India, Aug. 20 -- India and Russia should adopt a "more creative and innovative approach" to tackle challenges posed by a complex geopolitical situation, external affairs minister S Jaishankar said on Wednesday while co-chairing a meeting of a bilateral economic panel amid US threats of punitive action against energy trade between New Delhi and Moscow.

Jaishankar also sought urgent steps to address the sharp imbalance in India-Russia trade and to diversify trade and investment between the two sides, while addressing the meeting of the India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC) in Moscow.

The meeting, part of preparations for Russian President Vladimir P...