Russia's Putin tries to reassure

Mr Putin has vowed not to overturn market reforms

Russian President Vladimir Putin has acknowledged that a legal case against oil giant Yukos has caused alarm.

But he has tried to calm fears that the case might lead to economic reforms being overturned, saying there would be no return to the past.

The comments came weeks after the jailing of Yukos's biggest shareholder on fraud and tax evasion charges.

The action sparked international concern about Russia's commitment to property rights and private investment.

Murky

Some have feared that the case against Mikhail Khodorkovsky, formerly Yukos chief executive, marks a step back towards more authoritarian rule in Russia.

A question arises whether there may be a return to the past - there will not be President Putin

Questions have also been raised about whether the Kremlin would seek to reverse privatisations that took place in the 1990s in often murky circumstances.

In a speech at the Congress of Russian Industrialists and Entrepreneurs, Mr Putin attempted to reassure the business community.

"In our fragile circumstances... any criminal case gives rise to great caution and alarm," he said.

"A question arises whether there may be a return to the past. There will not be."

He added that strengthening property and tax reforms, and reorganising natural monopolies were at the top of his agenda.

'Don't go there'

Mr Putin did not mention Yukos or Mr Khodorkovsky by name in his comments and his audience of business leaders did not ask direct questions about the affair.

Vladimir Potanin, a metals magnate, said this was because "there is a level of detail into which you can go with the president and one into which you had better not go".

Also on Friday, Prime Minister Mikhail Kasyanov weighed in again on Yukos's side.

He said that a threat by the natural resources ministry to strip Yukos of some of its exploration licences was "intolerable".

Mr Putin has already criticised the comments made earlier this month by Natural Resources Minister Vitaly Artyukhov.