Kathrine Frich
Sanctions and the rising cost of war have placed increasing pressure on Russia’s economy
This has forced the government to look inward for support.
Historically, the Kremlin has relied on oligarchs and major corporations to help absorb shocks and sustain critical sectors.
That made Putin’s latest meeting with Russia’s business elite particularly significant.
Abrupt exit
According to Latvian outlet LA.LV, Vladimir Putin spent just 35 minutes at the Congress of the Russian Union of Industrialists and Entrepreneurs, noticeably less time than in previous years.
For the first part of the session, Putin remained silent, listening to remarks by moderator Alexander Shokhin. He then delivered a brief speech lasting around 20 minutes.
After a short off-microphone exchange with Shokhin, the event was suddenly brought to a close, without any questions from business leaders or further discussion.
Business concerns
Several of Russia’s most prominent oligarchs were present at the congress, including Vladimir Potanin, Alexei Mordashov and Oleg Deripaska.
Despite expectations of dialogue, Putin declined to engage directly with them, offering no opportunity for questions or responses during the session.
The lack of interaction comes at a time when Russian businesses are facing increasing uncertainty linked to sanctions, falling revenues and wartime pressures.
Warning signs
Finance Minister Anton Siluanov, who also addressed the gathering, warned that companies should prepare for tougher conditions ahead.
He said the government itself is operating under austerity measures due to declining income from energy exports. While rising oil prices linked to the Middle East conflict may provide some relief, officials signaled that financial pressure remains significant.
Recent data also points to broader economic challenges. Putin has acknowledged that Russia’s GDP has fallen by 2.1 percent compared to the same period last year.
Sources: LA.LV
