Russian president Dmitry Medvedev said in his state-of-the-nation speech yesterday the global financial crisis would lead to neither nationalisation, nor a stripping away of democratic freedoms, Russian news agency Novosti reported.

Mr Medvedev said Russians’ political and economic rights would not be affected by military or diplomatic tensions.

“The dramatic fluctuations in the political and economic situation, the turbulent global economy, and the escalation of military and political tensions will not be used as a pretext for dismantling democratic institutions or nationalizing industries and banks.

Citizens’ political freedoms and private property will remain inviolable,” he said.

The global financial crisis is not over, and the government and big business must take it into account in their planning, the president also said.

“The economic crisis, let us face it, is far from over.

“We should be extremely focused and careful about the effectiveness of our work and wisdom of our plans and programs.”

Mr Medvedev also said this related to government and business, as well as ordinary people. He wants to ensure funds allocated as anti-crisis measures reach their targets without delay.

“I want the government, the Central Bank of Russia and governmental bodies to know any delays in implementing measures are unacceptable.

“We must first of all pierce the financial clots in the economy so all allocations reach their targets,” he said.

“I am sure we will cope with all the difficulties and create in the near future a modern and self-sufficient financial system capable of rebuffing external challenges.

“The lessons of the mistakes and crises of 2008 proved to responsible nations it is time to act and radically reform political and economic systems.”

Mr Medvedev added Russia would cooperate with the US, the EU, and BRIC countries (Brazil, Russia, India and China) – and all interested countries.

“We will do everything possible to make the world more just and secure. I believe we will succeed because our country is strong economically and politically,” the president said.

Mr Medvedev said Russia had sent its proposals on reforming the global economic system to the Group of 20, representing the world’s largest economies, which is to meet in Washington on November 14-15.