International financier George Soros's call for Russia to devalue the rouble marks the latest twist in the Wall Street wizard's 10-year philanthropic and commercial involvement in Russia's affairs.

Since the break-up of the Soviet Union in 1991, the Hungarian-born hedge fund manager has spun a web of interests in Russia and Eastern Europe ranging from social and educational projects to commercially motivated investments.

But his latest pronouncements, which fuelled the further wave of selling on Russia's markets, have raised a few eyebrows given his oft-stated policy of only making comments which benefit his financial interests, Russian experts said.

Multi-billionaire Soros turned up the heat on Russia's ailing financial markets by stating in a letter to the Financial Times that the "best solution" to the present banking liquidity crisis would be to introduce a currency board after a "modest" rouble devaluation of 15 to 25 per cent.

In the past Soros has freely admitted his willingness to talk up his own book to defend his vested interests, analysts noted.

In an article in the Times of London in 1993 he said, "I expect the mark to fall against all major currencies, including even sterling," adding, "for the sake of full disclosure, I am talking my book."

The financier still has plenty riding on the success of Russia's economic reforms despite speculation he has been reducing his commercial interests in recent months, analysts said.

Mr Soros, who studied philosophy at the London School of Economics, said last October he had some $2.0 billion invested in Russia including a stake in Svyazinvest, the state telecoms holding company.

In March, he told journalists in Moscow he had turned down a request by the Russian government for financial help last December, but had loaned it several hundred million dollars to close a short-term funding hole in June 1997.

But despite his financial interests in Russia, analysts said Soros, whose speculation helped send the British pound spinning out of the European Exchange Rate Mechanism in September 1992, also has an emotional attachment to the country.

Mr Soros has invested millions of dollars of his personal fortune in his Open Society foundation, a collection of social and educational projects set up to promote democracy in Russia and Eastern Europe after the Soviet Union's demise in 1991.

But the financier is no stranger to criticism of his involvement in Russian affairs.

Following his purchase of the stake in Svyazinvest, he acknowledged he had stirred up resentment among Russia's industrial and financial barons.

He has also expressed concerns about policy making in Russia on previous occasions, most recently on the way foreign shareholders were treated by some Russian corporations and the failure of the local supervisory authorities to act.