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WORLD> Europe
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Russia blames US for global financial crisis
(Agencies)
Updated: 2008-06-07 19:39 The Kremlin has encouraged Russian companies, which are flush with cash from high commodity and oil prices, to invest more actively abroad but this has caused alarm in Western nations, which are traditionally suspicious of Moscow's intentions. Medvedev said other countries had nothing to fear from Russian investment in their companies since it was "neither speculative nor aggressive" but purely based on pragmatism. Sworn in last month as president, the Russian leader said world institutions had been unable so far to cope with the challenges from volatility on world markets, including soaring commodity and food prices. With its past as a leading global wheat producer, Russia was ready for "constructive joint action" to overcome the food problem, he said. Moscow could also help with another problem -- a lack of liquid investable assets because of disappointment with the US dollar. Russia would soon adopt a plan to become a global financial centre and make the ruble a regional reserve currency, Medvedev said. The Russian leader said that recent Kremlin moves to liberalize the domestic gas market and reduce taxes on the oil sector would help stabilize global energy markets. Russia is the world's biggest gas producer and its second-biggest oil exporter. |
