President Putin discusses the developments with US President Oabma; Russia to vote against resolution on Syria if it ignores Geneva agreements; Russia vetoes UNSC resolution on Syria; Venezuela interested in buying Russian Sukhoi SU-35 fighter jets from R
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    • Reports noted that Russian President Putin and his US counterpart President Obama have discussed the situation in Syria in the context of the U.N. Security Council debate on the draft resolutions on Syria. Both noted that the situation was ‘aggravating’ and have agreed to be in close contact on the Syrian issue. 1

    In another development, Foreign Minister Sergei Lavrov has said that Russia will vote against the U.N. Security Council resolution on Syria if it is not be guided by the Geneva agreements. 2

    Meanwhile, according to reports, Russia and China have vetoed the U.N. Security Council draft resolution on the settlement of the conflict in Syria. The draft document had been prepared by Western countries and with provision of sanctions against Damascus. Eleven members of the U.N. Security Council voted for the draft resolution while two abstained. Russia and China vetoed the draft resolution. 3

    According to reports, Venezuelan President Hugo Chavez has that Venezuela is interested in buying Sukhoi Su-35 Flanker-E multirole fighter jets from Russia to enhance the country’s defence capabilities. The aircraft has been touted as 4++ generation using fifth-generation technology. 4

    South Korea’s Finance Minister Bahk Jae Wan has said that the country would step up efforts to expand economic, political and diplomatic ties with Russia once it joins the World Trade Organization. South Korea, which currently ranks 13th among Russia’s trading partners, wants to enter the top ten by 2020 and the potential areas of cooperation could include energy, capital development, exploration of natural resources, development of infrastructure as well as science and technology. 5

    Reports noted that the Russian upper house of parliament has passed the bill ratifying Russia's entry into the WTO, the final legislative step required before President Vladimir Putin signs it into law. 6

    President Vladimir Putin has created an Economic Council under the President. The Council is an advisory body created for the purpose of preparing proposals on the main guidelines for Russia’s socioeconomic policy, ensuring the strategy and tactic of its implementation, and mechanisms for sustainable development and technological renovation of the economy. 7

    According to the Russian Finance Ministry sources, Russia will spend US$ 9.4 billion on foreign debt servicing until 2015. More than 90 percent of these amounts will be interest payments on government securities. 8

    Reports noted that Japanese Foreign Minister Koichiro Gemba will visit Russia on July 27, 2012 for a four-day official visit. He is expected to discuss the territorial issue, the issue of signing of a peace treaty, bilateral economic cooperation in the Far East as well as a wide range of international issues including the nuclear programs of North Korea and Iran and the situation in Syria. 9

    In other development, according to reports, the US House of Representatives has adopted an addendum, which bans Pentagon’s cooperation with Rosoboronexport as the latter had supplied armoury to Syria’s government. It was supported by 407 legislators, and five voted against it. The voting took placed several hours after Russia and China vetoed a draft resolution of the UN Security Council on Syria, which had been drafted by Western countries. 10

    On the eve of his official visit to Moscow, the Italian Prime Minister Mario Monti has said that relations between Russia and Italy are of strategic character in all spheres and stressed on the importance of economic partnership. He has also outlined defence and energy cooperation as key priorities of the government. 11

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