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Russian President Dmitry Medvedev delivers an annual state of the nation speech at the Kremlin in Moscow, Russia, 12 November 2009. Photo by EPA/BGNES
Russian President Dmitry Medvedev has called for profound reform of the economy in his annual state of the nation address.
The Soviet model no longer worked, he said, and Russia's survival depended on rapid modernisation based on democratic institutions.
An oil and gas-based economy had to be reworked with hi-tech investments, Medvedev stated, cited by the BBC.
Inefficient state giants should be overhauled and issues of accountability and transparency addressed, he said.
"Instead of a primitive economy based on raw materials, we shall create a smart economy, producing unique knowledge, new goods and technologies, goods and technologies useful for people," Medvedev added.
He concluded; "Instead of an archaic society, in which leaders think and decide for everybody, we shall become a society of intelligent, free and responsible people."
Global markets reacted sharply after US President Donald Trump stepped back from imminent military action against Iran, instead tying a suspension of strikes to Tehran’s agreement to a temporary ceasefire and the reopening of the Strait of Hormuz
The second exploration drilling in the Krum-1 area of the Khan Asparuh block in Bulgaria’s Black Sea has also failed to identify commercially significant natural gas deposits, according to OMV Petrom
The Energy and Water Regulatory Commission (EWRC) in Bulgaria has set the price of natural gas for April 2026 at 34.27 euros per megawatt-hour, excluding access, transmission, excise duties and VAT
A severe inflationary surge is still ahead, and current developments are only the beginning, according to financial expert and investor Max Baklayan
The United States has allowed a Russian oil tanker to proceed to Cuba, despite the broader pressure campaign against the island’s energy supplies, according to reports citing American officials familiar with the situation
The European Commission has postponed the planned proposal to permanently ban Russian oil imports, amid rising energy prices driven by the ongoing conflict in the Middle East
A group of Members of the European Parliament has raised concerns over the potential leakage of confidential EU information to Russia, urging stronger safeguards within the European Parliament
Moldovan President Maia Sandu has formally enacted legislation withdrawing the country from the Commonwealth of Independent States (CIS), marking a decisive step in Chisinau’s gradual disengagement from Russian-led structures
The European Public Prosecutor’s Office (EPPO) has carried out a series of coordinated investigative actions across several countries, including Bulgaria and Romania, as part of a probe into suspected large-scale fraud involving EU funds
A fragile ceasefire between the United States and Iran has coincided with escalating tensions over the Strait of Hormuz, where Iran has moved to tighten control over one of the world’s most critical maritime routes
US President Donald Trump has sharply criticized NATO allies over what he described as their unwillingness to support Washington during the war with Iran, following a two-hour meeting with Secretary-General Mark Rutte at the White House
Lebanon has declared a national day of mourning after one of the deadliest days in recent months, with at least 254 people killed and more than 1,165 injured in Israeli strikes carried out shortly after the announcement of a US-Iran ceasefire
Aniventure Comic Con Returns to Bulgaria with Star Guest Christopher Judge!
Global Fuel Shock: Oil Jumps Over 40% Since Iran War Began
