Medvedev says US to blame for global financial crisis

Medvedev says Russia wants to play a global role

Saturday, 07, Jun 2008 12:26

Russian president Dmitry Medvedev has blamed weaknesses in US economic power as a reason for the difficulties in the global economy.

Speaking at a summit of business executives in Saint Petersburg, the successor to former head of state Vladimir Putin said Russian resources could help alleviate the global financial turmoil.

During his speech at the summit, he said: "It is precisely the gap between the United States' formal role in the world economy and its real capabilities that was one of the key reasons for the current crisis," said Medvedev, who came to power last month.

"Russia is a global player. We understand our responsibility for the fate of the world and want to participate in forming the rules of the game, not because of so-called imperial ambitions, but because ... we have the resources."

Russian oil companies have benefited greatly from rising international oil prices and the country has also succeeded in signing lucrative natural gas energy supply deals with European countries.

Mr Medvedev emphasised the potential role Russia could play in improving the health of the global economy and called for the holding of an international conference consisting of analysts and the chiefs of global companies.