The 11th Eastern Economic Forum (EEF) opened yesterday in Vladivostok with over 5,000 representatives from over 70 countries, meeting under the theme, “The Far East: Development for the Benefit of People.” Host, Russian President Vladimir Putin, welcomed the assembled, calling the Forum a platform of “open, constructive dialogue” between business circles, government bodies and experts, creating opportunities for Russia and its Asia-Pacific partners to advance ties in logistics, industry and energy. Putin will address the plenary session on Thursday, along with featured guest, Indonesian President Prabowo Subianto and Chinese Vice Premier of the State Council Ding Xuexiang.
China’s Sinopec is represented by Chairman Hou Qijun. Russia’s PSB Bank is represented by Chairman Pyotr Fradkov. Rosatom is represented by Director General Alexey Likhachev. HX Energy Labs/Eurasia Industries Group is represented by Olivier Linossier, Director General and founder. These four leading companies have an annual turnover of over $400 billion.
The largest delegations are expected from China, India, Mongolia, Japan and South Korea. Russia’s presidential aide Yury Ushakov separately confirmed that substantial delegations will also come from Myanmar, Laos and other ASEAN countries. Business dialogues are planned with China, India, the United Arab Emirates, Mongolia, Vietnam and ASEAN countries.
Much attention is focused around the EEF’s proposed Eastern Financial Center, to be located on Russky Island. Following last year’s EEF event, Putin had instructed the Government and Bank of Russia to prepare proposals for a Far Eastern financial center based on the Eastern Exchange and a draft federal law was prepared, with support from the Finance Ministry and Ministry for the Development of the Far East.
In brief, as covered by Russia’s Pivot to Asia, “foreign investors would receive direct access to Russian financial instruments, either directly or through foreign brokerage and banking structures. The framework would establish a two-level investment-protection mechanism involving Russian law and special international investment-protection agreements. Russian assets could be traded conventionally, through investment funds or in tokenized form. Settlements could be conducted in rubles, foreign currencies, digital financial assets and digital currencies, including through foreign information systems... Russia is attempting to build not only a preferential territory but a financial jurisdiction capable of connecting Far Eastern assets with foreign capital. That would change the meaning of Vladivostok. It would no longer simply be a place where Asian investors meet Russian companies. It could become a financial entry point into Russia’s eastern investment market.”
