He said this following talks with Chinese leader Xi Jinping.

"We believe that many of the provisions of the Chinese peace plan are consonant with Russian approaches and can be taken as a basis for a peaceful settlement when it is ready in the West and in Kiev," Putin said.

He added that such readiness on the part of the West and Kiev has not yet been observed.

According to him, Xi Jinping paid great attention to China's peace initiatives during the talks.

Assistant to the Russian president Yuri Ushakov said that the Chinese peace plan on the situation in Ukraine causes respect among Russia, and irritation among the West.

On February 24, the Chinese Foreign Ministry published proposals for resolving the situation in Ukraine.

The plan consists of 12 points. It calls for peace talks and a ceasefire. The Chinese side also opposes unilateral sanctions, which create only new problems.