The 19th St. Petersburg International Economic Forum is underway. Despite sanctions, more than 7,000 guests and 1,000 international companies are represented, among them the heads of BP, Royal Dutch Shell and Total. RT will keep you updated.
20 June 2015
The St Petersburg International Economic Forum has come to an end. Here at RT Business Online we hope you’ve enjoyed our coverage and we hope to see you soon, as well as at next year’s event, SPIEF-2016.
Many of the Forum’s foreign participants admitted that the sanctions against Russia had caused great economic damage to the European Union, said Sergey Ivanov, the head of the Russian presidential administration.
Jack Ma, the CEO of Chinese online trading giant Alibaba, met with the founder of Russia’s Yandex internet group, Arkady Volozh, on the sidelines of the Forum to discuss possible future cooperation.
Earlier, Ma said that he was looking for Russian partners in logistics and electronic payment systems. He added that Alibaba could announce a deal on the Russian market by 2016.
The Western sanctions introduced in 2014 have a wide range of benefits, as Russian customers, who preferred foreign products, were motivated to turn to Russian industry, and therefore speed up domestic production, Russian Industry and Trade Minister Denis Manturov told RT.
Russian President Vladimir Putin said that it is essential for the China-led Asian Infrastructure and Investment Bank (AIIB) to be transparent, Japan’s Kyodo news agency reported.
Russia is interested in the privatization of Greek assets, said Andrey Kostin, CEO of Russia’s second biggest lender, VTB. “If there will be privatization, then we could take part,” he said. Kostin added that so far Greece hasn’t asked VTB for a loan.
READ MORE: Russian-Greek relations have 'a lot of potential' – Greek Economy Minister to RT
Russian internet search engine Yandex plans to attract foreign investors for its new Turkish project, the head of the company, Arkady Volozh, said during the Forum.
"We see the Turkish project as an internal start-up and are ready to engage partners in it," he said, adding that an existing user base will make it straightforward to monetize the project.
Rosatom is ready to offer Saudi Arabia a range of nuclear energy services, which could include the construction of a nuclear power plant, supply of nuclear fuel and the construction of a research reactor unit, Rosatom chief Sergey Kirienko said.
READ MORE: Russia and Saudi Arabia ink nuclear energy deal, exchange invites
Russia’s Rosneft oil giant and Venezuela’s PDVSA have signed a memorandum to jointly develop priority projects in Venezuela, Rosneft said in a statement.
Russia sees Latin America as a priority area for expanding cooperation, Russian President Vladimir Putin told the Spanish news agency EFE.
READ MORE: Russia’s import ban means big business for Latin America
Despite the pressure coming from the west, companies from all over the world are still willing to cooperate with Russia, says RT’s Murad Gazdiev, summing up the results of the first two days of the 2015 St Petersburg International Economic Forum.
The third and final day of the St Petersburg International Economic Forum (SPIEF-2015) has kicked off at the exhibition center on St. Petersburg’s Vasilevsky Island. It features a short day and officially finishes at 12 noon local time (09:00 GMT). RT Business Online will be bringing you the latest updates as they happen.
Russia’s Gazprom and UniCredit Bank Austria have signed an agreement at the Forum on providing a credit line of 300 million euros over a period of four years, Gazprom said in a statement.
Check detailed daily program in the file attached.
The BRICS New Development Bank, with authorized capital of $100 billion, was designed not to compete with international financial organizations but to complement them, Russian President Vladimir Putin was quoted as saying by the Indo-Asian News Service.
Vladimir Putin said that “no doubts should be cast” on Russia’s right to host the 2018 World Cup, following the FIFA corruption scandal.
“We fought a fair fight to win the opportunity to hold the tournament, and we don’t believe the decision can now be reviewed. We were ready and we convinced FIFA, and now stadiums are already under construction,” Putin told the media in St.Petersburg.
The Russian president added that “only a court of law can decide if anyone at FIFA is guilty of corruption,” and that an internal Russian investigation revealed “no proof of violations.”
19 June 2015
The second day of the St Petersburg economic forum has come to an end. Follow the latest updates here, on RT business Internet, on Saturday.
Russia “will protect its interests” over property arrested in France and Belgium, President Vladimir Putin told the media at the end of the second day of the forum in St. Petersburg. He added that Moscow does not recognize these actions as legitimate.
