Vladimir Putin welcomes U.S. decision to recognize Russia as market economy

Vladimir Putin sees as positive the decision of the American administration to recognize Russia's market-economy status. At a press conference in St.Petersburg on Friday, the Russian president stressed that this decision is overripe but its adoption "has required the political will of American President George Bush".

Putin expressed the hope that this decision has been influenced by both the atmosphere of the Bush visit to Moscow and its results.

Non-recognition of the market status of the Russian economy contravenes the interests of the world economy and the Russian economy alike, Putin explained.

Lack of the market-economy status makes possible different understanding of deals with the involvement of Russian companies. This prevented investors from investing in Russia: they did not know what would become of products produced in Russia.

Putin also said that this decision of the American administration is "a mighty signal to the international business community that the Russian economy is ready for full-fledged cooperation".