Putin seeks new allies in Asia, Africa, and Eastern Europe

Moscow is increasingly focusing on establishing ties with countries in Asia, Latin America, and Africa. Additionally, Vladimir Putin is reaching out to European countries prioritizing their economic interests, specifically those in Eastern Europe, such as Slovakia and Hungary, which are significant Russian oil and gas recipients. In this manner, he is seeking new business partners.

The days when dozens of Western business leaders and heads of state attended the St. Petersburg International Economic Forum (SPIEF) are long gone. According to a CNBC report, Moscow is now in search of new business partners.

Putin aims to use the forum as an opportunity to forge new relationships with countries willing to overlook the invasion of Ukraine and pursue business dealings with a country that has invaded its neighbor.

"This year's program includes sessions on expanding Russian development of the Arctic, the expansion of the BRICS group of economies, and Russia's car industry," CNBC notes. "There's also sessions on "Family Values," another keystone of Russian President Vladimir Putin's fifth term in office, and Russia's relationship with the West."

As CNBC evaluates, this is why Moscow is increasingly turning toward countries in Asia, Latin America, and Africa. Vladimir Putin is also reaching out to European countries prioritizing their own economic interests, specifically Russian oil and gas recipients in Eastern Europe, Slovakia, and Hungary.

Isolated by the West and Ukraine's allies, Russia still seeks to demonstrate that it remains open for business with foreign countries.

"Russia says Western sanctions on its critical industries have made it more self-sufficient and that private consumption and domestic investment remain resilient. Meanwhile, continuing oil and commodity exports to India and China and alleged sanctions evasion and high oil prices have allowed it to maintain robust oil export revenues." CNBC explains.