"Oligarch's barter plan to beat the credit crunch"

RUSSIAN oligarch German Sterligov has set up a global commodities, goods and services trading platform that he claims can help cash-strapped companies beat the credit crunch.

Sterligov says the British version of the platform, dubbed Ascent, should be up and running by the end of July.

A Russian version of Ascent, whose users include energy giant Gazprom, was launched in August 2008 and the oligarch plans to expand it to cover the US, China, Europe and South America.

In a form of bartering, companies using the system can exchange their unsold goods, services or commodities for cash and materials or services the y need. Users are matched with suitable counterparts by computer and Ascent charges a fee worth 1 per cent of the value of every trade completed.

Sterligov says the system benefits struggling companies as it helps them clear their inventories and raise the cash they need to service debts, while buyers can purchase goods and services at near-liquidation prices.

Ascent currently operates in Russia, Hong Kong, Ukraine and Kazakhstan.

It recouped its €16 million (£13.7 million) start-up costs earlier this year.

Sterligov lost most of his fortune running against Vladimir Putin in the 2004 Russian presidential election, then gave up his luxury lifestyle to become an organic farmer outside Moscow.