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15 Dec, 2011 19:48

Russia ready to invest in eurozone – Medvedev

President Dmitry Medvedev has offered Russia's help along with closer energy ties at the Russia-EU summit in Brussels, saying that Moscow is very interested in seeing the EU overcome its troubles.

Russia is ready to meet all its obligations in assisting the eurozone, Medvedev said at a press conference after the Russia-EU summit.“Russia has its quota in the IMF, and we will meet all our obligations and are ready to invest the relevant money. We are also ready to consider other measures of support," the president said. Both sides have reiterated the importance of Russia-EU cooperation, especially for Russia, and the importance of the euro as a reserve currency. Trade with the EU comprises more than half of Russia’s foreign trade and 41 per cent of Russia’s foreign reserves are also in euros.Russia will contribute at least $10 billion to help support the struggling euro currency, presidential aide Arkady Dvorkovich told journalists reporting the 28th EU-Russia summit in Brussels.He added that the total contribution may be greater. “$10 billion is the minimum commitment," Dvorkovich said, indicating that Russia is interested in keeping its largest export market from collapsing.Energy ties between Russia and the EU are very strong, although there are some difficulties, particularly in relation to the third energy package – the legislation that aims to liberalize the energy sector in the EU. However, the EU is ready to continue negotiations on the package, add more flexibility, and consider Russia’s interests."In any case Russia will remain a secure and responsible gas supplier to Europe,” Dmitry Medvedev said. “This long-time joint successful work will continue. We guarantee the security of investments in this sphere, but at the same time we are not afraid of the diversification of gas cooperation between the EU and other states."