OREANDA-NEWS. October 7, 2008. The Russian head of state emphasised that economic cooperation between the two countries has a solid basis and expressed his hope for its future successful development.

Speaking about a Middle Eastern peace settlement, the President declared that Russia will continue to play a constructive and active role in this process.

Dmitry Medvedev thanked the government of Israel for its decision to transfer the St. Sergius Metochion in Jerusalem to the Russian Federation.

This compound was built by the Imperial Orthodox Palestine Society more than a hundred years ago to receive Russian pilgrims. Three-year talks on the transfer of the St. Sergius Metochion to Russia's jurisdiction ended on 5 October 2008 after the Israeli government made the corresponding decision.

The compound requires major repairs and restoration work. In April 2008 10 million rubles from the President's Reserve Fund were tentatively allocated for this purpose.