Russian President Vladimir Putin promised Tuesday that there would be no about-turn in the post-Soviet privatization campaign, but warned that those who broke the law in the process would face punishment.

"There will be no campaign to revise privatization results," Putin told a session of the Chamber of Commerce and Industry, adding that "this does not apply to people who do not abide by the law.

"People are constantly saying that the laws are complex and it is impossible to follow them. Yes, the laws are complex and intricate, but it is definitely possible to abide by them," he was quoted by the Interfax news agency as saying.

"If five or seven people broke the law, it does not mean that everyone does not abide by them," Putin said.

The leader recognized the fact that those who deliberately engaged in fraud enjoyed more advantages than those who behaved in the right way.

"Maybe the latter do not earn that much, but their conscience is clear," he said.

Putin's statement came amid widespread uneasiness in the business circle, which has been scared by the allegedly Kremlin-backed judicial onslaught against giant oil firm Yukos, whose former chief, Mikhail Khodorkovsky, has been held in detention on charges of fraud and tax evasion.

Many Russian investors, who considered the legal campaign against Yukos a political move to curb the oil tycoon's clout that threatened Putin's power, are worried about their own fate if the government makes any significant change to the privatization policy. They are seeking guarantees from the Kremlin over safeguarding their rights and interests.

Putin's remarks seem to be an assurance to innocent businessmen but is likely to further appall those who do not always behave according to law.

At the meeting, Putin also urged the business community to playa more active role in solving social problems and implementing social programs.

He also suggested that the government should impose higher taxes on Russia's oil and gas companies which grab windfall profits, describing such a move as "purely anti-corruption" measures.

(Xinhua News Agency December 24, 2003)