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Russia needs to improve private property...

"The [global] crisis has reminded us about the need to improve the protection of private property," Shuvalov said speaking at an international conference in Moscow. "Otherwise, the economy can only count on short-term investment."

"Investment in high technology is possible only with solid protection of private property rights. Therefore this problem is directly linked to the course of modernization," Shuvalov said.

Respect for property rights, although it has improved somewhat, has remained a key concern for foreign investors in Russia, along with a complex legal system, corruption, rule of law and corporate governance.

"Strong reliance on raw materials exports and foreign financial markets determined the scale of the collapse in [Russian] manufacturing and the stock market," he said.

Shuvalov warned about dangers of the "business-as-usual" strategy that means waiting for prices for Russian core export commodities oil, natural gas and metals to rise again

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