Tags: Russia | Medvedev | Doubts | Euro | BP | Survive

Russia’s Medvedev Doubts Euro, BP Will Survive

Friday, 18 Jun 2010 01:18 PM

Russian President Dmitry Medvedev doubts the euro will survive.

"I don't exaggerate the threat, but it can't be underestimated," Medvedev told The Wall Street Journal, adding that he thinks the European Union should bear the burden of any major "financial injections."

"Russia's prosperity, to a large extent, depends on how well things are going on the European continent," Medvedev says. "We are not a member of the EU, but we are a European country."

Medvedev also believes the BP’s Deepwater Horizon oil spill could threaten the company’s survival, and that the disaster will cause an oil exploration wake-up call.

"What I know is that BP will have to pay a lot of money this year," Medvedev told the Journal.

"Whether the company can digest those expenditures, whether they will lead to the annihilation of the company or its breakup into pieces is a matter of expediency."

BP holds a significant stake in OAO Rosneft, Russia's biggest oil producer. The oil company, which intends to raise $10 billion worth by selling off assets in the wake of the Gulf oil spill, isn't planning to divest itself of that stake in, a regional BP head told Dow Jones.

Meanwhile, Lukoil, Russia's second-largest oil producer, said it was not interested in snapping up anything from the $10 billion asset sale with which BP hopes to help pay for its oil spill in the Gulf of Mexico.

"We are not wolves, we do not eat the weak," Lukoil head Vagit Alekperov told Reuters on Friday when asked whether Russia's largest non-state oil firm was interested in BP's assets.

Oil giant BP has said it would suspend dividends to shareholders, reduce its investment program and sell $10 billion of assets after agreeing with the U.S. government to set aside $20 billion to pay for the spill.

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Russian President Dmitry Medvedev doubts the euro will survive. I don't exaggerate the threat, but it can't be underestimated, Medvedev told The Wall Street Journal, adding that he thinks the European Union should bear the burden of any major financial injections. ...
Russia,Medvedev,Doubts,Euro,BP,Survive
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2010-18-18
Friday, 18 Jun 2010 01:18 PM
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