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The Asia-Europe Meeting (ASEM) will be held on October, 16-17, in Milano (Italy). German Federal Chancellor, British Prime-minister, Presidents of Ukraine and France confirmed their participation at the forum. Russian Prime-minister Medvedev was declared as a participant but at the very last moment President Putin announced his arrival to Milano.

Russians also confirmed that Putin was planning to meet with EU leaders as well as with the head of Chinese Parliament Li Kecian. There is also possibility of Putin-Poroshenko talks.

Putin’s primary goal in Milano is to convince EU leaders to lift sanctions imposed by Europe. It is worth to add that the future of these restrictive measures will be the main issue at the EU foreign ministers meeting on October, 20, in Brussels.

According to Kremlin’s official statements, Putin is going to offer for Europeans to ‘reload’ EU-Russian relations. The Russian economy has entered into recession. Russia should intensify its political and economic dialogue with Western countries, otherwise the decline of its economy cannot be stopped. The main source of the Russian budget income is oil & gas export (nearly 50%), but due to the latest trends in the oil markets Russia has lost profits – up to five trillion rubles. The Russian budget was based on oil price of $114 per barrel, therefore budget-2014 revenues will be reduced by 20-25%.

Trying to redirect its cooperation vector, Russia chooses China as the main strategic partner instead of EU. Lots of agreements were signed between Moscow and Beijing during last few years. The gas contract is one of the most important. The contract is worth $440 billion and the period of its validity is 30 years. However, gas deliveries will be possible not earlier than in 2018. But by that time, the Russian economy will not be able to survive without economic and political cooperation with EU.

“Reloading” of European-Russian relations is positively assessed by EU. But the Ukrainian issue is still open. A few European countries support lifting of sanctions against Russia: Hungary, France & Slovakia. Most of the EU members agree that sanctions against Russia must not be lifted until the situation in Ukraine becomes stable.

EU representatives consider that it is not the time to begin a new “Cold War”. All parties interested in resolving the Ukrainian conflict should carry on the effective dialogue. Only political negotiations can bring results.

The issue of economic sanctions lifting will be discussed during the meetings between EU leaders and Putin. Sanctions can be canceled under the only condition: Russia should withdraw its troops from the territory of Ukraine. This condition concerns not only the Eastern Ukraine, but also the annexed Crimea. So, EU-Russia relations reloading is possible but in case of fulfillment of this demand.

According to EU experts, Ukrainian and Russian economies bear loses due to the protracted conflict in the Eastern Ukraine. The countries have deeply integrated system of co-production in many industrial fields.

ASEM in Milano may become the starting point of the Ukrainian conflict resolving. Putin face a dilemma: to support EU peaceful initiatives and to create conditions for sanctions to be lifted or to destroy the Russian economy.

Ukraine and Russia may become a reliable economic bridge between Europe and Asia.

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