Former advisor to the RF president Igor Yusufov denied allegations made by former president of Bank of Moscow Andrei Borodin. Borodin is quoted as saying that Yusufov bought Borodin’s stake in Bank of Moscow on Medvedev’s orders, in a move he described as politically motivated.

“In the situation surrounding Bank of Moscow I acted on my own initiatives and did not receive any instructions. I firmly believe that the former banker is now trying to make it look like as if there was politics in the case. I would not believe a word of a suspect in the major criminal case, who is wanted by Interpol,” Yusufov said.

Yusufov said that when he had told Borodin about “establishing the financial empire for a young man” he referred to Vitaly Yusufov, his son, not president Medvedev.

“I am not going to establish an empire, but I am glad to support business projects of my son and ready to share with him my expertise,” Igor Yusufov said.

After state-run VTB bank took over Bank of Moscow it emerged that there was a significant hole in its assets. It received a huge bailout from the state.