By Trend

India is focused on stabilizing its economic ties with Russia and is working to devise a payment mechanism to settle trade, the foreign ministry said, Trend reports citing Reuters.

India has called for an end to violence in Ukraine but refrained from outright condemnation of Russia, with which it has long-standing political and security ties.

"We have an established economic relation with Russia. Given the current circumstance post development in Ukraine, I think there is an effort by both sides to ensure that this economic relationship remains stable," ministry spokesperson Arindam Bagchi told a news conference.

"It is not talking about increasing...it is about stabilizing it because this (economic) relationship exists and it's in our interest to make sure some of this economic activity continues, and we are trying to see how we can keep that stable," Bagchi said.