Watch PM Modi take informal yacht ride with President Putin

India and Russia on Monday "noted with satisfaction" the expanding cooperation in the energy sector during the first informal Summit held between Prime Minister Narendra Modi and President Vladimir Putin in the city of Sochi in the Russian Federation.

The two leaders noted with satisfaction the expanding cooperation in the energy sector and, in this regard, welcomed the arrival of the first consignment of Liquefied Natural Gas (LNG) under a long-term agreement between Russian gas giant Gazprom and India's state-run gas utility GAIL, next month.

Both leaders also agreed to institute a strategic economic dialogue between NITI Aayog of India and the Ministry of Economic Development of the Russian Federation, to identify greater synergy in trade and investment.

The two leaders also reiterated the significance of longstanding partnership in the military, security and nuclear energy fields and welcomed the ongoing cooperation in these areas.

The two leaders expressed their determination to combat terrorism in all its forms and manifestations.

"In this context, they endorsed the importance of restoring peace and stability in Afghanistan in an atmosphere free from the threat of terrorism, and agreed to work together towards achieving this objective," the statement read.

The two leaders also agreed that the special and privileged strategic partnership between India and Russia is an important factor for global peace and stability. They shared the view that India and Russia have an important role to play in contributing to an open and equitable world order. In this regard, they recognized each other's respective roles as major powers with common responsibilities for maintaining global peace and stability.

The two leaders held in depth discussions on major international issues. They agreed on the importance of building a multipolar world order. They decided to intensify consultation and coordination with each other, including on the Indo-Pacific Region.

Prime Minister Modi and President Putin also agreed to continue working together through multilateral organisations such as the United Nations, SCO, BRICS and G-20.

Both leaders held detailed exchange of views on the national development plans and priorities.

They expressed satisfaction over the deep trust, mutual respect and goodwill that characterizes relations between India and Russia. While expressing their satisfaction at the positive momentum since the last bilateral Summit in St. Petersburg in June 2017, the two leaders directed their officials to prepare concrete outcomes for the forthcoming Summit in India later this year.

The two leaders welcomed the idea of holding informal Summits as an additional engagement at leadership level, besides the Annual Summits between the two leaders.

Prime Minister has invited President Putin for the 19th Annual Summit in India later in the year.

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