This year’s St Petersburg International Economic Forum (SPIEF), Russia’s premier investment conference, was considered a flop as few international companies bothered to make the trip. However, thousands of delegates flocked to the northern capital from the Global South as the third stage of Russian President Vladimir Putin’s plan to rebuild Russia’s commercial relations with the larger part of the global economy took another step forward. The event established itself as the premium investment forum in the Eurasia region that is home to five billion people, a third of the globe’s territory and around 65% of global GDP.

SPIEF organisers reported 1,084 agreements worth RUB6.64tn ($88.6bn). However, the true figure is likely substantially higher. Large portions of Chinese, Gulf and strategic-sector dealmaking were covered by non-disclosure agreements, meaning the total economic value may ultimately have exceeded RUB8tn-RUB10tn ($105bn-$130bn) once undisclosed projects are included, according to IntelliNews estimates.

Putin made a risky bet when he invaded Ukraine in 2022. He knew that it would bring down extreme sanctions and permanently break diplomatic and commercial ties with the West. Yet he did it anyway, betting that Russia would remake its international relations with the Global South. And so far the bet is working. Sanctions have largely failed as Russia managed to reorientate most of its trade to Asia and has proven to be much more robust that anyone expected.

SPIEF 2026 demonstrated that Russia’s post-2022 economic adaptation has entered a new phase. The first phase was survival and trade rerouting. The second phase was import substitution with mixed results. The third phase, visible at this year’s SPIEF, is the construction of long-term industrial, financial, technological, and infrastructure partnerships with non-Western economies.

Russia now has more than 60 joint projects with the UAE, more than 55 with Saudi Arabia, more than 60 with China and continues these active investments with many other countries. while no new deals with announced with the small delegation of Germany businesses that made the trip, a slew of mega deals were signed with the Kremlin’s new friends in China, India, the Middle East and other partner countries that were designed to bolster Russia’s long-term development plans.

Housing construction, urban development, energy infrastructure, industrial modernization, logistics, digital technologies, and regional development dominated the investment agenda. A handful of Russian state-owned enterprises and banks dominated the headline docket, but hundreds of smaller deals were being negotiated at the fringes.

Real estate and infrastructure

Real estate and infrastructure emerged as the largest investment category at the forum. Multi-billion-ruble agreements involving Sberbank, DOM.RF, Alfa-Bank and regional governments demonstrated that urban development remains central to Russia's investment strategy. Housing projects accounted for several of the largest agreements signed at SPIEF and are increasingly linked to demographic policy, regional development and economic modernisation.

DOM.RF–Sberbank Mortgage Securitisation Programme: Among the largest financial arrangements announced at SPIEF was the agreement between DOM.RF and Sberbank involving the securitisation of Sberbank's mortgage portfolio through the DOM.RF platform. Valued at up to RUB3tn ($41.6bn) by 2030, the agreement represented one of the largest financial transactions associated with the forum and highlighted the growing role of housing finance as a strategic instrument of economic development. The transaction reflects the increasing integration of Russia's banking sector, development institutions and construction industry in support of large-scale urban expansion.

Kaderle District Development, Kazan: The importance of urban development was further demonstrated by the agreement between the government of Tatarstan, TOCHNO Group and DOM.RF Bank to cooperate on the construction of the Kaderle district in Kazan. Valued at approximately RUB250bn ($3.5bn), the project is designed for around 27,500 residents and reflects the growing use of integrated urban developments to attract investment, stimulate construction activity and support population growth.

Yuzhny Satellite City Project: In St Petersburg, Sberbank signed a strategic cooperation agreement worth approximately RUB192bn ($2.7bn) for the Yuzhny Satellite City project. Together with developments such as Kaderle, the project illustrates a broader trend visible throughout SPIEF: Russian cities are increasingly using large-scale residential developments to attract capital, create jobs and drive long-term regional growth.

Alfa-Bank–DOM.RF Housing Finance Partnership: The housing sector was further reinforced by a major cooperation agreement between Alfa-Bank and DOM.RF involving syndicated lending and joint financing for residential construction and infrastructure projects worth up to RUB200bn ($2.8bn). Such arrangements demonstrate how Russia's largest financial institutions are increasingly functioning not merely as commercial lenders but as development partners supporting long-term infrastructure and housing strategies.

