RUSSIA:Russia's oligarchs have been given a dressing down by President Vladimir Putin, who told them to stop scaring off foreign firms with aggressive language about "conquering" the rest of the world.
At a meeting on Tuesday between Mr Putin and some of Russia's wealthiest billionaires, he encouraged them to expand overseas but to tone down the rhetoric.
"Let us stop using such common terms as 'the conquering of markets' or 'expansion'. Our counterparts feel scared even without that - though for no reason, I should say," Mr Putin said.
"Our partners develop some type of strange fear, and the operation of Russian businesses in Western markets is being discussed in a very politicised way."
The meeting, at the Kremlin's Katherine Hall, attracted many of the country's business elite, including Viktor Vekselberg, who recently bought the Fabergé egg collection for more than $100 million.
Mr Vekselberg said the country badly needed a makeover and some "global rebranding". Made in Russia should become a positive trademark, he added.
Russia's wealthy elite have also dented their already tarnished image with a string of negative headlines.
The meeting has received widespread media coverage, focusing on Mr Putin's demand that the oligarchs who have made most out of Russia's economic boom should diversify out of raw materials and start exporting more finished goods and services.
The OECD recently warned that although Russia's economy is growing by 7 per cent a year, its future growth has become a hostage to high international prices for gas, oil and natural resources.
A string of Russian expansion plans, such as plans by the state-owned Gazprom to buy a British energy distributor, have been met with suspicion in Europe. Efforts by another state firm to secure a seat on aviation firm EADS were also rebuffed.