Mr Putin and Mr Kostin focused on efforts to expand lending to the non-financial sectors of the economy and on “bad” assets and debts.

The meeting included discussions on regional budget stabilisation, the Murmansk transport hub and operations and unemployment in the region.

When opening the meeting, Mr Zhukov, who is also the committee’s chairman, announced: “Our main objective is to create perfect conditions for our athletes so that they may achieve the maximum results.”

“We said it many times to the present Georgian leadership. I personally called on them to have patience and to win respect, prestige and trust both in Abkhazia and in South Ossetia. And it is only in this way – I believe it now and said as much at that time – that their territorial integrity could be achieved.”

“The growth rates are modest–about 1% – but they are real. Last year we had exceptional weather, and agricultural production volumes showed a record increase. This year the situation is different: There has been a cut in budget allocations, a fall in consumer demand and poor weather in a number of regions,” Mr Zubkov said.

“We are satisfied with how well Russian-Venezuelan relations are developing. We will diversify them, but obviously, energy is the driver of our relations. I would like to thank our Venezuelan friends for the opportunities which they have offered to our national oil consortium, which has been established specifically for the Venezuelan market.”

The federal targeted programme Electronic Russia was discussed at the meeting.

On completion of the video conference, Deputy Prime Minister Zhukov told the media that the Government is in control of the labour market situation and will take all necessary measures to avert an upsurge in unemployment this autumn.

"We spoke with the current Georgian leadership on many occasions. I personally urged them to be patient, and win the respect, esteem and trust of Abkhazia and South Ossetia. That is the only way that territorial integrity can be achieved. That is what I said then, and what I believe now to be the case."

"We will certainly continue addressing military personnel’s social problems. First of all, we decided to resolve the problem of permanent housing for military personnel in 2010. It is certainly a challenging task given the limited budget funds, budget deficit and financial and economic problems, but we will fulfil it."