The move lifted the price of oil, with Brent crude hitting a 52-week high.
"Russia is ready to accede to joint measures to reduce [oil] production, and is calling on other oil exporters to do so," said Russian President Vladimir Putin.
"We support the recent Opec initiative to set production limits," he added.
In late afternoon Brent Crude oil was trading up by 2.5% at $53.21 a barrel, just off the $53.73 high hit earlier on Monday.