The Financial Times (Great Britain): "Approach Russia with great caution"

 
 
 

Vladimir Putin, the Russian prime minister, does not make it easy to grasp the barbed olive branch that he may be trying to offer. Speaking at the Davos gathering of world leaders, he called for global co-operation in response to the global economic crisis. And he made the not unhelpful, though hardly original, suggestion that "excessive dependence" on the US dollar as the single reserve currency was "dangerous for the global economy".


Vladimir Putin, the Russian prime minister, does not make it easy to grasp the barbed olive branch that he may be trying to offer.

Speaking at the Davos gathering of world leaders, he called for global co-operation in response to the global economic crisis. And he made the not unhelpful, though hardly original, suggestion that "excessive dependence" on the US dollar as the single reserve currency was "dangerous for the global economy".

But the message came loaded with so much anti-US bile, with Mr Putin crowing over the US's role in causing the crisis, that he did nothing to contribute to the trust on which the co-operation that he says he seeks must be built.

Nor did he spend any time admitting his own failure to use the recent years of stability to promote Russia's genuine economic modernisation. He declared the US investment banks, "the pride of Wall Street", had "virtually ceased to exist" but said nothing of the troubles of Russia's oligarchs or of state-controlled Gazprom, which has lost more than 70 per cent of its market value.

However, if Mr Putin wants to co-operate, the US and the European Union should see what can be done. The start of a US presidency is an opportunity to build new relationships, particularly when the new man in the White House is the mould-breaking Barack Obama. Moscow this week signalled it was ready for a thaw by dropping plans to deploy missiles on Poland's borders in response to signs the US might not install anti-missile bases in eastern Europe. The gesture needs a positive response.

Perhaps, with the economic crisis hitting Russia hard, Moscow really is ready for closer economic co-operation. If so, there is lots to talk about, starting with energy security in Europe. The recent gas crisis showed how big a role Russia can play - for better or for worse.

That said, it would be unwise to bet the bank on any dramatic shift in east-west relations. Moscow last claimed it was ready for change when Dmitry Medvedev succeeded Mr Putin as president last May and promised to restore the rule of law in Russia. Little happened on that front. Instead, Mr Medvedev's first big move was to order his troops into Georgia and break international law by recognising the independence of Abkhazia and South Ossetia.

Now, as before, pragmatic caution should be the watchword in dealing with Russia. Co-operation with Moscow will not solve the economic crisis but it can do a little to alleviate it. If Mr Putin is serious, let's put his insults to one side and see what, in concrete terms, he is offering.