Russian President Vladimir Putin said on Friday that structural problems persist in the global economy. He made the remark during the St.Petersburg International Economic Forum.

Putin said  the European Union remains a key trading partner for Russia and Moscow is ready to work on restoring relations with Brussels, but it cannot be, quote, a one-way process. He also pointed out the key task for Russia's recently restructured state development bank, the VEB.

"We hold no grudge and are willing to reach out to our European partners but obviously this can't be a one-sided game. The European Union, regardless of the well-known issues between us, remains Russia's key economic partner. It is our closest neighbour," Putin said.