The European Union (EU) said Monday it stresses that a long-term strategic partnership between the EU and Russia can only be developed successfully if it is based on common values and shared objectives.

Foreign ministers of the 15-nation bloc called on the new political leadership in Russia "to act to ensure that Russia lives up to the standards expected from all members of the community of free and democratic nations."

After their general affairs meeting in Brussels, the ministers said in a statement that they welcomed the democratic conduct of the recent Duma elections and "the smooth, constitutional transition of power after the resignation of President Yeltsin." The EU "looks forward to a free and fair campaign leading up to the president election on March 26."

The foreign ministers underlined Russia's importance as a major partner of the EU. "The EU would like to continue to build and develop this long-term strategic partnership with a view to enhancing security and stability in Europe and beyond."

"To this end, it is ready to continue its political dialogue with Russia in order to address questions of mutual interest, including issues of disagreement and concern such as the conflict in Chechnya," they said.

Meanwhile, the ministers agreed to suspend part of the EU's financial aid to Russia because of continued concerns over the Russian military campaign in Chechnya. They also froze talks on extending trade preferences to Russia. Observers here believe this is only a political gesture and there would be little impact on Russia. (Xinhua)