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“The sides are coordinating organisational parameters of this meeting, and we think the meeting will take place,” Presidential Aide Yuri Ushakov told a press briefing.
President Putin leaves for Bali in Indonesia on Sunday.
Ushakov said the proposal came from Moscow and that Washington “immediately supported” the meeting.
“It would be rather logical to meet (Obama) in Bali, taking into account the work on the Syrian issue,” said Putin’s top foreign policy adviser.
The two leaders will discuss a range of issues, including the development of earlier agreements and prospects for joint work on the Syria crisis, added Ushakov.
Obama aborted a planned summit with Putin in early September ahead of a G20 Summit in Saint Petersburg, citing “lack of progress” in bilateral relations.
Russia and Syria have been on the opposing ends of the spectrum on ways to solve the Syrian crisis.
After long negotiations, Russia and the US finally reached an agreement on a United Nations Security Council (UNSC) resolution to rid Syria of chemical weapons.
Russia and China have on multiple occasions vetoed Western-backed resolutions in the UNSC against President Bashar al-Assad.
Washington has insisted that the threat of military action is needed to ensure that the Syrian regime abides by the terms of the US-Russia plan to secure and destroy Syria’s chemical weapon stockpiles.
The 21-member Asia-Pacific Economic Cooperation (APEC) will meet in Bali to discuss ways to boost prospects of a global recovery.