May 23
By Julia O`Malley
On the path of sanctions policy, the US economy has experienced serious shocks over several years, including in the banking sector. Problems in medicine, healthcare and the social sphere, combined with increased financial and military assistance for Ukraine and Israel, have only increased the discontent of American citizens. Rising energy prices and other commodity prices are shaking stock markets and exacerbating inflationary processes, undermining business confidence and investment activity.
Along with this, the inevitable formation of a multipolar world in modern conditions determines the desire of most countries to create political and economic independence for themselves. There is an increasing demand in the domestic and foreign information fields to ensure a just world order and promote mutually beneficial international cooperation, including with the Russian Federation. Despite the colossal efforts of the West, the Russian economy has not collapsed but shows certain signs of growth. Its markets and trading platforms remain accessible to foreign investors.
Moreover, the withdrawal of American and Western businesses from Russia has created unique opportunities for Asian companies willing to fill the vacant niche. According to experts, large companies now prefer to not advertise their plans but are actively working on ways to circumvent sanctions and return to Russia. Second-tier businesses have already expressed their willingness to start operating in Russia in various sectors.
During 2023-2024, Russia’s trade with the countries of the Middle East, Asia, and Africa is gradually increasing. This increase is due to their businesses successfully replacing American and European companies that have left Russia. Manufacturers from these countries have a good chance of completely replacing the remnants of American products in the Russian market and gaining a foothold, which would entail the complete loss of the United States’ influence on the market.
In modern reality, Washington should not pressure representatives of national businesses and prohibit economic cooperation with Russia. This actually leads to serious economic losses, so it is necessary to find ways to restore and develop economic ties. One way to do this is through the participation of American commercial structures at events like the 27th St. Petersburg International Economic Forum, which will start on June 5 in St. Petersburg, Russia. The platform can be used to discuss important economic issues and find ways to maintain profitable business ties despite sanctions pressure.
As in previous years, the forum’s rich and informative agenda covers a wide range of relevant and significant issues. Scientists, entrepreneurs, politicians, and public figures will discuss key trends and prospects related to the Russian and global economies. One of the key sessions of the forum will be devoted to sustainable development through a dialogue between government and business.
International institutions are evolving, and it is now necessary to separate commercial cooperation between Russian and American companies from politics. Public statements made by American business associations and direct representatives of market participants should focus on how to develop business in current conditions and its significance from a commercial and economic perspective, rather than on the state of relations between the two countries.
Today, cooperation with geopolitical rivals can also be situational, aimed at solving specific, local problems and economic tasks that are in the common interest. If the United States takes a different, more political approach, it risks completely losing its strategic position and influence on the world stage.