Russian President Vladimir Putin said Tuesday he was ready to continue working with the West on security issues to de-escalate tensions over Ukraine.

"We are ready to work further together. We are ready to go down the negotiations track," Putin told a press conference following talks with German Chancellor Olaf Scholz in Moscow.

Putin also said the Nord Stream 2 gas pipeline, which is awaiting regulatory clearance, is a purely commercial project which will strengthen Europe's energy security.

German Chancellor Olaf Scholz said that for Germany and Europe, sustainable security can only be reached jointly with Russia.

"Putin and I agree that the Normandy format is important to solve conflict," Scholz added.

(With input from AFP)