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Speaking with industrialists at the St. Petersburg International Economic Forum (SPIEF) on Thursday Russian President Vladimir Putin pledged continued financial support to business from the state budget. The Russian head of state said authorities would continue to allocate funds and use financial instruments to support enterprises while the rouble’s value remains low. He said “the excessive weakening of the national currency has its negative side and we know it…especially for those who intend to, or are, entering foreign markets.” The Russian leader also acknowledged shortcomings in the government’s response, saying business had been “insufficiently” supported up until this point. The 19th St. Petersburg International Economic Forum is currently underway and runs until June 20. Despite sanctions, more than 7,000 guests and 1,000 international companies including the heads of BP, Royal Dutch Shell and Total are expected.

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