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The two leaders continued the talks begun the day before at the presidential residence of Bocharov Ruchei in Sochi.

Mr Putin said he was pleased to note that trade and economic relations between Russia and Italy are showing rapid development and that there is active cooperation at regional level between the two countries. Russian-Italian bilateral trade posted an increase of 55 percent over the first half of 2005 – a record for Russia’s trade relations with the developed and industrialised countries.

Although the current increase in trade between the two countries is mostly due to energy exports, the trade structure is gradually changing and cooperation in the high-tech sector is expanding, the President noted.

Following their talks, Mr Putin and Mr Berlusconi made press statements and answered journalists’ questions.

Mr Putin said that Russia supports Germany’s candidacy in the vote on increasing the number of permanent members of the United Nations Security Council, but only on condition that a reform programme that has the support of the majority of the UN’s member states be proposed.

The President stressed that his announced visit to Berlin on September 8 is not connected to the upcoming early parliamentary election in Germany. The visit is taking place at the request of the Russian and German business communities.

Asked about the possibility of expanding the Blue Stream gas pipeline, Mr Putin affirmed the possibility for cooperation between Russia, Italy and Turkey on this project. Future plans also include expanding Russia’s transport capacity in Ukraine, Belarus, Poland and Central Europe.