The SPIEF has transformed from a place where black caviar is eaten with spoons and escort girls dance into the country's main opposition event this year to a much gloomier event.
Putin's Minister of Economy says that the country is on the brink of recession. Gref notes that the economy is worse than expected. Deputy Makarov speaks directly about triubles in the investment climate. And that's not all.
For the first time at this level, everything that Vladimir Milov was talking about for weeks is being voiced by Putin's cohorts. Against this background, Putin looks inadequate, who, perhaps, was the only one at the entire forum telling how wonderful everything is.
The problems are only growing, and there is simply no way out of them. Money is running out at an incredible speed, there is nowhere to get new resources.
The only opportunity looming on the horizon for Russia is the rise in oil prices due to the war between Israel and Iran, but even here, things are not so simple. A short-term rise in prices could lead to an even more serious decline in the global economy - and a sharp drop in oil prices in the long term.
This - and much more - is covered in the latest economic report with Vladimir Milov.



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