NEW YORK, June 20. /TASS/. The St. Petersburg International Economic Forum (SPIEF) held last week showed that the idea of Russia being isolated from the international community does not hold water, CEO of US-based Navigator Principal Investors Kyle Shostak told TASS.

"Despite the fact that the total number of foreign participants was smaller than in previous years, this year's SPIEF refuted the thesis of Russia's international isolation," the chief executive said.

"The East has replaced the West" at SPIEF this year, Shostak noted. "This trend will obviously continue in the future. Russia will increasingly seek to orient its logistical, trade and financial flows to markets in the Middle East and Asia," he said.

President of Algeria Abdelmadjid Tebboune was the key foreign leader at SPIEF, the expert noted. "Numerous business representatives from China and the UAE" also participated in the Forum, he added.