"We now realise that over 80% of our resources will be spent on the development of southern Russia and Sochi. <...> The remaining 20% will be spent on Olympic facilities. The Sochi-2014 project aims to develop one of the Russian Federation’s most important regions."

The meeting continued the work of determining the overall parameters of budget spending adjustments, the volume of revenues, and the planned deficit. The expenditures that will remain priorities and those to be reviewed were identified.

Mr Putin and Mr Yevkurov discussed the problem of creating jobs in Ingushetia, and the social-economic situation in the region

Mr Putin and Mr Zhukov discussed the implementation of labour market programmes.

Mr Zubkov said Russia currently had 285,000 family and individual farms employing a total of over 1 million people. “Russian farmers have proved they are a constructive force to be reckoned with,” he said.

Prime Minister Vladimir Putin and the Head of the Government of the Republic of Tuva, Sholban Kara-ool, discussed socio-economic situation in Tuva

Mr Sechin said during the ceremony on the island of Koje: “The vessel will be accepted for use soon, and will start regular oil deliveries from Varandey to the port of Murmansk… We are fully satisfied with the cooperation.”