SAINT PETERSBURG — President Sheikh Mohamed Bin Zayed Al Nahyan affirmed the UAE's endeavor to contribute to strengthening the foundations of global peace and stability to reduce tensions and find diplomatic solutions to crises.

This came during the reception hosted in Saint Petersburg by Russian President Vladimir Putin in honor of Sheikh Mohamed Bin Zayed, where they reviewed a number of regional and international issues and developments of common concern during discussions.

Sheikh Mohamed highlighted the importance of continuing to make unremitting efforts to find political solutions to crises and tensions, stressing the need for dialogue between all parties.

Furthermore, Sheikh Mohamed underscored the UAE's policy in support of peace and stability on the regional and international arenas, and called for the need to continue serious consultations to resolve the Ukraine crisis through dialogue, negotiation and diplomacy to reach a political settlement in order to achieve global peace and security.

Putin, meanwhile, lauded on Tuesday the rapid improvement in bilateral relations between Moscow and the UAE, citing a 17 percent increase in trade exchange.

The growth in ties comes despite the turbulent events around the region and the world, Putin told visiting UAE president Sheikh Mohamed, highlighting the two countries' cooperation within the framework of OPEC+.

This cooperation, Putin said, aims at "creating stability in the global energy markets, so that both consumers of energy resources and those involved in production, suppliers to the global markets feel calm."

Despite the economic blow wrought by the COVID-19 pandemic, bilateral trade between Moscow and the Gulf country is now worth $5 billion, according to the UAE president. — Agencies