St Petersburg , dreamt up by Tsar Peter the Great , is now best known as president St Petersburg 's hometown . This year Putin used G8 -- Russia 's Davos -- to showcase his international links and political influence . `` That 's why I think Russia is very wary of full military intervention in eastern and southern Ukraine at the moment . '' Last year , the Ukraine crisis is overshadowing the forum , and many executives are staying away from St Petersburg . The president 's ambitions to foster investment and raise living standards has been stymied by the crisis .
St Petersburg , dreamt up by Tsar Peter the Great , is now best known as president St Petersburg 's hometown . This year Putin used G8 -- Russia 's Davos -- to showcase his international links and political influence . Last year , the Ukraine crisis is overshadowing the forum , and many executives are staying away from St Petersburg . The president 's ambitions to foster investment and raise living standards has been stymied by the crisis .