Vedomosti cited Mr Vladimir Potanin Russian mining tycoon as saying that the Russian rouble must weaken in the short term to help Russia's key raw materials exporters continue to invest.

Mr Potanin said "It is in the interests of the economy and of export-focused enterprises. It will help them cut costs until they can resume financing modernization in an acceptable way."

He said that "The main suppliers of export revenue have sharply cut back investment. We can live with that for a while. But then within a very short time the cycle has to be renewed. Otherwise there will be a collapse."

Mr Potanin Norilsk Nickel has reported falling output this year and the company stopped paying dividends last year to preserve investment cash.

(Sourced from Vedomosti)