St Petersburg's annual economic forum, a Kremlin pet project, has been overshadowed. Not by Western snubs. By drones. Ukrainian drones, according to leaks from Russian security sources. The buzz is not about investment. It is about air defences.
Two drones struck the city's outskirts overnight. One hit a fuel depot. The other, a suspected drone control centre. The forum's opening day was delayed. Delegates were kept indoors. A far cry from the usual glitz.
The timing is brutal for Moscow. The forum was meant to signal 'business as usual'. Instead, it signals vulnerability. The UK has reacted swiftly. New sanctions were announced this morning. Targeting five Russian banks. Three energy firms. And two individuals linked to the drone programmes.
Whitehall sources are blunt. 'We are turning the screw,' one told me. 'Every aspect of the Russian war machine is a target.' The move is co-ordinated with Washington. EU capitals are watching closely. Expect more.
But here's the rub. The sanctions are symbolic. The real story is the drone attack. It shows Ukraine can strike deep. It shows Russian air defences are not impenetrable. And it shows Putin's 'fortress Russia' narrative is crumbling.
Back in Westminster, Labour is piling on. Accusing the government of being 'too slow'. The Tory benches are muted. Factional wars over Ukraine policy are simmering. The hawkish wing wants more. The sceptics want less. No word from Number 10 yet.
The forum continues. But the mood is sour. The champagne is flat. And the drones are still buzzing. This is not the Russia the Kremlin wanted to show the world.
Eleanor Rigby, Political Bureau Chief
