Some 6,000 delegates attended the St Petersburg economic forum in Russia last weekend, including more than 100 chief executives of leading global companies. It was an impressive demonstration of international interest in the Russian economy. It was also, in the words of one Russian participant, distinctly reminiscent of a Communist party congress, where the only speakers were chosen by the ruling bureaucracy.

The occasion underlined the growing divide between international investors in Russia, who are making excellent returns, and western politicians, who are increasingly concerned at the authoritarian drift in the Kremlin. The businessmen used the St Petersburg forum to heap praises on Vladimir Putin, the Russian president. Some criticised Tony Blair, the British prime minister, for warning of the political risks to future investment. Instead, they should have used the occasion to spell out a few home truths themselves.