.
According to Ukrainian officials, the attacks occurred just miles from the city where Putin was addressing foreign guests, including several Americans and one Trump administration official.
The strikes came hours after Putin dismissed the prospect of direct peace talks with Ukrainian President Volodymyr Zelensky, saying he saw little point in negotiating with Kyiv’s leader. Instead, he used the forum to praise Russian troops fighting in Ukraine, telling them that the nation was proud of their service and had placed its hopes in them.
While the audience was predominantly Russian, several high-profile Americans attended the event, including conservative commentator Candace Owens, U.S. Commission of Fine Arts member Rodney Mims Cook Jr. — who is overseeing the White House ballroom redevelopment project — and actor Steven Seagal. Social media personalities Andrew and Tristan Tate, who face criminal charges in Romania and the United Kingdom, were also present.
Putin used the forum to tout Russia’s economic resilience despite years of Western sanctions and the ongoing war. He highlighted the growing influence of the BRICS bloc — Brazil, Russia, India, China, South Africa, and several newer members — arguing that the group now accounts for roughly 40 percent of global GDP on a purchasing-power basis, compared with less than 30 percent for the G7. The remarks echoed one of the forum’s central themes: the emergence of a multipolar world less dominated by Western powers.
Yet economists continue to warn that Russia’s wartime economy is showing signs of strain.
Nigel Gould-Davies of the International Institute for Strategic Studies recently wrote that rising labor costs, inflation, and increased taxation are placing growing pressure on civilian sectors of the economy, creating what he described as a “dual economy” marked by booming military production alongside civilian stagnation.
Owens appeared on a panel focused on balancing parenthood and professional success. During the discussion, she said her visit to Russia had underscored similarities between Russians and Americans.
“My main conclusion would be that we are grappling with the same issues, West and East,” Owens said, arguing that media narratives often exaggerate divisions between the two countries.
One of the more unusual moments of the forum came during a question-and-answer session with Putin, when Cook praised St. Petersburg and relayed greetings from President Donald Trump. Putin responded, telling Cook to “pass the puck back to President Trump.”
Putin also mocked Zelensky’s public image, joking that Trump had publicly “disciplined” the Ukrainian leader over his attire.
“Playing Rambo all the time may work, but only up to a point,” Putin quipped, before thanking Trump for the criticism and suggesting that “the work needs to continue.”
The comments came as Ukraine demonstrated its ability to strike targets far from the battlefield. St. Petersburg sits roughly 620 miles from some of the war’s active front lines, making the attacks a symbolic reminder that the conflict increasingly extends deep into Russian territory. Ukrainian officials framed the strikes as part of a broader effort to pressure Moscow into ending the war.
Zelensky proposes ‘full ceasefire’ and face-to-face meeting with Putin in direct open letter
“Russia must end its war and stop its attacks on life,” Zelensky said, adding that any injustice against Ukraine would receive a response.
Ukrainian Foreign Minister Andrii Sybiha argued that Putin’s continued refusal to meet directly with Zelensky reflected a weakening Russian position.
“By refusing President Zelenskyy’s offer for direct peace talks, Putin lost his chance to get out of his failed war,” Sybiha said. “Things will only get worse for Russia. Battlefield losses will continue to grow. Failures will get more humiliating.”