It's absolutely freezing, but an amazing place. Make sure to visit the Hermitage and if you're taking a lady a trip to see the ballet at the Mariinskiy Theatre. Not that I want to dent my street cred on here but I got the missus tickets as a surprise when we went and we both bloody loved it.
I was visiting there in June and enjoyed the white nights. Peterhof and Hermitage a must but its a nice city. Not sure what it would be like in February but fecking cold springs to mind!
It is a fantastic city. Just stroll around enjoying it, but be aware that it can be quite mind boggling cold at that time of year. Hermitage is a must. I went to an 'Evening of Russian Folk Culture' in one of the palaces, which sounds like the worst night ever, but was actually one of the funniest and most enjoyable evenings I've had.
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Friends who have been say it's great. If you have time, the Russian equivalent of the Orient Express runs from St P to Moscow and is meant to be good.
Watch the 'Russsian Ark' before you go.