German Companies Resume Participation in St. Petersburg Economic Forum Amid Ongoing Ukraine Conflict

For the first time since the outbreak of the Ukraine conflict, German companies are officially returning to Russia's St. Petersburg International Economic Forum (SPIEF), held from June 3 to 6, 2026. This marks a significant step in maintaining economic ties despite years of absence and ongoing Western sanctions.

Matthias Schepp, CEO of the German-Russian Chamber of Commerce, emphasized the critical importance of preserving the economic bridge with Russia to protect over 100 billion euros in German assets. He warned against ceding the Russian market to Asian competitors, noting that Chinese companies established 1,400 new enterprises in Russia during the first quarter of the year alone.

About 1,600 German firms remain active in Russia, generating roughly 20 billion euros last year, even as bilateral trade has plummeted from nearly 60 billion euros in 2021 to below 10 billion euros in 2025 due to sanctions. A survey of 750 companies found that nearly all intend to maintain their presence in Russia, with 75% satisfied with their business developments despite sanctions-related challenges. Additionally, 65% of respondents support resuming gas and oil imports from Russia.

The forum features prominent German participants including dairy producer Stefan Dürr and Globus Holding's Thomas Bruch, as well as cultural events involving German figures and AfD politicians. Russian President Vladimir Putin is scheduled for multiple appearances, including speeches and a press conference where he is expected to reiterate his firm stance on the ongoing conflict.

German companies' reengagement at SPIEF reflects a strategic move to safeguard economic interests amid geopolitical tensions and highlights the complex balance between sanctions and business imperatives.