Putin denies amassing fortune

Russian President Vladimir Putin today dismissed as “nonsense” reports he has amassed a personal fortune of tens of billions of euro during his eight years in office.

“They picked it out of their noses and smeared it on paper,” he said at his annual Kremlin news conference, using the kind of colourful language that he has become known for during his presidency.

Stanislav Belkovsky, a political analyst with close Kremlin ties, has claimed that Putin effectively controls stakes in Russian oil and gas companies worth $40bn (€27.4bn). The stakes, he and others claim, are hidden behind a network of offshore trusts.

If the claims were true, it would make Mr Putin the richest man in Europe.

Instead, Mr Putin said with a smile: “I collect emotions.” He explained that the overwhelming support of the Russian people was his “greatest wealth”.