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23 Oct, 2007 03:31

Russian Finance Minister slams West for double standards

Russia's Finance Minister Aleksey Kudrin has attacked Western countries for threatening to block strategic investment in their economies.

It comes after his announcement that Russia plans to acquire some $US20 billion in foreign shares and some analysts warn that Russia faces a tough time at home and abroad over its finances.

In Washington for a meeting of the G8 industrialized nations, Aleksey Kudrin stressed that sovereign wealth funds should be subject to free movement of capital. He added “We do not want there to be any such restrictions.” 

It’s claimed that G8 members such as the U.S. will block any purchase of its strategic objects though.

“Russia is often blamed for not being a liberal state but now the U.S. itself is suddenly found not to be a liberal state, so they wouldn't like to see their own dollars being invested in their own economy,” states Evgeny Nadorshin, Chief Economist at Trust Bank in Moscow.