Is it any wonder that the energy giants attended this conference? With a US$400 billion Russia-China gas deal and a $270 billion Russia/China oil deal in the bag, they would be fools not to.
Reportedly the Chinese Vice President Li Yuanchao described the future thus: "We plan to combine the program for the development of Russia's Far East and the strategy for the development of Northeast China into an integrated concept." Think about that for a moment. Russia's Far East (energy producers) and China's North East (energy consumers) integrated into one project. And Obama wants to stand in the way with yet more sanctions?
Having shunned Iran and imposed sanctions that have made that nation look for inclusion in the Shanghai Cooperation Organisation for it's future place in the world, look for Iran to continue to look east rather than west, and how much potential energy production does she control?
And Europe is in line to be included in a trading bloc that will eventually encompass China, Russia and Germany.
Far from being an ignorable anomaly, the recent St Petersburg forum is probably what the 21st century will look like.
The main question now is whether the China/Russia oil and gas deals will be transacted in US dollars or in something else.

Good points Halduell. It really shows that the sanctions are window dressing.EXXON and BP have huge shareholdings by Western Central Bankers and they don't want Russia to become completely independent.

I think we are seeing an enormous power shift. The BRICs Nations are growing and if Germany joins,the power shift will be complete. They are also working on their own Central Bank and will eventually dump the US $.

From our point of view we don't need Russia and China dominating the planet like the USA has done since WW2.Sure stay friends with China but don't let them buy us out.