New Delhi, Preparations for the upcoming India-Russia summit are underway, the Ministry of External Affairs (MEA) said on Friday.

"We have a very well-established agreement of bilateral summits with the Russian Federation. Twenty-one such meetings have been held so far," said Ministry of External Affairs spokesperson Randhir Jaiswal.

"We are preparing to hold the next summit. We will share the dates with you as soon as we can," he said.

Jaiswal's comments at a press conference came days after a Kremlin official in Moscow said active preparations are underway for Prime Minister Narendra Modi's visit to Russia.

"I can confirm that we are preparing a visit by the Prime Minister of India. We cannot (say) the dates yet, because the dates are announced by the parties by mutual agreement," said Yuri Ushakov, assistant to the Russian president. on Tuesday.

"But we are actively preparing. I emphasize once again, this visit will take place," he told reporters, responding to a question.

Diplomatic sources said the Indian Prime Minister's one-day visit is scheduled for July 8, adding that there is no final date but several options are being explored.

The annual summit between the Prime Minister of India and the President of Russia is the highest mechanism of institutional dialogue in the strategic partnership between the two countries.

The annual summits are held alternately in India and Russia.

The last summit was held on December 6, 2021 in New Delhi. President Vladimir Putin had visited India to attend the summit.

At the summit, both sides sealed 28 MoUs and agreements, besides issuing a joint statement titled "India-Russia Partnership for Peace, Progress and Prosperity".

Modi and Putin last held bilateral talks on the sidelines of a Shanghai Cooperation Organization (SCO) summit in Samarkand, Uzbekistan, on September 16, 2022.

At the meeting, Modi pressured Putin to end the conflict in Ukraine saying that "the current era is not one of war."

Since the Russian invasion of Ukraine in February 2022, Modi has had several telephone conversations with Putin and Ukrainian President Volodymyr Zelenskyy.

Reflecting its strong friendship with Russia, India has not yet condemned Moscow's invasion of Ukraine and has maintained that the crisis must be resolved through diplomacy and dialogue.

Indian imports of Russian crude oil have also increased significantly despite the G7 price cap and growing concerns over procurement in many Western countries.

In December 2022, the G7 and its allies announced a cap on the price of Russian oil as part of a series of punitive measures against Moscow in light of its invasion of Ukraine. The price cap restricts countries to paying more than $60 per barrel.

Russia has been a long-standing and proven partner for India. The development of relations between India and Russia has been a key pillar of India's foreign policy.