Despite the economic focus of the forum, political issues were also brought up at the St. Petersburg forum themed "Capitalizing on the New Global Economic Reality," including Western sanctions against Russia.

Guests like United Nations (UN) Secretary-General Ban Ki-moon and European Commission President Jean-Claude Juncker both called for dialogues between Western countries and Russia.

"We see countries breaking ties and building new walls or barriers ...We need to strengthen ties and build bridges instead of walls," Ban said.

Meanwhile, Juncker said the implementation of the Minsk deal, signed in February 2015 to settle the Ukraine crisis, is the only way to lift the sanctions against Russia, adding that dialogues should be maintained and bridges built.

The 20th St. Petersburg International Economic Forum is widely regarded in Russia as a chance for the country to mend its ties with Western countries.

Juncker's visit is a good sign, but no breakthrough should be expected, said Andrei Klimov, deputy chairman of the Foreign Affairs Committee of Russia's Federation Council, or the upper house of parliament.