OREANDA-NEWS. On May 23, 2007 Vladimir Yakunin, President of Russian Railways, agreed with the head of Austrian Railways to set up a working group to consider rail connections between Russian and Europe, reported the press-centre of  Russian Railways.

"We have signed a Memorandum of Understanding," said Yakunin, "with a view to setting up a working group to consider expanding rail connections between Russia and Europe by building broad-gauge 1520 mm track from Russia to Western Europe via Ukraine and Slovakia."

According to Yakunin, such work will help, in particular, to implement one of the four European spaces. "It will be an example of how political decisions become concrete technical projects," said Yakunin.

Yakunin also said that the cost of the project was estimated at USD 1,2 billion.

The two sides also signed a Memorandum of Cooperation with one of the biggest manufacturers of track machines.