Energy

Energy remained another dominant sector. However, investments are increasingly moving beyond crude extraction towards processing, petrochemicals, power infrastructure and export-oriented industrial facilities.

RusHydro–VTB Far East Infrastructure Financing: One of the largest financing packages announced during SPIEF involved RusHydro and VTB Bank, which signed a memorandum of intent for a syndicated loan facility of up to RUB260.5bn ($3.6bn) with a maturity of up to 12 years. The financing will support power generation facilities, transmission infrastructure and grid modernisation projects across Russia's Far Eastern regions. The significance of the agreement extends beyond the energy sector. The Far East occupies a central position in Russia's Asian strategy and expanding electricity generation capacity is increasingly viewed as essential for industrial development, logistics infrastructure, mining projects, data centres and artificial intelligence applications.

Petrochemicals

The petrochemical sector stands out as one of the fastest-growing investment destinations in the Russian economy and illustrates Moscow's ambition to move further up the value chain.

Amur Gas Chemical Complex: The flagship project highlighted at SPIEF was the Amur Gas Chemical Complex being developed by SIBUR and Sinopec (0386.HK). Expected to produce approximately 2.7mn tonnes of polymers annually, the facility is among the largest petrochemical projects currently under development anywhere in Eurasia and serves as a symbol of Russia's transition from raw-material exports towards integrated industrial production.

Pharmaceuticals

Pharmaceuticals emerged as another strategic growth sector as policymakers continue to emphasise healthcare security and domestic production capabilities.

R-Pharm Expansion Programme: The expansion of R-Pharm and discussions during the Pharmaceutical Forum highlighted Russia's emphasis on medicine sovereignty, import substitution and domestic pharmaceutical manufacturing capabilities. The sector is increasingly viewed as a strategic industry alongside defence, energy and technology.

Technology and artificial intelligence

Technology and artificial intelligence occupied a prominent place throughout the forum and increasingly underpin many of the country's future investment priorities.

Russian officials and corporate executives projected that AI-related electricity demand could rise from 1.8GW today to 4.3GW by 2030, requiring approximately RUB10tn ($139bn) of infrastructure investment. The forecast creates opportunities across data centres, semiconductors, software development, cloud computing and energy infrastructure while reinforcing the growing links between Russia's digital ambitions and its industrial strategy.

Agriculture and food security

Agriculture and food security remained important themes, particularly in partnerships involving Africa, India and the Middle East. Fertilisers, grain logistics and food processing are increasingly integrated into broader geopolitical and economic strategies as Russia seeks to strengthen its position as a major supplier of food and agricultural commodities to emerging markets.

Tourism and hospitality

Tourism and hospitality emerged as another significant investment category as domestic travel continues to benefit from restrictions on international tourism and the development of new regional destinations.

Crimea Tourism Development Programme: One of the largest tourism-related announcements involved SkyGroup Development, Sberbank and the Council of Ministers of Crimea. Agreements valued at more than RUB143bn ($1.98bn) provide for the construction of hotel complexes, health resorts, recreational facilities and tourism infrastructure across Crimea's coastline. Collectively, the projects are expected to create more than 15,000 accommodation units, further strengthening Crimea's position within Russia's domestic tourism market.

Sberbank emerged not merely as Russia’s largest bank but as a central participant in discussions concerning artificial intelligence, digital ecosystems, housing finance, infrastructure development, and regional investment. VTB similarly expanded its role as a development financier through agreements with numerous Russian regions, including Yaroslavl, Rostov, Orenburg, Bryansk, Komi, Khakassia, Adygea, North Ossetia-Alania, Kamchatka, and Krasnodar Krai.

