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Ex-IMF head joins Russian bank

Ex-IMF head joins Russian bank
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Dominique Strauss-Kahn, the former head of the International Monetary Fund, has joined the supervisory board of a Russian bank.

The 64-year-old had to leave the IMF two years ago in a scandal over a sexual encounter with a New York hotel maid.

He has been gradually raising his profile on the international stage with public appearances and media interviews.

His new role is with a bank owned by Russian state energy giant Rosneft – the world’s largest listed oil firm in terms of output.

Strauss-Kahn will be on the supervisory board of its Russian Regional Development Bank. Rosneft would not say exactly what his duties will be.

Rosneft has grown under chief executive Igor Sechin, a long-time ally of President Vladimir Putin.

Its output was recently boosted by its $55 billion (42 billion euro) takeover of Anglo-Russian oil venture TNK-BP in March.

In his first English-language interview since resigning from the IMF, DSK – as he is known – last week told CNN there is what he called a “crisis of leadership” in Europe.

He said: “There is an Arabic saying. An army of lions led by a sheep will always be defeated by an army of sheep led by a lion. The European system is built in a way that no hard decisions can be made.”

The former French finance minister also warned that the region’s banks are dangerously weak: “The banking sector in Europe is sick, very sick, much more than people say. It has to be really cleaned up before growth will come back.”

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