On Thursday 22 July 2004 Mr Mikhail Margelov, Chairman of the Foreign Affairs Committee of the Federation Council (upper chamber of the Russian Parliament) spoke on 'Russia’s Foreign Policy Priorities.' In his speech Mr. Margelov spoke about the foreign policy decision-making process in Russia. He also covered key foreign policy priorities such as relations with CIS states, with Europe and with the United States, as well as Russia’s policy on Iraq and Middle East. Mr. Margelov emphasised three principles for Russian foreign policy which were set by President Putin include: continuity, modernisation and balance between ambition and resources.