India and Russia have an "exceptionally" steady and time-tested relationship and the objective now is to fashion a balanced, mutually beneficial and long-term engagement in the backdrop of the increasing economic cooperation, External Affairs Minister S Jaishankar said on Tuesday during talks with his Russian counterpart Sergey Lavrov in Moscow.

In his opening remarks, he also said that the COVID-19 pandemic, financial pressures and trade difficulties had taken a toll on the global economy.