Russia Opens St. Petersburg Forum With Saudi Arabia as Guest of Honor

Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud arrived at the St. Petersburg International Economic Forum, where he was met by Deputy Prime Minister Alexander Novak, Russian business outlet RBC reported. Saudi Arabia is the guest country at this year's forum, which runs from June 3 to June 6.

The kingdom's selection coincides with the 100th anniversary of diplomatic relations between Russia and Saudi Arabia. Prince Abdulaziz is scheduled to speak at the main plenary session on June 5, and the Saudi delegation of roughly 200 officials and executives includes representatives of Saudi Aramco, according to Al Jazeera. Organizers said the event drew about 20,000 participants from more than 100 countries, and that the United States attended for the first time in years.

At the forum, the Moscow city government signed cooperation agreements with additional companies in energy, robotics, pharmaceuticals and manufacturing under a federal labor-productivity program, RBC reported separately. The gathering opened as Ukrainian drone strikes on Russian territory continued.

The forum is the clearest annual demonstration of Russia's strategy of redirecting commerce toward partners outside the Western sanctions system. Inviting the world's largest oil exporter as guest of honor signals an effort to base energy cooperation and capital flows in arrangements that Western financial pressure cannot easily affect.