Russian tycoons responsible for own debts: Medvedev
Russia's indebted tycoons and not their foreign financiers are liable for their debts, Russian President Dmitry Medvedev told the BBC in an interview aired on Sunday.
Russian leaders, including powerful Prime Minister Vladimir Putin, have beforehand blamed Western governments and financial institutions for stoking the financial crisis that has hit Russia hard.
Medvedev's comments may indicate a toughening in the Kremlin's stance toward providing further backing to some of Russia's richest men, who are struggling to restructure debts worth billions of dollars.
"Many our companies have taken loans from Western banks. Maybe, some of them have done it improperly, without taking into account the possible consequences, but this is the answerability of specific owners, the owners of those companies, and foreign banks have nothing to do with that," said Medvedev.
"You should always think, when you borrow money, how you are going to repay it," he said, when asked by the BBC if he blamed Western banks for the debts.
Russia's once-mighty billionaires, who took on huge debts to fund growth when money was cheap, must repay $130 billion in corporate debt this year, a challenge that has grown harder since the Kremlin halted bailouts to plug its budget deficit.
Medvedev this month warned Russian banks not to destroy large, crisis-hit companies in remarks that, at the time, were seen as signals of support for indebted billionaire Oleg Deripaska.
Deripaska is the main owner of aluminum giant United Company RUSAL and has already received $4.5 billion in state help to refinance Western loans that UC RUSAL used to buy a one-quarter stake in Norilsk Nickel.
Russian leaders, including powerful Prime Minister Vladimir Putin, have beforehand blamed Western governments and financial institutions for stoking the financial crisis that has hit Russia hard.
Medvedev's comments may indicate a toughening in the Kremlin's stance toward providing further backing to some of Russia's richest men, who are struggling to restructure debts worth billions of dollars.
"Many our companies have taken loans from Western banks. Maybe, some of them have done it improperly, without taking into account the possible consequences, but this is the answerability of specific owners, the owners of those companies, and foreign banks have nothing to do with that," said Medvedev.
"You should always think, when you borrow money, how you are going to repay it," he said, when asked by the BBC if he blamed Western banks for the debts.
Russia's once-mighty billionaires, who took on huge debts to fund growth when money was cheap, must repay $130 billion in corporate debt this year, a challenge that has grown harder since the Kremlin halted bailouts to plug its budget deficit.
Medvedev this month warned Russian banks not to destroy large, crisis-hit companies in remarks that, at the time, were seen as signals of support for indebted billionaire Oleg Deripaska.
Deripaska is the main owner of aluminum giant United Company RUSAL and has already received $4.5 billion in state help to refinance Western loans that UC RUSAL used to buy a one-quarter stake in Norilsk Nickel.
