The price for participation in the St. Petersburg Economic Forum has increased by more than 66 percent, Vedomosti reported Monday, citing the forum's organizers.
A premium package for a participant of the forum, which currently costs 177,000 rubles ($5,710), will rise to 295,000 rubles starting from Wednesday, the organizers said.
Dmitry Mikhailov, a deputy head of the St. Petersburg International Economic Forum, said that due to high demand and a lack of space at the Lenexpo complex, where the forum is held annually, the organizers want participants to send smaller delegations.
Mikhailov said that 1,361 participants, including 158 foreign top executives and 325 domestic ones, have already confirmed their participation in this year's forum and that 4,000 people were expected to attend the forum.
In 2011, the forum cost a total of 880 million rubles.
The St. Petersburg Economic Forum, which is scheduled from June 20-22, has oil company Rosneft, major lender Sberbank and Gazprom among its sponsors.
This year is the last time the forum will be held at the Lenexpo exhibition complex. In 2014, it will move to Pushkino, a St. Petersburg suburb, where a $1 billion complex is being developed by a Gazprom affiliated developer. The complex will occupy an area of 140,000 square meters.
Launched in 1997, the forum has been touted by the Kremlin as an alternative to the World Economic Forum in Davos, Switzerland.