Businessmen who came to the St. Petersburg Economic Forum “believe in this country’s [Russia] great opportunities for business,” Maurizio Patarnello, Nestle Russia’s chief executive, told RT.
“This is the country where we want to do business. We want to make Russian consumers happy,” he added.
Lode Vanoost, former deputy speaker of the Belgian parliament, believes western sanctions have had a positive effect in diversifying Russia’s economic interests.
“On the one hand we should not ignore the effect of these sanctions, but on the other hand there is an effect that Russia diversifies its economic interests all over the world – towards Asia, towards China,” he told RT.
Europe should back away from the stand it has taken by imposing sanctions on Russia over Ukraine, he said adding that Europe is unlikely to admit they were wrong on this issue, but will try to circumvent this by slowly re-establishing economic ties.
IMF Executive Director, Paulo Nogueira Batista, spoke to RT about why Greece and the IMF cannot reach a compromise in the Greek debt issue.
Freezing VTB’s assets is a legal issue, not a political one, the head of the bank, Andrey Kostin, told RT.
“It may be politically motivated, but the matter should be resolved in court,” he said adding that most bankers would prefer that politics stayed out of business.
French energy giant Total is committed to Russia and plans to participate in future projects in the country’s energy sector despite pressure coming from the West, CEO Patrick Pouyanne told RT on Friday.
“Politics and economics are linked, but again, Russia is the largest country producing gas and we continue to invest in its very large projects like Yamal LNG, opening a new gas province,” he said. “It’s a question of managing risks and Total, because we are a major company, is able to manage risks and to maintain its commitment to Russia.”
READ MORE: Russia remains key strategic partner for Total - new CEO
RT’s correspondent Murad Gazdiev on Greek Prime minister Alexis Tsipras’s visit to the St Petersburg economic forum on Friday.
The national system of payment cards (NSPC) expects to transfer domestic transactions with American Express, JCB and UnionPay cards to its own processing by the end of 2015, said General Director of NSPC Vladimir Komlev on Friday.
READ MORE: 1st national payment card to be launched in Dec – Russian Central Bank
The pricing in the oil market may include elements of dumping, said Rosneft CEO Igor Sechin.
"In fact, we live in a completely different world than a year ago. Prices have shrunk and only minimal costs were left. At the full cycle costs, unfortunately, aren’t taken into account,” he said.
“Doesn’t that signal that today's pricing in the oil market has elements of dumping, and a desire for market redistribution?” he said, adding that this cannot be a long-term phenomenon that would predetermine the industry’s future development.
Accounts of Russian companies were frozen in at least one more French bank apart from the VTB subsidiary, said the bank’s CEO Andrei Kostin on Friday.
"Accounts of several Russian companies were frozen at VTB France; likewise these were frozen at other French banks. This was not only VTB, at least one more French bank was involved," Kostin said.
READ MORE: France freezes Russian state assets, Moscow plans to appeal
Greek Prime Minister Alexis Tsipras said Friday he hopes the joint construction of the Turkish Stream pipeline with Russia will open up new opportunities for further cooperation in the region.
READ MORE: Russia, Greece sign €2bn deal on Turkish Stream gas pipeline
Russia sees no point in participating in next week’s trilateral talks on Ukraine's debt settlement, said Russian Minister of Finance Anton Siluanov.
"Our position has already been stated. I do not see any need to participate more and to hold any negotiations. Our position was declared and it will not change," Siluanov told TASS on Friday adding that Russia has not received an invitation from Ukraine.
SPIEF2015 Q&A: Charlie Rose asks President Putin about Ukraine crisis
Russia has welcomed Greece’s initiative to strengthen bilateral ties, President Vladimir Putin said at a meeting with Greek Prime Minister Alexis Tsipras on Friday.
"We welcome the initiative by the Greek side to prepare a document on intentions to strengthen bilateral economic cooperation between Greece and Russia," Putin said adding that a Memorandum on Russia-Greece cooperation will be finalized before November.
China’s Vice Premier Zhang Gaoli has supported linking the projects of the New Silk Road Economic Belt and the Eurasian Economic Union (EEU).
"We need to link the development of the Silk Road Economic Belt project and the EEU," Zhang Gaoli said, pointing to the need to create appropriate "coordination mechanisms."
He said Russian-Chinese cooperation is bringing notable success having achieved “practical results."
