'Everything happening now in the economic and financial sphere began in the United States,' Mr Putin told a government meeting.

'This is not the irresponsibility of specific individuals but the irresponsibility of the system, which claimed leadership.'

Mr Putin was speaking after the US House of Representatives on Monday sent shockwaves through global markets by rejecting a US$700-billion (S$1 trillion) Wall Street bailout despite pleas from President George W. Bush for quick action.

'The saddest thing is that we are seeing an inability to take an adequate decision,' Mr Putin said.

'This is a real crisis that has hit our economy,' he added.

The benchmark index on Russia's RTS stock market has fallen by more than 50 per cent since May, a drop analysts say has in part been caused by the global credit crunch.

On Wednesday, the US Senate prepared to vote on a revised bailout package to prevent the US economy from slumping into a deep recession. -- AFP