Dubai World's request for a delay in repayment of a huge bond issue is unlikely to cause a new crisis wave in Russia, a Kremlin economic aide said on Wednesday.
Dubai World, a state-controlled conglomerate with interests in financial services and property, asked last Wednesday for repayment of its $60 billion debt to be suspended for six months. The news triggering stock market declines in several countries.
Investors have since rushed to withdraw funds from emerging markets, including from Russia. Last Friday, the ruble tumbled by almost one ruble to the dollar and the euro, causing fears of a new economic meltdown.
"As far as the Dubai company is concerned, it has sufficient assets to settle the situation," Arkady Dvorkovich said.
The official said the Dubai debt crisis is no worse than the financial difficulties recently encountered by other large companies.
"Some short-term disturbances have already occurred and they may still be in place for some time, but this will not prompt a new wave of crisis," Dvorkovich said.
MOSCOW, December 2 (RIA Novosti)
