VLADIMIR POTANIN: BEING ON THE THRESHOLD OF A CRISIS, ONE SHOULD NOT SLEEP, BUT WORK VIGOROUSLY

Pravda.ru has already reported of an important event for the Russian business, the round table on Social Responsibility of Business, which was held today in Moscow. We have also written of the high standard of this gathering which was opened by Russia’s vice-premier Valentina Matviynko. An account of the meeting will be presented to you shortly. Addressing the meeting, Vladimir Potanin, Chaiman of board of the Interros holding company (in full, the interview will be published later), said, in particular, that Russia would have to go through several crises. We asked Mr. Potanin to comment this idea specially for the Pravda.ru readers. - You have said that we will have to go through a number of crises. Do you see any symptoms for that? Or is the situation in Russia relatively stable? - I do not think I can predict some collapse or any worsening of the economic situation. But under the conditions of an economy that is not stable enough and of the problems we are yet to solve, crises are inevitable. They may affect most important aspects of life. You should not be afraid of the crises, but you should be afraid to inadequately get prepared to a crisis, to incorrectly figure out its consequences. And if a crisis is expected, we should be on alert and create certain reserves. Provisionally speaking, we expect hard-currency revenues to lower if, for example, oil prices suddenly go down. We should create reserves. If we are now having a favourable situation, linked, in particular, to the replacement of imports, we should keep it in mind that it will not last long and try to create a maximally favourable taxation for home producers. All in all, we have to see it clearly when the sings of crisis are mounting, and, given a favourable period, not to sleep, but work vigorously.