Russia needs World Bank advice, not loans - Putin

MOSCOW (RIA Novosti)- Russia does not need loans from the World Bank but intends to cooperate with it and seek its advice, Russian Prime Minister Vladimir Putin said on Monday.

"We have very good relations with the World Bank. Thank God we don't need large loans from the World Bank," Putin told a plenary session of the Consultative Council on Foreign Investment.

"We have worked and will continue to work with the World Bank as an adviser, as a structure, which enjoys our deep respect and has contributed much to our joint work from the viewpoint of modernizing Russia and introducing the best world standards," Putin said.

Earlier on Monday, Putin, who is all but set to win the next presidential elections in March, said Russia must speed up teh diversification of its energy-dependent economy, where oil and gas revenues account for half of the budget.