Hungary's foreign minister has stressed the importance of energy cooperation with Russia amid increasing economic sanctions on Moscow by other European Union nations.

Hungarian Foreign Minister Peter Szijjarto spoke at an energy-related session of the St. Petersburg International Economic Forum on Thursday. Business executives and government officials from other countries attended the forum.

Szijjarto stressed the importance of a cooperative relationship with Russia saying "we are not ready to give up well functioning partnerships on the field of energy supply."

Russia's presidential office says Hungary is the only EU country that sent a Cabinet minister to this year's forum.

On the same day, the second daughter of Russian President Vladimir Putin, Katerina Tikhonova participated in a session of defense industry online. She took part as a corporate executive.

She said an increase of Russian products in the market will be achieved with the cooperation of the science and business communities and the government. Her remark came amid a surge in arms production in Russia through massive investment in the military industry. She stressed the necessity for military industry and civilian enterprises to work together.