Russia and India stressed the need for a peaceful resolution of Ukraine crisis through diplomacy and the involvement of both sides of the conflict, according to a joint statement released on Tuesday following Indian Prime Minister Narendra Modi's visit to Moscow at the invitation of Russian President Vladimir Putin.

Putin and Modi reaffirmed the importance of security dialogue and agreed to strengthen regional security architecture. They also called for the implementation of the UN resolution on ceasefire and the immediate release of hostages in the Gaza Strip, advocating for the effective delivery of humanitarian assistance in Gaza.

The two leaders said that Russia-India ties remain stable in the current complex and uncertain geopolitical situation, and noted that the two countries will continue strengthening and expanding their "special and privileged strategic partnership."

The two sides set out nine key areas for closer cooperation, ranging from nuclear energy to medicine, and said they aimed to boost bilateral trade by more than half to reach $100 billion by 2030.

For energy cooperation, Russia and India agreed to consider new long-term contracts and further cooperation in the coal sector. Indian Foreign Secretary Vinay Mohan Kwatra, accompanying Modi on the trip, said India wanted to further strengthen energy ties and could seek deals with leading Russian oil firms. The two countries said they were also exploring an increase in Russian coal sales to India.

The statement read that the countries will continue their dialogue in trade liberalization, including the possibility of a free-trade agreement between the Eurasian Economic Union and India, and the two leaders also agreed to settle bilateral accounts by using their national currencies.

During his visit, Modi was awarded the Order of St. Andrew the Apostle the First-Called, Russia's highest state honor, by Putin.

The Russian leader also invited Modi to the upcoming BRICS Summit, which is scheduled to be held in the Russian city of Kazan in autumn.

Modi paid an official state visit to Russia from July 8 to 9. This was Modi's first visit to Russia in the last five years.

(With input from Xinhua)