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British and Russian officials hope to finalize negotiations in the next two weeks that will seal a new trade agreement and fuel extensive loan credits to bolster Russia's sagging industries.
Michael Heseltine, Britain's Secretary for Trade and Industry, said Wednesday that he and Deputy Prime Minister Alexander Shokhin would iron out the details of trade agreements before President Boris Yeltsin makes his scheduled trip to London in October.
Heseltine said the credits would go "toward industries where we see the ability to enhance Russian hard-currency earnings, which also maximizes the security of our investment".
He singled out the energy sector, telecommunications, and air traffic control as likely targets for the British credits.
Heseltine spent about a week in the former Soviet Union discussing the terms of Britain's offer, which will amount to approximately $480 million in credit to shore up Russia's economy.
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