"The reason for the suspension of flights is the need to ensure a sufficient level of aviation security", the Russian Transport Ministry said.

Supporting promotion of domestic competitive products on markets of other countries are among priorities in this direction, Deputy Minister Mikhail Mamonov said.

The slowdown was due to a decline of growth rate of non-food products prices, the regulator explained.

Russian President emphasized the need starting by protecting the social and humanitarian sector from trade and economic sanctions.

According to the World Bank, "the Russian banking sector is stabilizing".

Russian presidential aide Yury Ushakov said earlier that the president will talk about main problems of the world economy and politics, and discuss the National Projects being implemented in Russia.

The outlook remains the same despite the situation with contamination of the Druzhba pipeline, says minister.

Spokesman Dmitry Peskov spoke prior to he St. Petersburg International Economic Forum, stressing that the atmosphere at SPIEF is welcoming every year.

EEF deputy director for development Maxim Yakovenko said that Indian Prime Minister Narendra Modi will be an honorary guest at this year's forum.

The Prime Minister stressed that this is one of the tasks for the Economic Development Ministry.