Russia willing to work with all countries for fair global financial order, PM says

Russian Prime Minister Dmitry Medvedev believes that establishing a more modern and efficient global financial structure is a difficult but solvable challenge that all nationals must tackle together.

"The challenge is difficult, but I think that we can manage it," Medvedev said in an interview with Cuban media. "We will work together and we will succeed," he added.

He said that the classic Bretton Woods system, which in its time helped to meet global financial challenges, is no longer capable of taking into account the interests of all players on the global financial market.

"Within the context of agreed actions, we've been able to change this situation and the balance has shifted in favour of those nations that were not represented in the international pool making the financial decisions," Medvedev said. "But if you ask me whether the international financial order today is fair, I'll say no," he added.

The international financial order "requires continued systemic work and it should be done by all nations, not only those represented in the 'eight' or 'twenty," Medvedev said.

"We are prepared to continue working with Cuba, with our friends in Latin America, with all nations in the matter of establishing a more modern and fairer international financial order in the world," Medvedev said.

He said Russia is prepared to play a very active role in this effort.

"If we don't play an active role, then someone else will play it for us and I'm not sure that this will be a good performance," Medvedev said.

"The modern world is arranged in such a way that the model of economic cooperation must be polycentric. Today no one nation, even the strongest and most powerful, can claim the role of the planet's main economy, even if it simulates a freely convertible currency, a reserve currency - the dollar or another," Medvedev said.

"The world is very diverse and the crisis of 2008 showed that any economy can suffer - the American, the EU economy, not to mention other countries," he added.

He also called for the speedy lifting of the U.S. trade and economic embargo of Cuba.

"We haven't changed our position. We believe that this is an absolutely outrageous thing. It's an anachronism of the past and the faster it is lifted the better it will be for all, and not only for Cubans but also for Americans above all," Medvedev said.

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