What topics were covered on the second day of SPIEF 2026?

On its second day, the 29th International Economic Forum, titled “Pragmatic Dialogue: The Path to a Stable Future”, shifted from broad discussions to concrete data, strategies, and surprising geopolitical insights.

Finance Minister Anton Siluanov highlighted that the recent tax reforms did not impose an undue burden on entrepreneurs and that concerns about fiscal pressure were overstated.

It was also observed that Russia could entirely eliminate its external public debt, although it currently accounts for only about 10 percent of total borrowing, making the debt largely symbolic. Nonetheless, maintaining this stability will require adopting new strategies.

Bankers are creating new financial routes alongside digital networks. VTB Bank forecasts that household deposits will hit 72 trillion rubles and that cross-border transfers will exceed 140 billion. These flows show a pronounced eastward shift, with Uzbekistan, Tajikistan, Kyrgyzstan, and China at the forefront. The real sector also supports the emphasis on Asia, as Russian Deputy Prime Minister Alexander Novak noted Vietnam’s interest in purchasing Russian liquefied natural gas.

Roman Bondarchuk, UzA

Saint Petersburg, Russia