A meeting between the president and Hungarian Prime Minister Ferenc Gyurcsany in the Black Sea resort of Sochi earlier in the day focused on trade and energy.
"The Hungarian government had certain concerns regarding oil supplies to the Hungarian market during my visit in February but this problem has been resolved," Putin said at a joint news conference with the Hungarian premier after the meeting.
"The key issue in the gas sphere is to supply the Hungarian economy and household consumers with Russian gas. Gazprom guarantees the necessary volume of supplies to Hungarian consumers," he said.
Russia and Hungary are in detailed discussions on a potential expansion of their gas transit and storage capacities, Putin said.
The president said the two countries were also in talks on electricity projects, and highlighted the role of Hungary's MOL Group in Russia's energy sector. Moscow and Budapest are pursuing a number of bilateral projects, particularly in the fuel and energy sector. A gas transportation junction of European significance will be created in Hungary under bilateral projects. Hungary's MOL Group, a leading integrated group of oil and gas companies in central and eastern Europe, is participating in West Siberian oil projects.
Putin also said the rapid growth in Hungarian exports to Russia illustrates the openness of the Russian market to Hungary's goods.
"Nevertheless, we are far from content with just this. So today's discussions focused on major joint projects which demand substantial growth in economic cooperation and an improvement in the structure of trade between the two countries," the Russian leader said, adding that that fuel and energy would be the focus of these efforts.
Putin and Gyurcsany also discussed high-technology cooperation, in particular nanotechnology, at the meeting.
Russian-Hungarian relations have improved after a liberal coalition came to power in Budapest in 2002, and a landmark visit by Putin to Hungary in February-March 2006.
Putin said earlier a project to create a railway transportation corridor with junctions in Zahony, on the Hungarian-Ukrainian border, in the Moscow Region and Yekaterinburg in the Urals was being developed.
A pilot project is being implemented to set up a nanotechnology research and production center in Miskolc, in northern Hungary.
Meetings between the two countries' leaders are frequent. Putin's visit to Hungary from February 28 to March 1 was preceded by five meetings with the Hungarian premier.
