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STAVROS NIARCHOS LECTURE
Russia in the World Economy
Seventh Annual Niarchos Lecture
Petr Aven, Alfa Bank
Mikhail Fridman, Alfa Group
Peterson Institute for International Economics, Washington, DC
May 8, 2008
Summary
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Petr Aven, president of Alfa Bank, delivered the Peterson Institute for International Economics's seventh annual Niarchos Lecture May 9, 2008, on the topic of "Russia in the World Economy." Aven was formerly minister of foreign economic relations during the period of decisive Russian economic reforms in the early 1990s. Mikhail Fridman, chairman of the supervisory board of the Alfa Group, joined Aven during the discussion period with the audience.
Russia's role in the world economy has changed dramatically over the past decade. The country defaulted on many of its debts and was bankrupt in 1998. It currently holds the world's third largest reserve of foreign exchange and is a major petropower. Russia's GDP in current US dollars rose from $200 billion in 1999 to approximately $1.27 trillion in 2007.