The St Petersburg International Economic Forum, Putin’s annual showcase for foreign investment, has been overshadowed by a series of drone attacks on the city. Multiple explosions were reported near the ExpoForum convention centre early this morning. The Kremlin is blaming Ukraine.
But the real story is the UK’s tightening sanctions grip. Whitehall sources confirm a new wave of measures targeting Russia’s energy revenues and military supply chains. The timing is deliberate.
By hitting Russia’s economic lifeline, London aims to starve the war machine. The drone attacks underline the Kremlin’s vulnerability. Its air defences are struggling.
Its currency is sliding. The forum’s foreign attendance is down 60% on last year. Senior British officials are quietly briefing that the UK’s sanctions are ‘biting harder than expected’.
The US and EU are watching closely. There’s talk of a joint ‘enforcement taskforce’. For Putin, the message is stark: his war is costing Russia its economic future.
The attacks also expose a security headache. St Petersburg is Putin’s hometown. If drones can reach here, no place is safe.
The political fallout is yet to be measured. But the mood in Whitehall is one of cautious optimism. One cabinet minister told me: ‘The ratchet is turning.
