Russia and the European Union will be able to resolve all remaining issues concerning Russia's accession to the World Trade Organization at the forthcoming EU-Russia summit in Nizhny Novgorod later this week, EU President Jose Manuel Barroso said on Wednesday.

"I'm confident that our talks will help Russia to walk the final mile towards WTO accession, which is still possible this year," Barroso said.

Russia has been in membership talks with the 153-nation WTO for 17 years and remains the only major economy still outside the organization. The European Union gave its formal backing to the country's entry bid in December last year after Russia agreed to trim timber export duties and rail freight tariffs.