SAINT PETERSBURG, June 7: Russian President Dmitry Medvedev on Saturday blamed “aggressive” US policies for the world’s current economic woes and put forward Russia’s growing energy power as a possible solution.

Speaking at a meeting of business executives in Saint Petersburg, Medvedev said the United States was behind a global credit crunch and that investment in biofuels had helped cause a world food crisis.

“It is precisely the gap between the United States’ formal role in the world economy and its real capabilities that was one of the key reasons for the current crisis,” Medvedev said.

He said it was US policies together with incorrect assessment of risks by big financial corporations that were behind the current downturn.

The incorrect assessment of risks by corporations, together with the “aggressive financial policies of the world’s biggest economy led not only to the failure of corporations. The majority of people on the planet have grown poorer,” Medvedev said.

He went on to tout Russia as a zone of stability able to help the world economy and took a swipe at the US enthusiasm for biofuels, blamed by some analysts for a global rise in food prices.

“Russia is a global player. We understand our responsibility for the fate of the world and want to participate in forming the rules of the game, not because of so-called imperial ambitions, but because ... we have the resources.”

While Russia offered global energy security, others “emphasised the production of biofuels — and we’ve seen the results of that,” he added.

But US Secretary of Commerce Carlos Gutierrez rejected the criticism, telling reporters at the forum that while Medvedev had made “some very powerful statements” the world was experiencing a “downturn in growth” rather than a crisis.

This was Medvedev’s first major economic speech since taking over as Kremlin chief last month after Vladimir Putin’s eight-year presidency.

His mentor Putin became a strident critic of US foreign policy during his time in office.

The Russian president also said he would turn Moscow into a major world financial centre and told investors not to be afraid of growing investment by Russian companies abroad, saying it was not “speculative or aggressive”. Under his predecessor Putin, Russia’s economy expanded steadily. But international experts say it has recently shown signs of overheating and there is growing concern about risks for foreign investors.

A key issue preoccupying investors at the conference was the future of TNK-BP, a Russian-British oil company riven by infighting between BP and its Russian partners, and also facing tax probes from the authorities. The dispute is seen as a test case of Russia’s approach to foreign investment under Medvedev after several rows between his predecessor and major investors in the energy sphere.—AFP