In a demonstration against Russia’s annexation of Crimea and Moscow’s role in the Ukrainian crisis, the leaders of dozens of major international companies have cancelled their attendance at a three-day international business forum that opens in St. Petersburg on May 22.
In Germany, the chief executives of Deutsche Bank, the engineering giant Siemens, and the energy firm E.ON confirmed on May 21 that their CEOs will not participate in the annual event this year.
They are joining executives from three dozen other international firms that have turned down invitations to the St. Petersburg International Economic Forum, where Russian President Vladimir Putin is scheduled to be the keynote speaker on May 23.
In his greeting message to participants on May 22, Putin said Russia "is ready to broaden multifaceted contacts with all partners on the basis of true equality and respect for one another's interests."
The U.S. government had appealed to American executives to cancel their attendance.
German Chancellor Angela Merkel’s office said her government met on May 19 with German business leaders to discuss the government’s position on the Ukraine crisis ahead of the Russian forum.
Merkel’s office said it did not make any recommendations on whether German business leaders should attend.
Russian firms traditionally time the signing of their investment agreements to coincide with the forum.
But Russia is facing international sanctions -- and the threat that entire sectors of its economy could be sanctioned in the future by the European Union and the United States -- over reports of Kremlin support for pro-Russian separatists in eastern Ukraine ahead of that country’s May 25 presidential election.
That has raised concerns among international investors about the risks involved with making deals with Russian companies.
Based on reporting by Reuters, AP, Interfax, and ITAR-TASS
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