DOM.RF established itself as one of the forum’s most influential development institutions through participation in housing, urban development, mortgage finance, and infrastructure projects across multiple regions. RusHydro played a leading role in discussions concerning energy infrastructure and Far Eastern development. Gazprom, Gazprom Neft, and NOVATEK remained central to conversations concerning hydrocarbons, LNG exports, petrochemicals, and industrial processing. Rosatom participated in discussions spanning nuclear technologies, advanced materials, engineering services, infrastructure development, and international industrial cooperation. R-Pharm continued expanding its position within pharmaceutical manufacturing and healthcare industrialization, while Positive Technologies represented the growing importance of cybersecurity and digital sovereignty.

The Russian Direct Investment Fund (RDIF) signed seven agreements with countries of the Global South at the SPIEF in the fields of IT, agriculture, and other industries.

China: From commodities to industrial ecosystems

China remained the largest foreign presence at SPIEF, sending more than 1,000 delegates led by Vice President Han Zheng. Discussions extended well beyond energy into manufacturing, machine-building, electronics, automotive production, logistics, advanced materials and petrochemicals. The flagship project remains the Amur Gas Chemical Complex being developed by SIBUR and Sinopec, which is expected to produce 2.7mn tonnes of polymers annually and ranks among the largest petrochemical projects in Eurasia.

The breadth of Chinese participation — including provincial governments, logistics operators and manufacturers — highlighted how Russia-China ties are increasingly based on integrated industrial ecosystems rather than commodity trade. The forum also underscored the scale of cooperation, with 1,400 Chinese companies established in Russia during the first quarter alone. Russia and Mongolia separately used the forum to advance projects in transport, logistics, energy and infrastructure as they mark 105 years of diplomatic relations.

India: 'Making in Russia for India'

India's delegation reflected growing industrial integration between the two countries. Representatives from the Federation of Indian Chambers of Commerce and Industry, mining companies, fertiliser producers and manufacturers focused on critical minerals, resource processing and industrial partnerships. President Vladimir Putin said bilateral trade could reach $100bn in the coming year, with energy remaining a key driver alongside cooperation at the Kudankulam nuclear plant.

The concept of "Making in Russia for India" emerged repeatedly throughout the forum. Proposed projects included fertiliser production, critical minerals and industrial processing for export to India. India's ambassador Vinay Kumar has promoted the model as a way to create captive export markets through Russian-based joint ventures. The relationship is increasingly multidimensional, with approximately 100,000 Indian workers now employed in Russia.

A high-profile delegation from Andhra Pradesh led by IT Minister Nara Lokesh explored partnerships in semiconductors, artificial intelligence, quantum computing, logistics and digital infrastructure. Discussions included expanding RUSAL's alumina investments, developing a rare earth refining hub with Giredmet, and cooperation with Sberbank, Moscow city authorities, St Petersburg and Tatarstan on smart-city and technology initiatives.

Saudi Arabia and the Gulf: Capital meets industry

Saudi Arabia was SPIEF's official guest country and sent more than 180 officials, investors and corporate executives. Around 30 agreements worth SAR4.8bn ($1.28bn) were signed covering energy, investment, agriculture, tourism, education, food processing and environmental cooperation.

Industry Minister Bandar Al-Khorayef led efforts to deepen industrial and mining cooperation, including agreements involving MODON, Moscow's innovation authorities, and senior Russian officials including Maxim Reshetnikov and Kirill Dmitriev. The forum built on nearly 90 agreements reached during earlier talks in Riyadh and highlighted growing cooperation involving the Saudi Industrial Development Fund, the Saudi Export-Import Bank and Saudi Aramco.

Saudi Arabia, with GDP exceeding $1tn and a sovereign wealth fund managing more than $900bn in assets, has become one of Russia's most important Gulf partners. Bilateral trade is approaching $4bn, while both countries remain central players in OPEC+, producing 9.129mn and 9.472mn barrels per day respectively in 2025.

The broader Gulf region was also strongly represented. The UAE sent more than 120 delegates focused on logistics, AI, infrastructure finance and trade corridors. Qatar, Bahrain and Oman participated in discussions on energy and investment. Russia also highlighted its first Sukuk issuance worth RUB3.5bn ($48.6mn) as part of efforts to attract Gulf capital.

