In the interview, Mr Shuvalov said, in particular, that Russia can increase its economic growth rate to the target level of 5% within a year or two through developing the transport infrastructure, increasing direct economic investment and improving the business climate.

Shuvalov said that investment in transport development will come to 500 billion roubles. The new development programme addresses crucial infrastructure problems, such as the roads in Moscow and the inadequate railway network in Siberia and along the Pacific coast. Transport infrastructure development will be funded by selling government assets – in particular a small stake in Rosneft, which will be sold immediately after the acquisition of TNK-BP.

Economic growth will also require the attraction of foreign capital and an improved business climate. Russia relaxed and shelved the necessary reforms after the quick recovery of oil prices following the global financial crisis of 2008. "However tough this might sound, I think another sharp collapse will improve the Russian economy, because it will make us think about cutting budget expenditure and improving labour productivity."

As one of the largest currency reserve holders, Russia is concerned that the easing of US and European monetary policy could reduce the value of national assets, as these are mainly calculated in US dollars and euros. "We don't know to what an extent US government policy is responsible, but we are all worried as your securities may be devalued because of the huge debt. The euro is in a similar situation," said Mr Shuvalov, adding however that Russia is not considering reducing these assets.

With regard to the loan request by Cyprus, the First Deputy Prime Minister said that Russia will be pragmatic about any new financial aid for the island. The aim of the Government is not to help Russian depositors of Cyprus-based banks, but to prevent the downturn from spreading throughout Europe, which is Russia's largest trade partner.