Billionaire calls on Russia to adopt euro

Associated Press
Russian tycoon Mikhail Prokhorov listens during his news conference  in Moscow, Russia, Thursday, Aug. 11, 2011. New Jersey Nets basketball team owner Mikhail Prokhorov who has recently been elected to lead a new Kremlin-friendly party says Russia needs to join the euro zone. (AP Photo/Mikhail Metzel)
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Russian tycoon Mikhail Prokhorov listens during his news conference in Moscow, Russia, Thursday, Aug. …

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.

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