According to Russia's Transport Ministry, the plan can be carried through, even though the economic crisis is straining Russian resources.

Finnish and Russian transport ministers met in Moscow on Thursday afternoon at a joint transport and logistics forum first proposed a few months ago by Russian Prime Minister Vladimir Putin.

Following talks on a new rail link between the Finnish capital and Russia's second city, Finland's Minister of Transport Anu Vehviläinen told YLE that she believes that the project will be carried out despite the economic downswing.

"In a way they consider this St. Petersburg - Helsinki project as a sort of crown jewel. I pressed them on whether the timetable will hold. The idea is that they should be ready in late 2010," said Vehviläinen.

Russia's Deputy Transport Minister Andrei Nedosekov was more cautious, but said he hopes that the new link will be created. He added that at least for now, the economy has not slowed down Russia's plans.

In the near future, St. Petersburg's theatres, concerts and clubs may be only a four-hour train ride away for Helsinki residents, instead of the present five hours. And, once border formalities are reduced, the target is a 3.5 hour train trip between the two cities.