There were no fatalities as a result of the strike (Picture: AP Photo/undefined)

Beglov confirmed in a post on Telegram that clean-up efforts are underway and that several people had been injured,but there were no fatalities as a result of last night’s strike.

The attack comes ahead of what was meant to be a big day for the city for very different reasons. Russia’s annual economic forum begins today,which Russian president Vladimir Putin will attend.

The St Petersburg International Economic Forum (SPIEF) has been held annually since 1997,and under the auspices of the Russian president since 2006.

Black smoke loomed over the city this morning (Picture: AP Photo/undefined)

The event attracts around 10,000 attendees from 120 countries from across the business sector,earning it comparisons with the annual World Economic Forum (WEF) in Davos,Switzerland.

Its website describes it as ‘one of the largest and most significant business events in the world’.

The strikes came a day after Russia unleashed its own latest spate of drone and missile attacks on Ukrainian cities including Kyiv. 

At least 23 people were killed and 138 were injured,authorities said on Tuesday.

Zelensky warned in his daily address that the Kremlin is already planning its next strike and called on Ukraine’s allies to introduce harsher sanctions on Russia to undercut its ability to produce weapons and missiles.

But even without these increased sanctions,Putin’s own officials have reportedly warned him that he is running out of money.

Finance minister Anton Siluanov has reportedly estimated that Russia would overspend on its war budget by at least £20.8billion this year,as per documents seen by the Financial Times.

Russia’s central bank and other leading finance experts in the country are understood to have urged the despot to rein in defence spending as the bill becomes ‘unsustainable’.

The Kremlin boss is said to have told financial leaders to save elsewhere so he can continue to fund his costly war.