Russia and China plan to boost annual trade to $200 billion in the near future, said Vladimir Putin.
"China is our 'number one' trade partner. Our current trade is around $85 billion...I think that in the next few years we will be able to reach the $200 billion turnover," Putin said at a plenary session of the St. Petersburg International Economic Forum.
Rosneft subsidiary Itera and General Electric have signed an agreement to cooperate in processing liquefied natural gas. Development of LNG processing will give Rosneft additional revenue streams from the company’s substantial gas reserves and increase the effectiveness of Itera’s assets, said Rosneft.
Russian-Chinese relations see a lack of freedom of capital movement, said President Vladimir Putin.
"I’ve already said in my speech that we in no way restrict the movement of capital. Even in the most difficult conditions, such as in the crisis of 2008-2009 and now, in the past year - we do not limit the export of capital. But we expect that our partners will act in the same direction in the framework of their own regulation," he said.
Russian President Vladimir Putin said he hopes an Iranian nuclear agreement will be signed in the near future and the common position shared by negotiators is to prevent the proliferation of weapons of mass destruction.
China is in favor of strengthening the role of the developing world in the IMF structure, said Chinese Vice Premier Zhang Gaoli.
Russian President Vladimir Putin's speech at the 19th St. Petersburg International Economic Forum - SPIEF 2015.
Western support for the anti-constitutional coup, not Russia, is the main cause of the Ukrainian crisis, said Putin.
Greece's problems are problems of all the eurozone and its structure, said Tsipras. Austerity measures are wrong and lead nowhere, he added.
A vicious circle, which arose due to the Ukrainian crisis and economic sanctions, must be broken in the near future, said Tsipras.
Europe should stop considering itself the centre of universe, it should understand that the centre of world economic development is shifting to other regions, said Greek Prime Minister Alexis Tsipras, speaking at SPIEF-15. Russia's role in the world is increasing, he added.
READ MORE: EU shouldn’t view itself as ‘hub of universe’ – Greek PM
Developing cooperation with the Asia-Pacific region plays an important role in strengthening of the Russian Far East, said Putin.
Measures to pull the Russian economy out of the crisis “have worked in general,” said President Vladimir Putin.
Russia hasn’t closed the door to cooperation with the West despite active work with BRICS and Latin America, said the Russian President.
“We respond to foreign restrictions not by shutting the gateway to our economy, but with greater freedom and openness”, he said.
Measures to pull the Russian economy out of the crisis “have worked in general,” said President Vladimir Putin.
Russia hasn’t closed the door to cooperation with the West despite active work with BRICS and Latin America, said the Russian President.
“We respond to foreign restrictions not by shutting the gateway to our economy, but with greater freedom and openness”, he said.
Ukraine will pay a scheduled $75 million interest repayment to Russia on June 22 with almost one hundred percent probability, Russian Deputy Finance Minister Sergey Storchak told Rossiya-24 TV channel.
READ MORE: Russia to turn to courts if Ukraine fails to pay $3bn debt in time - Siluanov
Russian internet company Yandex has no intension of leaving Turkey, said CEO Arkady Volozh. He denied reports in the Vedomosti newspaper the company was not doing well in Turkey and is close to shutting down its business there.
Russian Foreign Minister Sergey Lavrov and Serbian counterpart Ivica Dacic have discussed Turkish Stream. Belgrade says it has nothing against it and is following the negotiations between Moscow and Ankara.
The EU has extended economic sanctions against Crimea for one more year, reports TASS.
China estimates the value of signed and almost signed agreements with Russia at $1 trillion, said Russian Deputy Prime Minister Igor Shuvalov. Russia’s estimate is much humbler, he added.
Joe Watt, a managing partner at Ernst & Young CIS explained to RT that Chinese investors need to better learn about Russia, as about two-thirds of the companies surveyed didn’t have enough information about the country.
Russia will give a reciprocal response to the seizure of its assets abroad, said Russian Foreign Minister Sergey Lavrov.
READ MORE: Moscow will respond in kind to seizure of its assets abroad - FM Lavrov
Alibaba is expected to discuss cooperation with Russian Post at SPIEF-2015.
Russian Deputy Prime Minister Arkady Dvorkovich talks about Greek Prime Minister Alexis Tsipras' visit to Russia. Greek debt, sanctions, and the Turkish Stream gas pipeline – RT has all the details of the interview.
