Senior financial and foreign ministry officials from the Group of Seven leading industrial countries gather in London today for an emergency meeting on the Russian financial crisis amid growing calls that "something must be done".
Against a background of debt default by Russia and a rising crisis of confidence in Latin America, the choice by Russia on Friday of Soviet-era officials for its government raised fears in Western countries of a return to central planning and hyperinflation.
But sources close to today's talks said the fact that Russia now had a government after three weeks of stalemate had reduced the sense of panic that was building when British Prime Minister Mr ony Blair called the meeting a week ago.
The approval of former foreign minister and spy master Mr Yevgeny Primakov as Prime Minister, and of former central bank chief Mr Victor Gerashcenko to run the central bank, did not inspire confidence in nervous financial markets.
But the President, Mr Boris Yeltsin, on Saturday said Russia would stay on the reform path and Mr Primakov pledged to pay off the country's debts - a growing worry after Friday's news that Russia had failed to make most of an 800 million deutschmarks (£320 million) interest payment on so-called Paris Club debt.
The G7 countries - Britain, Canada, France, Germany, Italy, Japan and the United States - have made it clear that no further cash will be forthcoming if Russia strays from the reform path.
Russia is keen to get its hands on a further tranche - originally due next week - of a $22.6 billion (£15.2 billion) rescue package agreed with the International Monetary Fund (IMF) in July.
But US Deputy Treasury Secretary Mr Lawrence Summers said the meeting, which he will attend, would not produce any concrete decision on aid to Russia.
"It's very premature to discuss these issues, pending Russia making judgments about its choices," he said.
Russian Deputy Finance Minister Mr Mikhail Kasyanov and Deputy Foreign Minister Mr Georgy Mamedov will address the G7 officials at the start of their meeting, officials told Reuters.
The G7 delegates will probe the Russians for clues as to the policy direction Mr Geraschenko will steer at the central bank.
Mr Geraschenko resorted to printing money during the hyperinflation of the early 1990s and has already said Russia has no choice but to do so again.
Also on the agenda could be some form of protection against rapid changes in market conditions.
These have affected not just Russia but many Asian countries and, more recently, Brazil which this week jacked up interest rates to 50 per cent in a bid to stem capital flight.
