The significance of the St. Petersburg Economic Forum, which will be held in Russia on June 15-18, cannot be underestimated. Unlike previous years, SPIEF 2022 will be a little different, mainly because the global economic and world order has changed.
   In the context of Russia's rapid turn to the East, the forum opens up profitable opportunities for launching major investment projects with China, which is now considered the second largest economy; India, the third largest economy in the world, and other countries. This year, the SPIEF will discuss such important issues as the widespread use of dollar-free money transfers and the creation of new global financial systems.
   In addition, the SPIEF will bring together world leaders from Southeast Asia, the Middle East and other countries who, together with Russia, will develop a new oil and gas strategy that will change the global energy map.
In addition, the Forum will become a platform for the session "The New SCO Business Agenda in Modern Conditions", dedicated to the development of interaction within the framework of the Shanghai Cooperation Organization.
   Today, in the context of a new geopolitical reality, the Shanghai Cooperation Organization, by the combination of all factors, plays a decisive role in economic development throughout the Eurasian space. To restore the global economic system, it is especially important to harmonize the approaches of the Organization's countries in the field of economic policy, prevent imbalances in the field of trade and investment regulation and create additional incentives for deepening and diversifying cooperation in all areas of the trade and economic agenda.
   The participants of the session will discuss how to most effectively ensure the interests of business in the SCO countries and maximize its potential as part of the implementation of the Organization's Development Strategy until 2025.
   One of the important topics of discussion will also be the question of how to translate the huge geopolitical potential of the SCO into the plane of practical interaction at the business level.
   Western countries seem to have chosen a different path, however. On the verge of a major food crisis, the European Union continues to blame Russia for it, despite the fact that the sanctions imposed on Russia and causing a collapse in EU supplies were initiated by Brussels. The policy of sanctions has already proved ineffective in forcing the state to change its policy. Having survived for years under US sanctions, China has shown itself to be a self-sufficient economy that does not need Washington today. Russia, in turn, is a self-sufficient economy with its main asset - energy resources.
Since the West is boycotting the Forum, the SPIEF can also transform and become a platform that sets the trends for a new economic world order. Bringing together the largest economies of Asia and the East, new global alliances could be a new solution.