St Petersburg , dreamt up by Tsar Peter the Great , is now best known as president Vladimir Putin 's capital . Last year Putin used SPIEF -- today 's Davos -- to expand his international business and political influence . This year , the Ukraine crisis is affecting the forum , and many executives are staying away from Putin . The president 's ambitions to foster investment and improve living standards has been stymied by the crisis .
St Petersburg , dreamt up by Tsar Peter the Great , is now best known as president Vladimir Putin 's hometown . Last year Putin used SPIEF -- Russia 's Davos -- to showcase his international links and political influence . This year , the Ukraine crisis is overshadowing the forum , and many executives are staying away from Putin . The president 's ambitions to foster investment and raise living standards has been stymied by the crisis .