Russia may raise help for euro
Source: Agencies |
December 16, 2011, Friday
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Print Edition
Print Edition
RUSSIAN officials indicated yesterday that their country may offer more than the US$10 billion it has already promised the International Monetary Fund to help support the struggling euro currency.
Speaking at a news conference with EU President Herman van Rompuy and European Commission head Jose Manuel Barroso, Russian President Dmitry Medvedev said: "We are ready to invest the necessary financial means to back the EU and the eurozone. We are ready to consider other measures of support."
He didn't elaborate, but Russian officials have said their country would offer up to US$10 billion to the IMF to help support the euro. And Arkady Dvorkovich, a Medvedev economic adviser, indicated yesterday that the total may be greater because Russia has a big economic stake in the EU, where a debt crisis is dragging down economies and the 17-nation eurozone.
"We are ready to contribute our part via the IMF. We are committed to do it. Ten billion dollars is the minimum commitment," Dvorkovich said at the 28th EU-Russia summit in Brussels.
Medvedev said it was in Russia's interest to assist its largest trade partner overcome the economic crisis.
Russia exports more to the EU than to any other market, and is its third-largest trading partner. Total trade amounts to 245 billion euros. Russia is also the EU's most important source of energy imports, accounting for nearly a quarter of its natural gas consumption and 30 percent of its oil.
The summit came as the World Trade Organization is set to approve Russia's membership today. Russia - the largest economy still outside the WTO - has been trying to join for 18 years.
Speaking at a news conference with EU President Herman van Rompuy and European Commission head Jose Manuel Barroso, Russian President Dmitry Medvedev said: "We are ready to invest the necessary financial means to back the EU and the eurozone. We are ready to consider other measures of support."
He didn't elaborate, but Russian officials have said their country would offer up to US$10 billion to the IMF to help support the euro. And Arkady Dvorkovich, a Medvedev economic adviser, indicated yesterday that the total may be greater because Russia has a big economic stake in the EU, where a debt crisis is dragging down economies and the 17-nation eurozone.
"We are ready to contribute our part via the IMF. We are committed to do it. Ten billion dollars is the minimum commitment," Dvorkovich said at the 28th EU-Russia summit in Brussels.
Medvedev said it was in Russia's interest to assist its largest trade partner overcome the economic crisis.
Russia exports more to the EU than to any other market, and is its third-largest trading partner. Total trade amounts to 245 billion euros. Russia is also the EU's most important source of energy imports, accounting for nearly a quarter of its natural gas consumption and 30 percent of its oil.
The summit came as the World Trade Organization is set to approve Russia's membership today. Russia - the largest economy still outside the WTO - has been trying to join for 18 years.
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