MOSCOW (AP) — Russian billionaire Mikhail Prokhorov says Russia needs to join the euro zone and forget trying to make the ruble a global reserve currency
Prokhorov — the owner of the New Jersey Nets basketball team — said Thursday that the move will help both Russia and Europe fight ongoing economic turmoil.
He lambasted Kremlin moves to make the ruble a global reserve currency, saying it is too dependent on fluctuations in oil and gas prices.
The 46-year-old — recently elected to lead a new Kremlin-friendly party — has been involved in some of Russia's most lucrative businesses.
His Right Cause party is seen as a Kremlin creation designed to lure opposition-minded, pro-business voters ahead of December's parliamentary elections.
- Mikhail Prokhorov
- reserve currency
- the New Jersey Nets