Transcript of the beginning of the meeting:

Vladimir Putin: Good afternoon, Mr Velikhov.

Yevgeny Velikhov: Good afternoon, Mr Putin.

Vladimir Putin: It is just impossible to list all your titles, positions and merits. Please accept my hearty congratulations on your jubilee {75 years}. I would like to thank you for your work and wish you all the best. Congratulations!

Yevgeny Velikhov: Thank you very much!

Vladimir Putin: Mr Velikhov, it's a celebratory occasion, but I know from our previous meetings that no matter why we meet, you always talk about work and your progress.
How do you estimate the situation with the institute {the Kurchatov Research Institute} and the industry in general? What must be done additionally in the near future, from your viewpoint?

Yevgeny Velikhov: Mr Putin, you convened a meeting to discuss this issue not long ago. All main decisions have been made. There is little I can add, you know everything.
I wish you would visit the institute someday. There has been much progress since your previous visit, primarily in the new areas, biotechnology, nanotechnology, IT and cognitive technology.

A number of factors, coupled with Mr Mikhail Kovalchuk's initiative, made great accomplishments possible. {Mikhail Kovalchuk is the director of the Kurchatov Research Institute.}

Vladimir Putin: The recent developments in cognitive and exact science, including physics, particularly nuclear physics are very interesting. The very merger is curious, and the effect can be even more amazing.

Yevgeny Velikhov: The 21st century will certainly see a revolution, which will determine the fate of humankind. On the other hand, the progress in traditional areas, including the accomplishments in thermo-nuclear research, will also shape the future. We are doing fine. You set the process going when you met with Mr Chirac.

We have concluded some 40% of agreements in Cadarache. I was elected ITER board chairman again. But things are not that bright in general.

Vladimir Putin: Why?

Yevgeny Velikhov: You know, Europe turned out a weak link. There are no leaders like Chirac now.

Unfortunately, their organisational structure is very poor. Europe must fulfill its commitments. The rest six partners are ready to fulfill their commitments timely. It must be noted that Russia meets its commitments on the ITER agreement. We will soon be able to produce the first plasma in ITER.

Unfortunately, due to certain disorganisation in Europe, we expect to produce it 2012 only, but we hope that we sill accomplish this task anyway.

Vladimir Putin: Funding priorities have been shifted somewhat due to the recession, which has affected all.

Yevgeny Velikhov: You know, I must admit that this is not because of the downturn. Rather, the process organisation in Europe has turned out less effective than necessary. There have been a few delays.

Vladimir Putin: After all, they don't have so much experience as we.

Yevgeny Velikhov: We're making our best.

Vladimir Putin: However, combining powers is bound to bring positive results.

Yevgeny Velikhov: True. And we are very thankful for it. A few years ago no one believed that the nuclear energy industry will develop so fast. But then the G8 summit was held in St. Petersburg, which gave this process a fresh impetus. So, it has been progressing.

Vladimir Putin: Thank you for invitation. I will certainly come to the institute, and we'll look at your work together on-site.

Yevgeny Velikhov: Thank you.