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Putin warns against economic isolation as response to crisis

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Russian Prime Minister Vladimir Putin spoke out on Monday against the "tempting" policies of "aggressive protectionism" and restricting the movement of capital during the ongoing financial crisis.
MOSCOW, October 27 (RIA Novosti) - Russian Prime Minister Vladimir Putin spoke out on Monday against the "tempting" policies of "aggressive protectionism" and restricting the movement of capital during the ongoing financial crisis.

"As the entire world is affected by the financial crisis, simple solutions look tempting," Putin said. "There is often talk of closing off national economies, aggressive protectionism, and restrictions on the movement of capital."

"Strategically, isolationism is not our choice," Putin told a cabinet session, adding that he was in favor of "building Russia further into the global economy."

He also said Russia's economy relied excessively on the export of hydrocarbons and other raw materials.

Putin added that in the past eight years, Russia's foreign trade had grown 120%, but the structure of trade remained "unsatisfactory."

"Russia is still over-dependent on the export of hydrocarbons and other raw materials, and therefore, on world prices," he said.

Light, sweet crude was down $2.24 to $61.91 a barrel on Monday. Oil prices have fallen more than 57% from a record $147.3 in July.

The Russian prime minster said, however, that hundreds of investment projects had been implemented to strengthen Russia's position in the global market.

"We need to consolidate these trends and use the system of state support for the export oriented sectors of industry as an effective development instrument for domestic producers," he said.

The prime minister said that his words applied, in particular, to such sectors as aircraft and ship building, space, and the nuclear power complex.

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