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Paulson Says U.S. Welcomes Rubles.
(From The Moscow Times)
U.S. Treasury Secretary Henry Paulson appealed for Russia to invest its oil riches in the dampened U.S. economy on Monday, during the first Kremlin visit by a senior U.S. official following the accession of President Dmitry Medvedev.
Paulson, in his first visit to Russia since being appointed by U.S. President George W. Bush two years ago, told Prime Minister Vladimir Putin during a meeting at the White House, "We very much welcome your investment."
The two-day visit, which also saw Paulson meet Finance Minister Alexei Kudrin and Medvedev, could signal Washington's desire to boost trade and investment relations with Moscow, as it lags far behind Europe in tapping Russia's newfound wealth, analysts said.
As the United States weathers what some observers have called its worse financial crisis since the Great Depression, Russia is booming on the back of sky-high oil prices, which on Monday briefly topped $143.50, a new record.
Putin quickly corrected Paulson after the treasury secretary said both Russia and the United States were working together to form best practices for investment by sovereign wealth funds.
"Since we do not have a sovereign wealth fund yet, you are confusing us with someone else," Putin said, adding that Russia had instead created "various funds."
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