Alexis Tsipras is traveling to Russia again on Thursday for a meeting with Russian President Vladimir Putin at a time when there is concern as to whether a Greek exit from the eurozone is inevitable. Tsipras is meeting with Putin on the sidelines of a major economic forum in St. Petersburg amid speculation as to whether Moscow could extend credit lines to bail out Greece.

Relations between the Radical Left Coalition (SYRIZA) party and Russia are cordial with the Greek prime minister being an outspoken critic of EU sanctions against Russia. Last April, Tsipras had hoped to secure an exemption of Greek produce from Russia’s counter-sanctions against the EU. The two men had also discussed Greek participation in a major pipeline project bringing Russian gas to Europe through Turkey and Greece, bypassing Ukraine.

Apart from the pipeline project, Tsipras is expected to discuss Greece’s participation in a new development bank for BRICS countries, including Brazil, India, China and South Africa. Though Greece has already backed the EU’s decision to extend sanctions on Russia over the Ukraine crisis, Moscow does not appear bothered and is expected to invite Greece to participate.

While Tsipras is heading to Russia, the focus for Greece will be on Thursday’s Eurogroup meeting as EU finance ministers discuss Greece. It is highly unlikely that a breakthrough will be noted.

The Greek leadership is carefully monitoring initiatives taking place within the European Commission, especially through European Commission President Jean-Claude Juncker. Tsipras’ coworkers stress that he has made it clear that he will not retreat from “red lines” concerning pensions and VAT.

A telephone call between Tsipras and Juncker on Wednesday came a day after the EC president accused the Greek PM of giving Greeks a distorted account of the lenders’ demands following the breakdown of talks on Sunday. A Greek government official confirmed the call, however did not give details concerning the matters discussed.