Russia on Tuesday welcomed the ceasefire agreement reached between the Palestinians and Israel to put an end to more than four years of conflict, saying it paves way for the resumption of Middle East peace process.

"Russia welcomes the results of the summit that has taken place in Egypt. They are setting up conditions for the full resumption of the peace process and progress towards a fair Palestinian-Israeli settlement," Russian Foreign Ministry spokesman Alexander Yakovenko said in a statement posted on the ministry website.

Palestinian president Mahmoud Abbas and Israeli Prime Minister Ariel Sharon made separate statements after meeting in the four-way summit in Egypt's Red Sea resort of Sharm el-Sheikh, saying that both sides agreed to cease fire and stop over four years of violence.

The summit was the first highest-level meeting between leaders of the Palestinians and Israel in more than four years of bloodshed.

Yakovenko called for the careful implementation of the results of the summit and confirmed that Russia is willing to offer necessary assistance to the purpose along with other parties involved.

The spokesman also said that Russia highly praised the efforts made by Egypt and Jordan in preparing and organizing the summit which was also attended by Egyptian President Hosni Mubarak and Jordan's King Abdullah II.

Russia is a member of the international quartet on the Middle East peace process, which also comprises of the United Nations, the European Union and the United States and jointly initiated the Road Map peace plan aimed at ending the Israeli-Palestinian conflict and creating an independent Palestinian state.

Source: Xinhua