Moscow: This year, Vladimir Putin's signature economic forum in St. Petersburg suffered from poor turnout, which is seen by many as another indication that Russia's conflict with Ukraine is isolating it from the global economy.

In previous years, the event had attracted prominent figures such as French President Emmanuel Macron and former German Chancellor Angela Merkel. However, on Wednesday, these figures were noticeably absent, and even countries that were once part of the Soviet Union chose not to attend, according to Bloomberg.

Most of the attendees were lower-level politicians from the Middle East, Latin America, and Asia. These regions have become more economically connected to Russia as Western sanctions have restricted traditional avenues of trade.

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The most significant presence at the event came from Chinese officials, including Zhang Hanhui, China's ambassador to Moscow, and Zhou Liqun, the chairman of the Union of Chinese Entrepreneurs in Russia. Russia has been actively expanding its trade relations with China, aiming to establish an unrestricted partnership and achieve record trade volumes between the two countries in 2023.

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However, experts have raised concerns about the growing divide between Russia and the Western world, which could have severe consequences for Russia's economy. Despite Russia's defiant stance, sanctions are taking a toll on Moscow's finances, with a significant decline in oil and gas revenue and a deepening budget deficit. While Russia has increased trade with China and other allies, some experts argue that it may be sacrificing its independence in the process.

Although some analysts predict small economic growth for Russia this year, these estimates are often based on selective data provided by the Kremlin. Two researchers from Yale University recently argued that Russia's economy is facing greater challenges than Putin has acknowledged so far. One think-tank even estimated that Russia could become a failed state within the next decade.

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In summary, the poor turnout at Putin's economic forum, the absence of Western politicians, and the growing reliance on trade with non-Western regions all point to Russia's increasing isolation from the global economy. The impact of sanctions and other economic challenges raises concerns about the country's economic stability and potential long-term consequences for its future.