Despite the current financial difficulties in the euro zone, Russian President Vladimir Putin expects the euro to survive.

“It is our belief that the fundamentals of the European economy, which is the main thing at the end of the day, will enable the single European currency to survive,” Putin said at a press conference on Tuesday following talks with Luxembourg’s Prime Minister Jean-Claude Juncker.

Russia, which has a major portion of its international reserves invested in euro, is well aware of the risks, Putin said.

But the European Commission and other key players in the euro zone are committed to producing an improvement in the situation, he said.

“We have confidence in that position,” Putin said.