17 Jun 2011 11:49

Part of oil profits should be saved - Medvedev

ST. PETERSBURG. June 17 (Interfax) - The excessive spending of money as a result of extremely high oil prices is a "risky policy," said Russian President Dmitry Medvedev.

"We must live within our means by saving part of the profits from super high oil prices. The current excessive use of such 'easy money' as global inflation accelerates is a risky policy," the president told an economic forum in St. Petersburg.

Such a policy will not allow interest rates to be reduced or investment activity to be sharply increased, Medvedev said.

"One cannot always rely on high oil prices, let alone their continual growth," he said. "Reliance on current prices is not in line with our long-term goals," the Russian president said.