The Russian economy has benefited from rapid growth but government interventions in some businesses have increased uncertainty in the investment climate, the World Bank said on Thursday in a review of its lending strategy

The Russian economy has benefited from rapid growth but government interventions in some businesses have increased uncertainty in the investment climate, the World Bank said on Thursday in a review of its lending strategy. Russia's economic growth was driven by internal and external factors, including responsible macroeconomic policy and sustained high prices for commodity exports, the World Bank said. But it noted that major reforms were still needed. The World Bank board's assessment was made in a report of the lender's three-year lending strategy for Russia, which runs through 2006 when a new plan will be prepared. "During the CAS (Country Assistance Strategy), the Russian economy enjoyed rapid economic growth, macroeconomic stability and strong fiscal and current account surpluses," the World Bank said in a statement. "Despite these positive trends, some discretionary interventions by the authorities, including the targeting of individual businesses, have increased uncertainty in the investment climate at a time when investor confidence could be booming," the statement said. The statement did not cite any specific examples of intervention. But YUKOS, once Russia's top producing oil company, has been subject to a judicial onslaught -- provoked analysts say, by the Kremlin's dislike of major shareholder Mikhail Khodorkovsky's political ambitions.