Vladimir Putin: Good evening. Mr President, I'm very glad to see you here in Davos. We last saw each other quite recently in Moscow, at the summit that was convened at the initiative of President Dmitry Medvedev. We are grateful to you for your personal participation in this event. As it transpired, it was useful and helped resolve the crisis.

Now it is time to discuss other, bilateral problems. We are content with the course of relations that have taken place between Russia and Armenia. Russia is Armenia's first trade and economic partner in both numbers and in the quality of our cooperation. We hope to continue this positive development. Our partnership is based on confidence. This applies to all spheres of our cooperation, in energy and in other branches of the economy. Our political dialogue is also based on trust. It is good that we have an opportunity to meet once again and to discuss various issues.

Serzh Sargsyan: Thank you, Mr Putin, for the meeting. Apparently, it is appropriate that we have always discussed bilateral cooperation either in Moscow or Yerevan. But I believe we should use every opportunity to meet with Russia's leaders because our continuously expanding dialogue proceeds from the interests of both our nations. This is why I asked you for a meeting.

I also have a very high opinion about our relations. I don't think anything can interfere with them. In 2008, our trade exceeded 1 billion roubles.

I believe that despite the crisis and other current problems, this year we will have more opportunities (for cooperation). I'm happy about our meeting. Please, allow me to ask a number of questions.