Moscow, May 12 (IANS): Russian President Vladimir Putin said on Thursday the peaceful coexistence of Palestine and Israel is an "indispensable condition" for ensuring genuine security and stability in the Middle East.

Putin made the remarks at a joint press conference with Palestinian President Mahmoud Abbas after their meeting in the Russian resort city of Sochi, Xinhua news agency reported.

"The Palestinian-Israeli conflict has only a political, negotiated solution based on international law. Therefore, it is important to maintain bilateral relations, refrain from unilateral steps, jointly seek mutually acceptable solutions, and together fight terrorism," Putin said.

Russia will continue to give full support to the resumption of direct dialogue between Palestinians and Israelis, he added.

At the press conference, Abbas said he welcomed Putin's proposal to hold a meeting in Moscow between the leaders of Palestine and Israel.