006 What did Russia achieve by organising SPIEF?

006 What did Russia achieve by organising SPIEF?
Topics for discussion: SPIEF, St. Petersburg, International Economics, World Trade

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St. Petersburg International Economic Forum. Held from 22nd May 2014 to 24th May 2014.

6,500 guests were said to have participated.

609 Heads of major Russian Corporations were said to have participated.

1700 journalists were said to have participated.

Delegations from 75 countries were said to have participated.

What did they all achieve?

They seemed to have developed a capacity to listen to speeches of Mr. Putin and appreciating Russian food, and probably some Russian Vodka.

Some golden sayings attributed to Mr. Putin:

Sanctions will lead the global economy to turbulence, which is in no one’s interest. ... It’s not possible to isolate a country like Russia.

ybrao a donkey's comment: Why should Mr. Putin be so much worried about sanctions? Russia is a vast country in respect of physical geographical area and mineral wealth. It can easily survive even if all the 190 odd countries come together and enforce sanctions against Russia. It should be the other way round, i.e. the countries which impose sanctions against Russia should be afraid of.

Second pipeline to China will be cheaper than the first because Russia will use some existing pipeline infrastructure. - Putin.

ybrao-a-donkey's comment: Russia is more and more becoming a mono-export-product country, depending on Oil and Gas exports. It injures Russian economy.

Regulation sometimes distorts market signals and leads to unjustified subsidizing of all types of energy. In the EU these are the renewables. This market distortion damages the competitive environment and competitive capacity of whole industries. ... - Putin.

ybrao-a-donkey's comments: If there is no regulation, the Multi National Oil Companies will rob the world.

"... We do not divide up our partners on the basis of nationality. You are all members of one family. ..." -Mr. Putin to heads of Energy Companies.

ybrao-a-donkey's comments: This is nothing but empty rhetoric. Economic and financial decisions are made on the basis of business viabilities. Family sentiments and ideas of equality and fraternity do not have any place in business decision making. Do butchers and shepherds treat their sheep equally? They will certainly keep in mind how much each lamb or a ram fetches!