The Kuril Islands could have developed faster, but the process is hampered by the fact that the Japanese side did not take a decision on it, Russian Deputy Prime Minister and Presidential Plenipotentiary Envoy to the Far Eastern Federal District Yury Trutnev told reporters on Thursday.

"Of course, we can develop the Kuril Islands much faster. Still, we are waiting that our colleagues will start working with us … Therefore, we will simply wait for our colleagues from Japan to make decisions and, accordingly, some decisions will be made by the Russian president," he said.

He added that if Russia and Japan work together, the Kuril Islands will develop much faster and will be able to attract investors from third countries.

Since the mid-20th century, Russia and Japan have been holding consultations in order to clinch a peace treaty as a follow-up to World War II. The Kuril Islands issue remains the sticking point since after WWII the islands were handed over to the Soviet Union while Japan has laid claims to the four southern islands. In 1956, the two countries signed a common declaration on ending the state of war and restoring diplomatic and all other relations, however, a peace treaty has still not been reached. Moscow has stated many times that Russia’s sovereignty over the islands could not be questioned.

Earlier on Wednesday, Russian President Vladimir Putin said addressing the Eastern Economic Forum’s plenary meeting that Moscow and Tokyo should make a peace treaty without any preconditions before the end of the year.