PostScript

In early June, Russia hosted the St. Petersburg Economic Forum. Everybody who is anybody in Russia was at the event – half seminar, half soiree, half networking extravaganza. President Medvedev keynoted, offering, among other ideas: the Russian ruble as an international reserve currency (China, for its part, mentioned it was already investing in rubles); that Russia intended to set up a “financial center,” (which a presidential aid clarified to mean infrastructural changes: “an exchange, a depository system, simplified state regulation of the financial market and, for the financiers, modernization of the transportation system in Moscow, creation of a communications system and a maximally free visa procedure”); that the U.S., as global financial hegemon, was not doing a very good job stewarding the world economy – witness the current fuel and food crises – and would benefit from Russian input.

For those who did not make the party, we offer a smattering of participants’ quotes.

“The president of Russia, Vladi–– Dmitry Anatolyevich Medvedev.”

The announcer mis-introducing Medvedev

“It turned out to be an illusion that one country, even the most powerful one, can take on the role of a global government, while global administration institutions responsible for financial policy in fact had no levers to influence the strategies pursued by market players... Russia is a global player today, and, understanding our responsibility for the world’s fate, we also want to be involved in drafting new rules of the game, and we want this not because of our alleged imperial ambitions but exactly because we possess both appropriate institutional capabilities and proper resources... The crises unfolding before our very eyes today, including the financial crisis, the surging prices of natural resources and food, and also a number of global disasters, show clearly that the system of global administration institutions does not meet the challenges it faces.”

President Dmitry Medvedev

“Whether Russia will use the euro or the euro zone will use the ruble – the chances are 50/50… It is even more likely that we will both be using the yuan.”

German Gref, president of Sberbank

“Russia should become a country that people want to live in… The intention to keep up with the West and even to outdo it is a fixation of the Russian economy, which dooms us to unsuccessful copying and to inevitable lagging behind… ”

First Deputy Prime Minister Igor Shuvalov

“What caused global warming is unclear, but the only practical solution to it, in my view, is the development of nuclear energy… We need to develop an international nuclear waste treatment and storage system and unify the standards for building the reactors.”

Oleg Deripaska, Russia’s richest man

“I believe that humanization and democratization of the country are most important things. If we show our teeth to Europe, nobody will want to speak to us. Nobody will rush to learn Russian, if Russia is hated.
We should have a smile and goodwill ready, we should properly react to caustic remarks or petty mean tricks which are bound to appear. Properly is the key word here….

“I adore our strange Russia, we all love it... We should throw the Cold War from our heads and build up new, normal, humane relations with each other and react to things properly, like people do. If Russia smiles, the world will find it easier to breathe and live!”

Yury Shevchuk, Rock singer for DDT

“Every time you interact with President Medvedev, you can’t help coming away with the feeling that Russia’s going to play an increasingly important role as an economic and political force and as a leading nation of the world.”

Muhtar Kent, president and COO of Coca-Cola 

Sources: BBC Monitoring Service, The Moscow Times, Vedomosti, Kommersant, Financial Times