As thousands of delegates arrived for Russia’s flagship economic forum, Ukrainian drones once again targeted Saint Petersburg, striking energy and military-linked facilities. The attack dealt a symbolic blow to the Kremlin’s efforts to project stability and economic confidence.The strike targeted the Petersburg Oil Terminal and naval facilities in Kronstadt. While the city has faced a growing number of drone threats since 2024, the latest attack stood out because of its timing.According to Saint Petersburg Governor Alexander Beglov, the strikes damaged several infrastructure facilities in the city, leaving a number of people injured, though no fatalities were reported.The St Petersburg International Economic Forum (SPIEF) is Russia’s premier investment and business event, attracting government leaders, corporate executives and foreign delegations every year. Around 20,000 delegates from 130 countries were expected to attend the three-day economic forum often referred to as “Russia’s Davos”.The forum has become an important platform for the Kremlin to demonstrate that, despite Western efforts to isolate Moscow, Russia remains economically resilient and capable of attracting international partners.Why Saint Petersburg mattersFounded by Tsar Peter the Great in 1703, Saint Petersburg served as the capital of the Russian Empire until 1918. Often described as Russia’s “Window to Europe”, it remains one of the country’s most important cultural, political and economic centres.Renamed Petrograd during World War I and later Leningrad under Soviet rule, the city played a pivotal role in Russian history. It was the site of the 1917 Russian Revolution and endured the 872-day Siege of Leningrad during World War II, one of the deadliest sieges in modern history.Located on the Baltic Sea, Saint Petersburg serves as a major gateway for Russian trade with the outside world. The city is home to key industries including shipbuilding, energy, logistics and technology, while its ports handle a significant share of Russia’s maritime trade.Previous major attacks on the cityWhile the latest strike has drawn attention because of its timing, it is not the first time Saint Petersburg has been targeted since the start of the Russia-Ukraine war in 2022.The first major incident occurred on April 2, 2023, when a bomb exploded at a café in Saint Petersburg, killing pro-war military blogger Vladlen Tatarsky and injuring more than 40 people. Tatarsky was a prominent member of Russia’s influential “milblogger” community, which played a major role in shaping public discourse around the war. His killing was widely viewed as a warning to Russia’s hardline nationalist and pro-war camp.The first confirmed Ukrainian drone strike on Saint Petersburg took place on January 18, 2024. Ukraine used a domestically produced drone that flew roughly 1,250 km to hit the Petersburg Oil Terminal, marking a significant expansion of Kyiv’s long-range strike capability.Later that year, on March 2, a drone crashed into a residential building in Saint Petersburg, prompting the evacuation of around 100 residents. No fatalities were reported.This year, concerns over drone attacks also disrupted Victory Day celebrations in the city, leading to the cancellation of parts of the military display.The latest drone strike underscores Ukraine’s growing ability to conduct long-range attacks against strategically important targets deep inside Russian territory. Beyond the physical damage, the attack carried significant political and psychological weight as it coincided with Russia’s flagship economic forum, an event designed to showcase the country’s resilience despite the ongoing war and Western sanctions.