Russia, China Blame Woes on Capitalism
Vladimir Putin and China's Premier Wen Jiabao have slammed the U.S. economic system in speeches at Davos, holding it responsible for the global economic crisis.
The rapid collapse of oil and commodities prices has hit Russia hard on top of the ripples of the financial crisis. Bob Lo, Director of the Russia and China programs at the Center for European Reform in London, said: "In a very real sense Russia has been kicked to the margins, while China has become pivotal to any resolution of the financial crisis."
Putin also addressed energy security in his speech: "The only way to ensure truly global energy security is to form interdependence, including a swap of assets, without any discrimination or dual standards. It is such interdependence that generates real mutual responsibility. Unfortunately, the existing Energy Charter has failed to become a working instrument able to regulate emerging problems."
He added: "I propose we start laying down a new international legal framework for energy security...Consumers and producers would finally be bound into a real single energy partnership based on clear-cut legal foundations."