Responding to a question after addressing a seminar on "Today's Russia -- challenges and opportunities" organised by the Confederation of Indian Industries (CII) here, he said Indian corporates would, however, be helped wherever possible.

He also said the Russian government had constituted a committee to rehabilitate and modernise the banks. In this process more than 700 banks in the country were likely to be closed down, he added.

Primakov favoured establishment of direct trade between the two countries in items like leather goods when pointed out the largescale import of Indian products through third countries in Europe added to the cost.

Primakov pointed out that recently Russian Dumahas passed a law on production-sharing and is considering a package of laws on taxes. The Russian government is also considering the introduction of short-term bonds to support foreign investors especially, those from India, he added.

Stressing on the need to broaden trade ties with India, Primakov said that Russia was keen to consider options about whether it could throw open its economy.

On the Indo-Russian bilateral trade Primakov urged the Indian industry and government to join hands with Russia to boost trade figures. He stated that by the year 2005 trade between the two countries would quadruple.

According to Primakov, Russia is looking forwards to trade with India in engineering products, weapons, electronics, energy, thermal power, modernisation of power plants built with the help of erstwhile Soviet Union, metallurgy, coal mining, oil production and oil refining. The Russian Federation was interested in the transfer of research and technology with India at a dynamic pace, added Primakov.

Twoagreements were signed between Russia and India. One was in the field of long-term tea import from India between Russian Tea & Coffee Association, Russian Association of Tea Producers (Roschay) and Tea Board of India. The second agreement was in the field of oil exploration and oil imports by India between Lukoil of Russia and ONGC and Lukoil and IOC.

Earlier in his welcome address, Shekhar Datta, past president and chairman, Russia Committee, CII, said that CII and Indian industry was committed to build strong business and economic partnership between Russia and India, for which more time, attention and resources would be allocated.