Ukraine strikes St. Petersburg oil terminal before major economic forum

Ukraine’s strike near St. Petersburg landed on the opening day of Vladimir Putin’s flagship economic forum, turning a stage meant to project stability into a reminder of Russia’s wartime vulnerability. Hours before the St. Petersburg International Economic Forum opened at the ExpoForum convention center, drones hit the Petersburg Oil Terminal and military targets at the Kronstadt base, sending thick black smoke over the city and forcing St. Petersburg’s main airport to restrict flights overnight.

Volodymyr Zelensky said Ukraine had targeted the oil terminal and naval facilities as part of its long-range campaign against Russian sites. The Petersburg Oil Terminal sits about 1,100 kilometers from Ukraine’s border, underscoring how deep Ukrainian drones have pushed into Russian territory. Alexander Beglov, the governor of St. Petersburg, said several infrastructure facilities were damaged and no one was killed.

The attack came a day after Russia launched a major missile and drone barrage on Ukraine that killed at least 23 people across the country, sharpening the sense that the war is now being fought not only on the front line but also against symbols of political and economic power. In St. Petersburg, the timing mattered. The strike hit just as Kremlin organizers were preparing to welcome elites, investors and officials to a forum designed to show that Russia remains open for business despite sanctions, isolation and the war.

SPIEF 2026 was scheduled to run from June 3 to June 6, with about 20,000 guests expected from more than 130 countries. Vladimir Putin was set to deliver a plenary address on June 5. This year’s theme, “Pragmatic Dialog: the Path to a Stable Future,” was meant to frame the forum as a platform for international engagement at a time when Russia has been cut off from much of the Western business and political establishment.

Held since 1997 and under the auspices of the Russian president since 2006, SPIEF has become a barometer of Russia’s isolation since the full-scale invasion of Ukraine in February 2022. Earlier editions drew figures such as Emmanuel Macron, Angela Merkel and Shinzo Abe; recent gatherings have relied more heavily on partners from the Global South and Moscow’s closest allies. The strike near St. Petersburg punctured the forum’s carefully staged message before Putin could take the podium, blurring the line between battlefield pressure and political theater inside Russia.