Putin faces Ukrainian drone threat and stagnating economy at ‘Russian Davos’

War in UkrainePutin faces Ukrainian drone threat and stagnating economy at ‘Russian Davos’Ahead of his speech Friday, the Russian leader vowed to strengthen his country’s air defenses after an attack rocked the host city St. Petersburg. Listen to this article with a free account00:0000:00Add NBC News to GoogleUkraine Hits St. Petersburg With Massive Wave of Drones02:32Get more newsLiveonShareAdd NBC News to GoogleJune 5, 2026, 4:22 AM EDTBy Keir Simmons, Natasha Lebedeva and Henry AustinST. PETERSBURG, Russia — Russian President Vladimir Putin is set to deliver a speech at a flagship annual economic forum Friday, days after Ukrainian drone strikes rocked the host city St. Petersburg.Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content.Putin has previously used the International Economic Forum, in Russia’s cultural capital, to showcase his country’s economy and encourage foreign investment. But if he had hoped to minimize the impact of the four-year-old conflict at this year’s event, Wednesday’s attack likely ended those hopes. An oil terminal was set ablaze, flights at the city’s airport were delayed or diverted, and authorities cut cellphone internet service in a bid to prevent further drone strikes. The opening ceremony Thursday for the St. Petersburg International Economic Forum.Alexander Vilf / Sputnik via APPutin’s speech also comes at a time when Russia’s $3-trillion economy appears to be stagnating. As the initial boost from massive military spending fizzles, his government has raised taxes and increased domestic borrowing to try and keep its budget deficit under control. Ahead of his speech, Putin vowed to strengthen his country’s air defenses to counter the long-range Ukrainian attacks. “To our regret, some of them break through,” Putin said of the drones. “Russia has an air defense system, we need to improve it, strengthen it, and we will do that.”FORSUBSCRIBERSSpeaking to a small group of foreign media editor...