June 4, 2026
DIANE FRANCIS
Ukrainian drones pummeled St. Petersburg this week, hours before Putin’s showcase economic conference opened its doors to thousands of executives, tycoons, and heads of state. Plumes of black smoke were visible in targeted areas of the city, and explosions rang out as delegates arrived from around the world to attend what has become known as “Putin’s Davos”. Ironically, the gathering is held annually to attract foreign investment to Russia, but the attacks and increasingly brutal war with Ukraine will do the opposite. Hours after the explosions began, a tongue-in-cheek post on X was made by Denys Shtilierman of Ukrainian defence and drone company Fire Point to explain the bombing: “Due to such distinguished guests and the importance of the event itself, we couldn’t ignore it – and urgently flew to St. Petersburg.”
Putin’s St. Petersburg International Economic Forum has always attracted attendees from dozens of countries worldwide. He always delivers the keynote address, and other heads of state speak. A high-ranking Chinese leader attended, but not President Xi Jinping, and this year’s guest of honor is Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud. Despite the ongoing war, there were also delegates from Europe and the United States, and, not surprisingly, former German Chancellor, traitor, and Putin pal, Gerhard Schroder, was in attendance.
The attack on the city where Putin was born demonstrated to both Russians and the world that no part of Russia is safe. “It was yet another stab to the heart of Putin’s pseudo-Russia, signaling time for regime change,” noted one commentator. The BBC reported that “unverified videos posted on social media by Ukrainian military figures showed drones heading for docked military ships [in St. Petersburg], with the video cutting off before impact. Robert Brovdi, the commander of Ukraine’s unmanned systems, said on Telegram that the corvette Boikiy was struck.”
This was the most high-profile embarrassment for Putin since Kyiv began bombing Russia. Then there’s also the fact that Ukraine has completely repelled Putin’s spring military counter-offensive. His casualties soar, and his military is stalled. Not surprisingly, the Forum’s attendance by Western countries and companies has dropped steadily every year since the 2022 invasion of Ukraine. So has the quality of attendees. A small US delegation attended, but it was led by the guy overseeing President Trump’s ballroom project in the White House.
Ukraine’s decision to take the war to the Russians may not trigger regime change among its terrified residents, but it marks the beginning of the end of this war. Russia’s eventual bankruptcy will do the trick and finally halt the conflict, which seems increasingly inevitable. Every day, Ukrainian missiles and drones destroy Russian oil and industrial facilities, slashing its energy export income. Oil and natural gas Production is at half pre-war levels, and rationing has been imposed inside Russia. This, plus an Internet blackout for weeks, has brought home to Russians the cost of their leader’s war. For instance, there is now no gasoline in Crimea, which means that the thousands of Russians who vacation there every summer will have to make other plans.
There is also unease inside the Kremlin. Reports from there are always suspect, but reliable sources now state that Putin has been warned that overspending on the war has caused the deficit to skyrocket and economic growth to stop. But he ignores these red flags, refuses to reduce the military budget, and continues to insist on seizing all of Ukraine’s eastern Donetsk region, even though his troops are stymied and being slaughtered there. Fortunately, as his coffers empty, Kyiv’s fill. Ukraine is about to receive tens of billions in additional European Union funding, and the continent continues to finance the flow of American weapons to the Ukrainians.
However, in recent weeks, Moscow has shifted strategy by launching a record wave of attacks against Ukrainian cities and civilians. Some 8,150 long-range drones hit Ukraine in May, up 24% from April, according to Associated Press. The shift has occurred, speculates Zelensky’s Foreign Minister Andrii Sybiha, because Putin has run out of military options on the battlefield. So he pounds Ukrainian cities in the hopes of wearing down the country and its people. Now, Ukraine is asking Europe and America to provide more of their air defense systems. “Europe needs its own anti-ballistic defence so that this war can finally be brought to an end,” wrote Zelensky. “And assistance from the United States in supplying missiles for Patriot systems is necessary.”
Unfortunately, America’s attention has shifted to Iran, and it has essentially abandoned diplomacy aimed at ending the Ukrainian war. Equally regrettable is that Europe’s leaders haven’t got their act together to launch talks with Putin, and that Putin is under no pressure to negotiate. His generals keep telling him he’s winning the war, so there’s no discussion about cutting losses or reaching a deal. Instead, it appears that Belarus is being press-ganged into joining the fray to distract Kyiv from decimating the Russian military. But Ukraine has prepared its northern border to meet another potential conflict and has identified hundreds of targets inside Belarus.
The Economist suggested recently that Ukraine’s recent battlefield advances should prompt Europe to immediately restart negotiations. “We are not against negotiations if they are real,” said Margus Tsahkna, Estonia’s foreign minister. “But there is nothing to talk about yet.” Her response was appalling, given Russia’s bombing escalation against Ukraine’s cities and Trump’s handoff to Europe. However, the Europeans are trying to organize and appoint negotiators, but one French diplomat said, “This is clearly Europe’s war now. The question is whether it can be Europe’s peace.”
Obviously, Kyiv has dug in for a longer war, not a deal. It is investing tens of billions every year in domestic arms production and turning its military-industrial complex into a profitable export sector. Two dozen countries now have security deals with Ukraine, and Kyiv also deepens business ties with Germany, the Netherlands, Britain, and Nordic nations to create a significant military-industrial complex on the continent. In addition, Europe is rearming quickly and aims to eliminate its dependence on the United States for defensive technology.
Meanwhile, a bona fide Russian poll showed that between 62% and 67% of Russians support peace negotiations as opposed to the continuation of military operations. And there are other signs of war weariness. Anecdotally, one correspondent in Moscow noted that Kremlin insiders
do not refer to Ukraine as “our war” but as “Putin’s war”, a notable distancing from the dictator. Internationally, Russia is becoming more isolated than ever as allies like Iran, Venezuela, and Cuba are attacked, while China and others carefully stay away from defending Putin’s genocidal war.
The positives thus far are that Putin’s war has ruined his army, strengthened the Western alliance, and this, along with Ukraine’s incredible resolve, will inevitably be his undoing.