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Russian President Expressed Fear Over Euro

Russian president Dmitry Medvedev said that he couldn't rule out the collapse of the euro as the European Union struggles to contain the sovereign debt crisis.

Asked if the emergency could threaten the single currency, Medvedev said: "So far, no. but one cannot rule out this danger because at least a unique situation has emerged", according to the text of an interview with the Wall Street Journal that was provided by the Russian government.

>Russia will help lead the effort to recast the world economic hierarchy after the global financial crisis, Medvedev said recently at the St. Petersburg International Economic Forum. The government would use tax incentives and other free-market economic policies to attract investment, he said, as Russia sought to diversify its economy away from natural resources.

"We really live at a unique time, and we should use it to build a modern, prosperous and strong Russia, that will be a co-founder of the New World economic order". Chief Executive Officer Vikram Pandit and French Economy Minister Christine Lagarde.

Medvedev, 44, travels to the U.S next week for talks with U.S. President Barack Obama before heading to Canada for a meeting of the Group of 20 nations. The Wall Street Journal interview touched on issues ranging from the BP Plc oil spill in the Gulf of Mexico to Iran and recent violence in Kyrgyzstan.

The Russian president suggested the oil spill, which forced London-based BP to set aside $20 billion for potential damages, could lead to the breakup of the company and said that he wanted to make sure the interests of Russian shareholders in TNK-BP were safeguarded, according to the interview text. TNK-BP, which accounts for almost a quarter of BP's output, is half-owned by Russian billionaires, including Viktor Vekselberg.

How they will be able to digest these losses, whether it will lead to annihilation of the company itself, to its break up, this is a feasibility issue, Medvede said of BP, "We would like, speaking frankly, the interests of Russian investors that created a joint business with BP to somehow be ensured"

Medvede backed the sanctions against Iran that were passed by the UN Security Council on June 9. The measures, which call for a tighter arms embargo, authority to seize cargo that could be used in nuclear weapons, and restrictions on financial transactions with iran, represent a balanced approach, he said. "The sanctions that have been imposed are strict enough, yet at the same time they do not harm the Iranian people", Medvedev said in the interview,"They may push the Iranian leadership to, at some point, take a decision on closer cooperation with the global community" and the International Atomic Energy Agency.
The US and Eu have further than the Un resolution, with European leaders approving penalties that target the oil and gas industry, including the prohibition of new investment, technical assistance and technology transfers."Unilateral sanctions, be it US sanctions or those of the EU or any other countries, would worsen the situation because they are not agreed upon with anyone", Medvede said.

(Culled from The Guardian).

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