Putin addresses investment forum in Saint Petersburg as economic pressures mount

ANBAR, Iraq — Russian President Vladimir Putin delivered remarks Friday at an investment forum in Saint Petersburg, a gathering taking place amid economic strain linked to the conflict in Ukraine. The opening address came days after Ukrainian drone strikes targeted the city, including an attack on an oil depot that sent visible smoke over the forum venue as delegates assembled. Economic indicators present a bleak picture. Russia's gross domestic product contracted 0.2 percent in the first quarter, while the budget deficit reached $80 billion in the first four months of the year. Ukraine has increasingly directed strikes at Russia's energy infrastructure, targeting oil and refinery facilities that form a cornerstone of state revenue. Alexander Kolyandr, a Russia economy specialist based in London, told AFP that the Russian economy is sliding into stagnation under the weight of elevated interest rates and persistent inflation. He described a gradual erosion across economic sectors.