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Mr Putin assessed the current Russian economic situation and said that in 2000, production of goods and services could top pre-crisis 1998 levels.

The Russian President listed high-priority aspects of the Government’s work, namely, the state’s non-intervention in business operations; approving clear and standard rules of the game for businessmen and the state, which must unfailingly abide by the law; and strengthening an independent and effective judicial system.

Mr Putin said efforts to maintain a deficit-free budget and to stabilise the rouble were aimed at achieving the country’s main goal, namely, ensuring sustained economic growth and raising standards of living.

The President said the implementation of the Government’s tax-reduction programme would channel 136 billion roubles, or 2% of the country’s GDP, into the Russian economy.

When asked about the arrest of Vladimir Gusinsky, CEO of the media holding Media-Most, Mr Putin said he planned to look into the situation after returning to Moscow. “Action will be taken against those found guilty of violating the law. The state will respond if there are any violations,” the President said.

He added that he had no information about the criminal aspects of this case and planned to discuss the matter with the Prosecutor-General. But he said the Prosecutor-General’s Office and the Presidency were two completely independent branches.