Russia offers Germany oil for terrorism war

ESSEN, Germany -- Russian President Vladimir Putin declared the "doors wide open" to foreign investment in his country, telling Germany's top business executives Wednesday that tax and customs reform have created a good business climate in Russia.

The 15 nations of the European Union accounted for a full 40 percent of Russia's foreign trade last year and were responsible for 64 percent of direct investment in Russia, Putin told the heads of some of Germany's most powerful companies, including Daimler-Chrysler and Bayer.

"I'm convinced the good example will bring more," Putin said. "From our point of view, a very serious step has been made toward the creation of a civilized market economy."

Putin emphasized that Russia has been paying off its foreign debt without help from international financial agencies, making payments of $2.6 billion in the first six months of the year.

The Russian president arrived in Berlin on Tuesday for a three-day state visit shaped by the terror attacks in the United States two weeks ago. During his speech to business leaders in a villa once owned by the Krupp steel family, he pledged additional oil deliveries to Germany if necessary to assist in the fight against global terrorism.

The focus on terrorism has pushed disputes such as Russia's foreign debt to the sidelines. Germany holds the bulk of Russia's debt -- and is also Russia's biggest trading partner, alongside the United States, with $20 billion in trade last year.