MOSCOW. May 23 (Interfax) - The dollar's devaluation will not cause major problems for the Russian economy, Economic Development and Trade Minister German Gref said in a lecture at the Russian Foreign Trade Academy.

"The dollar's depreciation will not have a strong impact on us. It will not cause major problems for the Russian economy. I'm more worried about personal savings," Gref said. He said, though, that the U.S. government itself would hardly want to see the dollar weaken too quickly and fuel inflation.

Russia and countries with similar gold and foreign exchange reserves have publicly stated that they will diversify their reserves, Gref said. So if the dollar does weaken too much, "the whole world, Russia included, will feel it," he said.

As for savings, Gref said it was best to keep these in rubles right now. In addition, he said that money could be invested on the stock market. But investing on the stock market "is a game and nobody should ever put their last [savings] in there."