Friday, July 17, 2009


Sberbank Rossii Сбербанк РоссииImage via Wikipedia

President Medvedev and Chancellor Merkel signed a credit agreement yesterday worth 500 million euros to finance joint projects, primarily in mechanical engineering, RIA Novosti reported. The credit agreement was signed between Vnesheconombank and KfW Ipex-Bank. Medvedev and Merkel also signed a memorandum of understanding to modernize Pulkovo airport in St. Petersburg. Medvedev also urged Germany to support the purchase of Opel by an international consortium of the Austrian-Canadian auto supply company Magna and Russia’s largest bank, Sberbank.

Germany under Merkel is a threat to European energy independence through its increasingly close ties to Russia. It is a threat to European independence from Russia in general. Time for the US to ramp up support for France, Poland and Turkey.

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