Drone strike on St Petersburg oil terminal casts shadow over SPIEF 2026

Just hours before the opening of the St Petersburg International Economic Forum (SPIEF) 2026, multiple drones targeted Russia’s second-largest city, triggering a fire at the Petersburg Oil Terminal and raising fresh security concerns ahead of the country’s flagship economic gathering.

Emergency services were deployed after the incident at the oil handling facility located near the Baltic coast. There was no reported impact on the SPIEF schedule, even as security measures across St Petersburg were visibly tightened with foreign delegates, investors and business leaders arriving for the event.

The incident comes at a crucial time for Moscow, which is using SPIEF 2026 to showcase economic resilience amid continuing sanctions and geopolitical tensions. Often referred to as the “Russian Davos”, the forum is expected to host senior officials, global business executives and representatives from BRICS and Global South nations.

President Vladimir Putin is scheduled to address the SPIEF plenary session on June 6, where discussions are expected to focus on economic growth, alternative financial systems, energy exports, technology and new trade partnerships.

The drone strike has once again highlighted concerns around the vulnerability of Russia’s critical energy infrastructure. The Petersburg Oil Terminal is considered strategically important for fuel handling and exports in the Baltic region.

SPIEF proceedings are expected to continue as scheduled.