MOSCOW It was the British election's biggest media bust-up. After the Independent launched an advertising campaign with the slogan “Rupert Murdoch won't decide this election — you will”, Murdoch's son James and Rebekah Brooks, the chief executive of News International, stormed into the paper's Kensington, London, offices to berate the Indy's editor-in-chief, Simon Kelner. “What are you ... playing at?” Murdoch Jnr allegedly demanded.

Alexander Lebedev, the Indy's new owner, draws a discreet veil over the incident. “There were definitely some words. But I won't say which ones”, he says. He dismisses talk of a feud with Murdoch, and says that he bumped into Elisabeth Murdoch at a party last Wednesday to celebrate the 10th anniversary of the Tate Modern art gallery. “She was laughing. She asked for my opinion of the story. Well, we both had a good laugh.”

In his first interview since buying the Indy titles from Independent News & Media (INM) for just GBP1, Lebedev is in good spirits, despite flying back to Moscow from London at 4am.

Now the owner of three British newspaper titles including the London Evening Standard — following his acquisition last month of the Independent and Independent on Sunday — he says he is a hands-off proprietor who allows his editors to make up their own minds “I never interfere.”

Downing Street The Murdoch papers backed the Tories. The Standard backed the Tories too, while the new Indy urged its readers to vote for the Liberal Democrats in a bid to secure electoral reform. Lebedev appears to have called the election, and its Lib Dem-Conservative coalition, just right. He even has a kind word for the outgoing Labour prime minister, Gordon Brown, from whom he sought approval for buying the Indy. “I like Gordon Brown. You see how tired he is!

He was working really hard. In Russia you see politicians getting younger and younger.”

He told Brown he wanted to buy the Indy to shine light in dark places, and do battle against international corruption. The tycoon concedes there were “some discussions about his (KGB) background”, but that no objections were raised.

Lebedev met the new British prime minister, David Cameron, in the House of Commons last year — “I'm sure Cameron will do a good job” — and has yet to meet Nick Clegg, the Lib Dem deputy PM. Back from three days in London, Lebedev says he is deeply impressed by Britain's democratic system. “It's no exaggeration to describe it as iconic,” he declares, contrasting the fierce media scrutiny and sophisticated level of public engagement in the UK with the dismaying lack of electoral choice in Russia. “There is big competition. The media is hugely important in scrutinising anybody who tries to get to the top.”

Months of negotiations with INM over the Indy sale ended in April, with its editor, Roger Alton, departing. Lebedev replaced him with Simon Kelner, the managing director and editor-in-chief of the two Indy titles. It was, to some, a puzzling choice — and followed speculation that Rod Liddle or Greg Dyke might get the job, rumours he declines to discuss. Of Kelner, Lebedev says “I think Simon is a great name. He is a big figure in journalism. I think a lot of him.” But is the internet-averse Kelner really the man to revive the troubled Indy's fortunes? “Please see me as only the founding partner. I'm not a great online specialist.”

Lebedev will meet staff on both titles for the first time later this month at their London HQ. The decision to give away copies of the Evening Standard free was expensive. Lebedev has spent more than GBP30m on the daily so far — a sum that was supposed to last three years, rather than 18 months. “We've spent it already because we have foregone revenue from sales,” he admits.

Lebedev is reluctant to reveal just how much money he plans to commit to both loss-making Indy titles. “We have a business plan. We have a financial model. I hope we can make it better rather than worse from the point of view of financial results. But I'm thinking about alliances.” What, then, will he do with the Indy? Lebedev reveals he has no plans “at the moment' to make the Independent free.

He adds that he doesn't want to adversely affect other newspapers in Britain, and nor does he want to forgo income from the Indy's sale price. But he won't rule out a free Independent at some future point. “Never say never. The world is changing. Questions are more plentiful than the answers,” he says, saying he wants to talk to Indy staff first before giving more details.

Sitting in his Moscow office, decorated with dozens of modern paintings, Lebedev is keen to stress that he doesn't regard the left-leaning Indy and Guardian as mortal rivals. He has no plans to buy any more British newspapers (“I have my own limits,” he remarks). But he cheekily floats the possibility of a Guardian/Independent merger — should the endowment that supports the Guardian and the Observer run out of cash. “I'm a big admirer of the Guardian. Who knows, maybe we'll merge someday? The world is changing very quickly.”

Lebedev's latest big idea is to establish an international agency that works collaboratively on investigations, and is staffed by journalists from leading newspaper titles around the world. The agency would investigate topics such as global corruption, the oil industry, and the abuse of offshore trusts — presenting its results, he envisages, to the G8. It could even award its own Gorbachev/Thatcher prize for freedom of speech, he muses.

This investigative “global network” could involve Germany's Der Spiegel magazine, the New York Times and the Guardian - as well as Lebedev's British and Russian titles, which include Novaya Gazeta, the late Anna Politkovskaya's crusading newspaper. Lebedev, whose blog is titled “capitalist-idealist', says his long-term vision would be to create “a new global society reinforcing and upholding democratic values”. He even shares his journalistic ambitions “The number one element if you are a journalist, which I hope to become one day, is that you put everything in doubt.”

Looking wearier than he has for some time, Lebedev has more urgent problems to worry about at home. He is locked in a legal battle with the German partner of his bankrupted airline business, Blue Wings.

His London-listed oil company, Timan Oil & Gas, meanwhile, also faces liquidation after its Russian manager allegedly stripped the firm of all of its assets. Lebedev says he has lost EUR290m on Blue Wings - and $20m from the doomed oil venture.

Such difficulties have raised speculation about the state of Lebedev's finances, but he shoots down any suggestion that money is tight. The biggest obstacle, however, remains the Russian state. The Kremlin has repeatedly blocked Lebedev's attempts to forge a political career — last year sinking his campaign to become the mayor of Sochi. Lebedev is careful not to criticise Vladimir Putin or Dmitry Medvedev, Russia's twin rulers. But he seems increasingly fed up with the lack of reform at home — and says Russia now lags “50 to 60 years” behind the rest of the world.

Great integrator Without his Russian businesses, though, there would be no money to buy British newspapers.

Lebedev says he has no plans to live in the UK permanently. His socialite son, Evgeny, does live in London, and is chairman of Independent Print Limited, the company set up by Lebedev to publish his new titles. How is Evgeny getting on? “He's enjoying the job. He's learning. He's listening. He's a great integrator. He brings people together,” Lebedev says.

Last week Evgeny made his journalistic debut in an article for the Spectator about modern art. In an earlier interview with the Guardian, Lebedev described Evgeny as a “very nice chap” but confessed he didn't think his son “could write”. Now, it seems he can.

“I liked the Spectator article. Did you see it? It appeared before his (30th) birthday. Probably a gift to himself,” Lebedev enthuses.

After two hours with Lebedev, I leave with a strong sense that he would love to stop his battle with Russia's bureaucrats and devote himself to newspapers. “There is no place in political life [in Russia],” he says. “I would love to do newspapers really. I like it. This is something I can change.”—Dawn/Guardian News Service