Moscow: Russian president Vladimir Putin has asked prime minister Mikhail Fradkov to speedily resolve India's rupee-debt repayment issue amicably to facilitate fast-track investments in high-technology ventures.

Addressing the first meeting of the Russian cabinet after his return from a two-day visit to India, Putin said India and Russia are both interested in investing accumulated rupee funds in hi-tech projects.

According to various estimates, India owes $900 million towards repayment of Soviet debt.

India has agreed to utilise this by Russia for investments in the Indian economy, while Russia is not willing to accept the lock-in period of five years for such investments.

Earlier, Russia had used the rupee funds for a 49-per cent stake in Indo-Russian BrahMos cruise missile joint venture and plans to invest it in the joint development and production of multi-role transport aircraft and fifth generation fighter.

In 1996, as deputy mayor of St Petersburg, Putin had mooted the idea of investing the whole of the Indian rupee debt in state-backed hi-technology and defence projects.

However, Russia's finance ministry has resisted this up to now. Putin has blamed the bureaucracy and red tape in both the countries for delays in the execution of projects.