Russian President Dmitry Medvedev , blamed the United States directly to the financial crisis shaking the global economy, which could be the “most serious” since the Great Depression of 1929. “Indeed, the disparity between the formal role of U.S. in the global economic system and its actual capacity is one of the key factors behind the current crisis,” Medvedev said during his speech at the St. Petersburg Economic Forum.

According to Medvedev, the lack of “risk prevention” on the part of the largest U.S. financial companies, coupled with the “aggressive financial policies” of the world’s largest economy, “wreaked havoc” across the world in 2007. Unfortunately, he added, “most of the world’s population became poorer and that is not only evident among third world countries but also in more developed economies.”

“It’s an illusion to think that a single country, even the most powerful, can assume the role of global governance, while international institutions charged with responding to the financial, only have influence on the strategy of market participants” he said.

The Russian leader called attention to the “vacuum” that exists in international institutions like the World Bank or International Monetary Fund in responding to problems as the financial crisis, rising oil prices or shortages products of first necessity. ” In this regard, Russia proposed holding an international financial conference in which executives of companies would participate, analysts and experts from around the world.

“According to some predictions, the current crisis can repeat the worst case in the history of mankind, when a number of countries in the space of a few years saw its growth rate reduced by more than five percent annually,” he said. In fact, he added, “for financial markets in 2007 was one of the toughest in recent decades and could be the toughest since the Great Depression of the 30″ century.

Medvedev stressed that Russia is aware of its “responsibility” for the fate of the world economy and wants to “participate in the formation of the new rules certainly no imperialist ambitions.” In this regard, Russia’s stated aspiration to “make Moscow an international financial center and the ruble into one of the major currencies in exchange for the region.”

Medvedev was willing to help “stabilize” the energy market with the domestic gas sector liberalization and relaxation of the tax burden on oil companies.

As Russian investments, the Kremlin chief said that they are neither “speculative” or “aggressive” while criticizing the attitude of some countries, which he described as “economic nationalism and selfishness.”

“The higher the fence, the better is our neighbor. I do not think that ideology is best for solving problems in a period like the current crisis,” he said.

Hundreds of businesses around the world take part in the XII edition of the Economic Forum held in the ancient capital of the tsars, the birthplace of Medvedev and the most current Russian leaders, including Prime Minister Vladimir Putin.

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