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MOSCOW (AP) — Italy's prime minister visited Moscow on Thursday in a bid to repair ties that have been hurt by Russia-West tensions over Ukraine.
Most Western leaders have shunned Moscow as relations have plunged to their lowest point since the Cold War. Italian Prime Minister Matteo Renzi's trip reflects his desire to improve bilateral economic ties, which have suffered because of the EU sanctions against Russia and Moscow's retaliatory moves.
In a statement after the talks, Renzi voiced hope that a peace deal signed Feb. 12 will help end the Ukrainian crisis and normalize ties.
"Our countries have the opportunity to further expand our cooperation," he said.
Putin also voiced hope that the peace agreement will work and "open a possibility for a comprehensive peaceful settlement" and the start of dialogue between the Ukrainian government and the rebels in the east.
He said they also discussed other issues, including the situation in Libya.
The Russian leader hailed an "active political dialogue" with Italy, and said that bilateral economic ties remained strong despite the damage inflicted by the EU sanctions and Italy has remained Russia's fourth-largest trading partner.
He said the government-sponsored Russian Direct Investment Fund and Italian partners have agreed to set up a $1 billion fund to help encourage mutual investments.
"Italy of our most privileged partners in Europe and the world," Putin said. "Our trade and economic ties have remained in a very good shape, despite some losses in connection with well-known developments."
The U.S. and the EU said they could lift some of their sanctions only if Russia fully meets conditions of the Feb. 12 peace deal for eastern Ukraine, and kept the door open for more sanctions if Moscow fails to do so. The West has accused Russia of backing the insurgents in eastern Ukraine with troops and weapons, accusations Moscow denies.
The sanctions coupled with slumping oil prices have pushed the Russian economy into recession this year, and the ruble has lost half of its value against the dollar.
Russia has responded to the U.S. and EU sanctions with a ban on most Western food, and Italy, a major food exporter, has been hit particularly hard. Italy has also suffered because of a sharp drop in the number of Russian tourists because of the devaluation of the ruble.
Putin visited Milan in October for a Europe-Asia summit. Renzi said in an interview with Russian media before his visit that Putin is welcome to again visit Milan, which hosts an international trade fair.
Before the talks, Renzi laid flowers at the place where prominent Russian opposition leader Boris Nemtsov was shot dead on Friday night on a bridge near the Kremlin. Kremlin critics blamed the government, while Putin called the killing a provocation aimed at destabilizing Russia.
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