Rosneft has acquired a 16.7 percent stake in the Schwedt refinery in Germany from Total. The value of the deal is estimated at $300 million.
It is high time for market players to invest in Russia, said the founder and Executive Chairman of Alibaba Group, Jack Ma.
READ MORE: World’s biggest e-commerce group Alibaba opens Russia office
BP has acquired 20 percent stake in Russia’s key deposit in Eastern Siberia. Follow the details here.
Russia and Greece have signed a deal to create a joint enterprise for construction of the Turkish Stream pipeline across Greek territory.
READ MORE: Russia, Greece sign deal on Turkish Stream gas pipeline
Russia’s biggest bank, Sberbank, plans to raise finance in Asian markets in 2015, CEO Herman Gref said, adding that he can’t disclose the figures.
Francesco Starace, CEO of Italian energy giant ENEL, whose company is performing well in Russia despite the sanctions and doesn’t want to leave the country, speaks to RT.
The largest crude oil and natural gas producer in Germany, Wintershall, is considering taking part in the Gazprom-led project to construct two extra pipelines under the Baltic Sea to complement Nord Stream, Tass news agency reports.
The statement came from Mario Meren, Wintershall’s CEO and interim head of Exploration and Production in Russia, North Africa and South America.
READ MORE: Russia to construct new gas pipeline to Germany via Baltic Sea – Gazprom
Here’s a chart by EY that shows the most quoted and viral topics discussed at the Forum.
Foreign investments have never been crucial to the Russian economy, and constituted no more than one-fifth of all investments, with the majority of money coming from Russian citizens and companies, former Russian Finance Minister Aleksey Kudrin told RT.
”Due to sanctions, even Russian investors are taking a time out, and will be more careful in the near future,” he added, saying it’s a hard job to create a fertile investment climate at a time of sanctions.
As Greece and EU on Thursday failed to find a solution in another round of negotiations on a bailout deal, Greek Prime Minister Alexis Tsipras is coming to the Forum to talk to Vladimir Putin. The two countries are expected to sign a preliminary deal on a Turkish Stream gas pipeline that will deliver Russian gas under the Black Sea to the border between Turkey and Greece and then onward to Europe. RT's Murad Gazdiev at the Forum has all the details.
Topping Vladimir Putin’s agenda for today is a meeting with Greek Prime Minister Alexis Tsipras, and you can watch their talks live at 1:15pm GMT on RT.com. Don’t miss the opportunity to watch Putin’s talks with the heads of major multinational businesses at 15:30 GMT as well. Putin is also expected to meet with leading representatives of international news agencies at 6pm GMT.
Welcome back to Day 2 of the 2015 St. Petersburg International Economic Forum. We’ve got exclusive interviews, big deals, and of course President Putin at the Forum. Stay tuned!
18 June 2015
RT business Internet is wrapping up its Thursday coverage of the St Petersburg international economic forum. Check out the latest updates here, on Friday.
Russia is open to long-term partnerships, expansion of economic freedoms, and the creation of a favorable investment environment, said president Putin on Thursday. He added that foreign investors have shown great interest in collaborating with Russian businesses, and that direct investment inflows amounted to nearly $21 billion in 2014.
The political and economic problems Greece is facing right now are mostly caused by the western ‘cold war’ mentality, author and former British diplomat William Mallinson tells RT. The comment comes ahead of talks between Putin and Tsipras on Friday that are expected to become the focus at the St Petersburg International Economic Forum.
Russian-Chinese cooperation is actively developing in all areas, said Russian President Vladimir Putin at a meeting with Zhang Gaoli, Vice Premier of the Chinese State Council, on the sidelines SPIEF, Thursday.
Zhang Gaoli stressed that relations between the two countries are at a sufficiently high level.
Rosselkhozbank and the Chinese Huamin fund have signed two agreements involving organic farming with Yug Rossii and the Damate group, the bank said on Thursday.
The deals are aimed at increasing organic food production in Russia, and exports to China.
The head of Gazprom Aleksey Miller and Greek Energy Minister Panagiotis Lafazanis on Thursday discussed the construction of a pipeline in Greece to link with Turkish Stream, said Gazprom in a statement.
"The sides discussed the issue of building facilities in Greece to enable pipeline gas supplies to Europe through the Turkish Stream gas pipeline. In particular, the issue of preparing an appropriate intergovernmental memorandum was discussed," the statement reads.
