Russia's Vladimir Putin late again to summit with Shinzo Abe

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President Vladimir Putin and his Chinese counterpart Xi Jinping demonstrated their cooking skills on Tuesday after their talks in Russia's eastern city of Vladivostok.

The Russian leader, whose tardiness has become legendary, kept Abe waiting during a Russia-Japan summit at the Eastern Economic Forum in Vladivostok on Monday, Kyodo News and Yomiuri Shimbun reported.

The dispute between Russian Federation and Japan centres on four islands in the strategically-located Kuril chain which the Soviet Union occupied at the end of war in 1945 but are claimed by Japan.

"Let's conclude a peace agreement, not now but by year's end without any preconditions", Putin said, prompting the audience to break into applause. Abe did not give a response.

Russian Federation calls the islands the Kurils, while Japan calls them the Northern Territories.

Tokyo quickly reiterated its preferred course: resolving Japan and Russia's long-standing territorial dispute before finalizing the post-World War II peace treaty. In September, 1951, the Soviet Union refused to sign the Peace Treaty of San Francisco with Japan.

Xi and Putin had their third meeting in four months, charting the future course of the China-Russia comprehensive strategic partnership of coordination and exchanging views on major global and regional issues, Wang said.

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"But we are ready to look for resolutions that would work for both Russian Federation and Japan, and which would be accepted by the people in both countries", he said, adding that he was sure relations would have "new impetus" following the talks.

The Russian leader said he wanted to clinch the peace treaty first and then continue to discuss the territorial issue with Abe as "friends", during a question and answer session of the forum's plenary meeting.

"We have been trying to solve the territorial dispute for 70 years". "This stance hasn't changed".

The Japanese prime minister for his part said the two countries "have a duty to future generations".

Yoshihide Suga, Japan's chief cabinet secretary and top government spokesman, told a regular press briefing this week: "Our position that the Northern Territories issue is resolved before any peace treaty remains unchanged".

Investors in the new entity include Russia's sovereign wealth fund, which is acquiring a 13% stake in the JV.

The two countries have launched various economic projects on the islands in areas such as the farming of fish and shellfish, wind-generated energy, and tourism.