Putin's pivot: Seeking new allies in the East and Global South

Moscow is turning towards countries in Asia, Latin America, and Africa. Vladimir Putin is also reaching out to those European countries prioritizing their economic interests, such as Russian oil and gas recipients in Eastern Europe, Slovakia, and Hungary. In this way, he is seeking new business partners.

The days when dozens of Western business leaders and heads of state participated in the St. Petersburg International Economic Forum (SPIEF) are long gone. According to the CNBC portal, Moscow is looking for new business partners.

Putin intends to use the forum to establish new relationships with countries that will be willing to overlook the invasion of Ukraine and do business with a country that has invaded its neighbour.

This year's program includes sessions dedicated to expanding Russia's development of the Arctic, the growth of BRICS economies, and the Russian automotive industry. There are also sessions on "Family Values," another cornerstone of Russian President Vladimir Putin's fifth term, and Russia's relations with the West, lists CNBC.

This is why Moscow is turning toward countries in Asia, Latin America, and Africa. Vladimir Putin is also reaching out to European countries that prioritize their own economic interests, specifically recipients of Russian oil and gas in Eastern Europe, Slovakia, and Hungary.

Isolated by the West and Ukraine's allies, Russia still wants to show that it is open for business with foreign countries.

Russia claims that Western sanctions on its significant industries have made it more self-sufficient, and private consumption and domestic investments remain resilient. Meanwhile, continued export of oil and goods to India and China, as well as alleged evasion of sanctions and high oil prices, have allowed it to maintain high export revenues from oil, explains CNBC.