Moscow, June 7
President Dmitry Medvedev of Russia today blamed the United States for the current global economic crisis and offered Kremlin’s cooperation to resolve the problem with the help of its huge oil reserves.

“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,” Medvedev told business leaders from 38 countries including India.

“No matter how big the American market is or how reliable its financial system may be, they are unable to substitute global commodity and financial markets,” he said at the 12th International Economic Forum in St. Petersburg.

“An overall rise in prices of fuel and food is due to investors’ disappointment in the US dollar,” he said and urged the world leaders to create new liquid investment instruments.

He pointed out that liberalising the Russian gas market would be an important step towards stabilising the global energy market.

“Russia is a global player today. Understanding our responsibility for the fate of the world, we wish to participate in forming new rules of the game, not because of the notorious ‘imperial ambitions’ but because we have the resources,” he stressed.

Russia is willing to work together with other countries to overcome global food crisis and ensure energy security, said the president, who came to power exactly a month ago. He vowed to turn the former Communist nation into a global financial hub.

“Turning Moscow into a major global financial centre and making the rouble a leading regional reserve currency are the key components in ensuring the competitiveness of our financial system,” Medvedev said.

The Russian government, which has adopted a programme for the modernisation of the national economy on the basis of four ‘Is’- institutional system, investments, innovation and intellect - is to shortly announce the plans for transforming the country into a global financial centre.

“I propose holding an international conference with the participation of the heads of major financial companies, as well as leading financial analysts,” President Medvedev said in his first major economic speech since taking over from Vladimir Putin last month. — PTI