Jean-Pierre Thomas, former advisor to French President Nicholas Sarkozy, says France and Belgium have chosen a very strange time to freeze the assets of Russian second largest bank VTB; making the move look politicized in the wake of such a large-scale international event as the economic forum in St. Petersburg.
READ MORE: France freezes Russian state assets, Moscow plans to appeal
The extension of Western sanctions against Russia won’t have a significant effect on the ruble’s exchange rate, said Deputy Finance Minister Aleksey Moiseev on Thursday.
"We assume in our plans sanctions will not be lifted quickly; I do not see any special risks for the ruble rate in this regard," Moiseev said.
READ MORE: EU agrees to prolong Russia economic sanctions till January 2016 - sources
The EU just announced that it will be continuing its anti-Russian sanctions, but the last-minute news hasn’t scared away any Western participants, nor has the American recommendation for its citizens not to attend. Jim Rogers, legendary investor and chairman of the Beeland Interests.
Companies from China, Taiwan and Singapore have shown interest in the construction of a bridge over the Kerch Strait in Crimea and may participate in the project, the head of the Russian Federal Road Agency (Rosavtodor) Roman Starovoit, told TASS on Thursday.
Greece hasn’t requested any financial aid from Russia, said Deputy Finance Minister Sergei Storchak on Thursday at the St. Petersburg Economic Forum. He added that Greek Prime Minister Alexis Tsipras came to Russia to discuss joint projects and not to ask for money.
"There have been no requests [for help from Greece – Ed.]," Storchak told Reuters. "There are no resources [in our budget to provide money – Ed.]."
Gazprom and Petrovietnam agreed to develop the Nagumanovsky field in Russian Ural and the North-Purovsky field in Siberia on Thursday.
The two companies have discussed expanded cooperation in the oil sector, including joint work within the Dung Quat refinery, as well as in the field of electricity, motor fuel and LNG supplies.
Jay Nibbe, Global Vice Chairman at EY speaks to RT on the problem of tax evasion and avoidance in Russia and the growing importance of Asian markets.
Head of Gazprom Aleksey Miller and CEO of Royal Dutch Shell Ben van Burden have signed an agreement to expand the liquefied natural gas plant on Sakhalin Island in Russia’s Far East.
"The document provides for the development of strategic partnership between Gazprom and Shell in all segments of the gas industry from exploration and production to refining and marketing, including a possible exchange of assets," said a statement.
The Eurasian Economic Union (EEU) and India have started negotiations over the free trade zone agreement and signed a framework agreement at the International Economic Forum in St. Petersburg.
READ MORE: India to sign free trade deal with Russia-led Eurasian Economic Union
Gazprom intends to construct a new double pipeline having an annual capacity of 55 billion cubic meters with Shell, E.On and OMV.
READ MORE: Russia to construct new gas pipeline to Germany via Baltic Sea – Gazprom
Work on laying the Turkish Stream pipeline under the Black Sea will begin this month or next once Turkey gives permission, said Russian Energy Minister Alexander Novak.
Veteran pro-Asian investor Jim Rogers told RT that Western sanctions will benefit Russia in the end, as it has turned east. As for BRICS, anything that can compete with the long-standing “corroded” Western institutions is good for the world, he said.
Preparations are underway for a visit by King Salman of Saudi Arabia to Russia soon, a diplomatic source told the Tass news agency
News about the establishment of the BRICS New Development Bank can be expected at the July BRICS summit to be held in Russian city of Ufa, IMF Executive Director Paulo Nogueirga Batista said.
"I will become the new Vice President of the BRICS development bank. I look forward to the first meeting of the governors of the bank," he added.
Kremlin spokesman Dmitry Peskov says President Putin is scheduled to meet Saudi Crown Prince Salman Mohammad at the forum and not Saudi oil minister al-Naimi.
Rosneft says it has signed a five-year contract with power generator E.ON Russia to supply 4.4 billion cubic meters of gas.
Western sanctions may be extended far longer than the expected six months, according to Vnesheconombank Deputy Chairman Andrey Klepach.
“I think that the sanctions won’t be extended for six months, but far longer,” he said, adding that Russia is ready to get over the investment crisis.
