American mistakes have damaged Russian economy – Medvedev

Russia is being made to pay for the financial blunders made by the US as it fights the effects of the global financial crisis, according to Dmitry Medvedev. The Russian President was speaking at the opening of the Square of Russia in the Armenian capital, Yerevan.

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AFP Photo / Mikhail Klimentyev

October 21, 2008, 17:08

"We have an open economy now and we feel the impact of the global economic crisis,” he said. “In fact, we're paying for the blunders made by a number of countries, including the US, since the American market exerts a weighty influence on the international market."

He added that he might take more organisational, financial and structural decisions to minimise the effects of the crisis on the Russian economy.

Square of Russia unveiled in Armenian capital

Russian President Dmitry Medvedev and his Armenian counterpart have opened the Square of Russia in the Armenian capital.

At a solemn opening ceremony, Medvedev described the relations between his country and Armenia ‘an age-old friendship’.

“The square we are now in was named after our country,” he said. “It is with deep gratitude that we see this as a sign of respect towards modern democratic Russia and its people. Also, it is a sign of respect for our common history, a recognition of the immense value of our age-old friendship.”

Armenian President Serzh Sargsyan said at the ceremony that he hopes the Square will become a symbol of devotion and friendship between the allied nations.

The statements came ahead of face to face talks between the countries’ presidents.

The leaders are expected to discuss economic, humanitarian and global economic issues.