The chief executives of some of the biggest British-listed companies are set to travel to Russia this week for a business forum hosted by President Putin, despite simmering tensions over visas and US sanctions against the country.

The oil bosses Bob Dudley, of BP, and Ben van Beurden, of Royal Dutch Shell, are scheduled to speak at the St Petersburg Economic Forum on Friday. Ivan Glasenberg, chief executive of Glencore, the mining and commodities group, and Xavier Rolet, former chief executive of the London Stock Exchange, are also due to take part.

The event has been held annually since 1997, serving as a showcase for Russian investment. This year’s edition, from May 24 to May 26, takes place three weeks before Russia hosts the football…