— Murad Gazdiev (@MuradoRT) June 18, 2015
Rosneft and Venezuelan nationalized oil company PDVSA have signed a preliminary export contract for Urals oil to Venezuela. The deal was inked by Rosneft Chairman Igor Sechin and PDVSA President Eulogio del Pino. The amount and the price are to be determined.
Expect more countries to freeze Russian assets after Belgium's decision, presidential aide Belousov warns
— Daniel Bushell (@danielb_rt) June 18, 2015
READ MORE: Russian state assets in Belgium ‘to be seized as Yukos compensation’ – reports
Russian mobile operator Tele2 and Chinese telecoms giant Huawei have signed a $300 million framework agreement on the supply of equipment, Lyudmila Smirnova, Tele2’s chief financial and administrative officer, told Interfax news agency.
Capital outflow from Russia in the second quarter of the year may be close to zero, but will exceed $90 billion over the whole of 2015, Economic Development Minister Aleksey Ulyukayev said.
One of Russia’s largest state-owned banks, Russian Agricultural Bank (Rosselkhozbank), has announced it has started issuing cards produced by the Chinese payment system UnionPay. An agreement on the deal was signed at the Forum by Russian Agricultural Bank CEO Dmitry Patrushev and UnionPay International Executive Vice President Cai Jianbo. UnionPay will help Rosselkhozbank issue and market the cards in Russia.
Indian officials have confirmed that their government will sign a free trade agreement with the Eurasian Economic Union at the Forum on Thursday.
"We are definitely signing this agreement," Amit Telang, First Secretary of the Indian Embassy in Russia, told Tass news agency.
Russia and Saudi Arabia plan to sign a joint action program Thursday on the exchange of technology information and investment projects between the two countries, Russian Energy Minister Aleksandr Novak told Tass news agency.
Russian agricultural producers have asked the authorities to expand the EU food embargo list if economic sanctions are extended against Russia, said Sergey Dankvert, the head of the Russian government’s agriculture watchdog. They are proposing to including chocolate in the list of banned imports.Russian agricultural producers will benefit from the embargo expansion, he added.
Siegfried Wolf, chairman of Russian Machines, is speaking to RT. Together, domestic and foreign car sales have fallen by a dramatic 40 percent, as many foreign investors have left Russia due to sanctions. Wolf is calling for support from the Russian government to stimulate the market and to boost consumers’ spending power.
Russia and Turkey aim to sign an agreement on the construction of the Turkish Stream pipeline by the end of June, Russian Energy Minister Aleksandr Novak said.
The Russian car market will decline by around 30 percent, CEO of Volkswagen Group Rus Marcus Osegowitsch told Tass news agency, adding that the group would not cut its prices.
Gazprom and Austria’s OMV are planning to sign a cooperation agreement for the construction of pipelines and exploration of hydrocarbons in Russia, the German newspaper Der Standard reported, citing sources familiar with the situation.
The EU’s decision to extend economic sanctions against Russia is a form of economic masochism, Russian Railways CEO Vladimir Yakunin told Tass news agency.
READ MORE: EU agrees to prolong Russia economic sanctions till January 2016 - sources
The top-level Russian-Saudi meeting comes as Russia’s Agriculture Ministry and the country’s farmers aim to increase supplies of grain to Saudi Arabia and attracting investment from this country. Next year, Saudi Arabia plans to end its domestic grain production as part of a phasing-out process begun in 2008.
RT’s Murad Gazdiev in St. Petersburg will be briefing us on the events of the forum. The world's top oil executives are attending, despite pressure from Washington, with the CEOs of BP, Royal Dutch Shell and Total flying to St. Petersburg. On Thursday, Russian President Vladimir Putin will meet with the Saudi Arabian Defense Minister, Crown Prince Muhammad bin Salman, the ranking Vice Premier of the People's Republic of China, Zhang Gaoli, Mongolian Prime Minister Chimed Saikhanbileg and Yukiya Amano, the director-general of the International Atomic Energy Agency.
June 18, Thursday
Let’s have a look at the most interesting events of today. The BRICS issue will be one of the key topics for discussion on Thursday. At 15.00 MSK RT’s Peter Lavelle will host TV debates at the Forum, where he’ll discuss the importance of the BRICS New Development Bank with some of the leading Russian and foreign experts. Other important topics will include business cooperation between the EU and Russia-led economic bloc known as the Eurasian Economic Union (EEU), the Silk Road project and the new realities of the global oil market.