The amount of Russia's state debt has reached 41% of the GDP, First Deputy Finance Minister Alexey Ulyukayev said at a round-table meeting, devoted to support for Russian exports and foreign investments in Russia. He pointed out that in the future, the Russian government would pursue a policy of gradual replacement of foreign debts with domestic debts. Thus, the amount of domestic debt liabilities in circulation has reached RUR260bn ($8.18bn). "We plan to increase it to RUR350bn ($11bn) in 2003," Ulyukayev remarked. As it was reported earlier, Russia's government debts reached 120% of the GDP in 1999. The maximum level of government debts acceptable for EU countries is 60% of the GDP.
After the June summit of the leaders of Russia and the United States in Geneva, it appeared to many that Putin and Biden finally gave rise to dialogue. However, something went wrong