Central Asia: Eurasian integration in action

Central Asia remained central to Russia's Eurasian strategy. Uzbekistan sent more than 150 delegates, while Kazakhstan was represented by over 90 participants. Discussions centred on industrial cooperation, transport corridors, logistics, energy and Eurasian Economic Union integration.

President Shavkat Mirziyoyev said Russia-Uzbekistan trade had reached $13bn, up from $4bn a decade ago, while the joint project portfolio exceeds $50bn across energy, chemicals, agriculture, logistics and manufacturing. He highlighted plans for Uzbekistan's first nuclear power plant with Russian participation, expansion of electricity generation from 87bn kWh to 120bn kWh by 2030, and a target of 54% renewable capacity. Mirziyoyev also proposed a "Eurasian Belt of Technological Industrialization" linking digital platforms, industrial cooperation and human-capital development.

Azerbaijan used the forum to deepen cooperation on trade, logistics and Caspian transport corridors through a series of meetings led by First Deputy Economy Minister Elnur Aliyev.

Southeast Asia: Diversifying eastward

Russia intensified its outreach to Southeast Asia through high-level participation from Myanmar, Vietnam, Thailand, Indonesia and Malaysia. Myanmar's delegation was led by First Vice-President U Nyo Saw, while Vietnam's Deputy Prime Minister Phạm Gia Túc held talks focused on energy, trade, investment and the Ninh Thuan 1 Nuclear Power Plant.

The EAEU-ASEAN Business Dialogue explored industrial cooperation and regional value chains, while Moscow announced plans to abolish visa requirements for Indonesian and Malaysian citizens in 2026. The region increasingly features in Russia's strategy to diversify economic ties towards some of the world's fastest-growing economies.

Africa: A new investment frontier

Africa was one of the fastest-growing areas of engagement. Tanzania sent around 170 delegates led by President Samia Suluhu Hassan and is seeking up to $2bn of Russian investment over the next three to five years in infrastructure, agriculture and mining. A cooperation agreement was signed between Roscongress and the Tanzania Investment and Special Economic Zones Authority.

Zimbabwe signed a five-year cooperation agreement between ZimTrade and Roscongress and reported an 80% increase in exports to Russia. Delegations from Egypt, Mauritania, Cameroon, Côte d'Ivoire, Rwanda, Seychelles and Guinea focused on agriculture, mining, logistics and infrastructure, reflecting Russia's growing interest in Africa as a future growth market.

Latin America: Venezuela deepens ties

Venezuela used SPIEF to advance a 65-measure roadmap across 20 sectors designed to deepen industrial integration with Russia through 2030. Planning Minister Ricardo Menéndez and Deputy Prime Minister Dmitry Chernyshenko said bilateral trade reached $217mn in 2025, with Venezuelan exports to Russia tripling. The two countries aim to increase trade to $400mn by the end of the decade.

Cooperation includes cocoa processing facilities, pharmaceutical localisation including insulin production, KamAZ vehicle assembly, GLONASS satellite infrastructure, health research programmes, scholarships for 200 Venezuelan students and expanded tourism and aviation links.

Russia's regions: The real stars of SPIEF

Perhaps the most revealing aspect of SPIEF was the increasingly prominent role played by Russia's regions. St Petersburg led all participants with 74 agreements, including 41 investment deals worth RUB731.7bn ($10.1bn).

Yaroslavl signed 21 agreements worth RUB176bn ($2.45bn), building on nearly RUB600bn of investment attracted since 2022. Key projects involve R-Pharm, UEC-Gas Turbines, Russian Europe Group and Zhelezno Yaroslavl.

Tatarstan announced the RUB250bn ($3.47bn) Kaderle district development in Kazan, while Crimea secured more than RUB143bn ($1.98bn) in tourism and hospitality investments. The Moscow Region concluded 42 agreements worth RUB95bn ($1.3bn), while Russia's Far East remained central to Moscow's Asian strategy through the RUB260.5bn ($3.6bn) RusHydro-VTB power infrastructure programme.

Collectively, the regions demonstrated how Russia's federal subjects are increasingly operating as independent investment platforms competing for capital, technology and strategic projects across the country.