Russian President Dmitry Medvedev believes the Gulf of Mexico spill could lead to the "annihilation" of oil giant BP.
In an interview with the Wall St Journal, Medvedev says the spill will likely lead to a fundamental rethink of oil exploration around the globe.
However, while he says BP could be face destruction or be broken up, he stopped short of saying his country would re-evaluate BP's lucrative partnership in Russia - which represents almost a quarter of its oil production.
"This is a wake-up call," Medvedev said. "Certainly, we are not indifferent to their future. Hopefully, they can absorb the losses."
On the euro, Medvedev says the current threat to the single-currency "can't be underestimated".
"Russia's prosperity, to a large extent, depends on how well things are going on the European continent," Medvedev says. "We are not a member of the EU, but we are a European country."
What made financial headlines over the weekend?
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000