President Putin: Russia to stick to "democratic principles" in world economy

Russia will stick to "the principles of democratic order" in the world economy, Russian President Vladimir Putin announced when speaking on Tuesday at the Russian-Malaysian business forum in Kuala Lumpur where he had arrived the day before on an official visit.

When answering the question of a Malaysian entrepreneur on when an equal approach to all countries in the economic sphere would be worked out, Vladimir Putin said that it was "a global issue".

"Business relations should be based on a favourable development of international relations and an international legislative basis that would contribute to developing democratic principles in the economic sphere," the Russian leader believes.

Such a basis can be found in a multi-polar world, dominated by the international law and practice worked out by international organizations, he emphasized.

"Without strengthening the system of international legislation it is impossible to speak of strengthening the democratic order in the world economy," Putin pointed out.

The President also spoke in favour of strengthening international financial institutions.