Interfax citing Mr Vladimir Putin Prime Minister of Russia as saying that the global financial and economic crisis has yet to reach its climax.

Mr Putin said at a meeting with the leadership of United Russia that "We watch global economic processes. We depend on them, and we are forced to state that the crisis is far from over and has even yet to reach its climax. He said that measures which the governments of the most developed economies of the world take bring no visible results."

Mr Putin said "This means that the situation could remain for quite a long time, as the scales of accumulated economic disproportions are too large. Much has to be done together with our partners and independently to clear a path to a new direction."

(Sourced from Interfax)