Russia's economy stalls as Putin's investment forum opens with U.S. attendees

Russia's premier investment conference opens Wednesday, June 3, 2026, in St. Petersburg with a serving U.S. official and conservative influencer Candace Owens attending, even as war-driven stagnation grips the economy. The forum, the Kremlin's answer to Davos, comes hours after a Russian drone and missile strike on Kyiv. The commodity-dependent economy grew just 1% in 2025 after 4.9% in 2024, and shrank 0.2% in the first quarter of 2026, hurt by high interest rates, sanctions and a strong rouble. Officials forecast 0.4% growth this year. A former central bank deputy chairman warned that Russia faces a choice between cutting war financing to spur civilian growth or sliding into recession with further tax hikes and falling real incomes. The conference draws Saudi Arabia's energy minister, German retail billionaire Thomas Bruch, and OPEC's secretary general. The official theme is "Pragmatic Dialogue," but Ukraine's absence from the programme belies its shadow over the $2.9 trillion economy.