Petersburg International Economic Forum and Russia

political tensions: The three-day forum, Russia analogue to the Davos economic forum in Switzerland, is Russia premier venue for discussing the issues facing the Russian and global economy, according to The Moscow Times. Despite political tensions with the West over Russia actions in Ukraine, the forum was attended by more than 800 foreign businessmen representing 450 corporations. Petersburg International Economic Forum, with politicians and economists divided on whether the current crisis will prove a trigger for development or the beginning of a long decline. Russian economic growth began to slump as early as 2013, but the economy was plunged into a full-blown crisis last year by a global drop in the price of oil — Russia chief export — and EU and U.S. sanctions on Moscow for its role in the Ukraine crisis. It will continue throughout this year and part of next year. … The acute phase of the crisis has passed, but that does not mean we have passed through the crisis itself. The Moscow Times picked out five of the most striking statements made by the financial and political heavyweights who assembled for this year forum. 1) German Gref, head of Sberbank The difficult economic situation we are in now is not over. (news.financializer.com). As reported in the news.