Greek Prime Minister Alexis Tsipras highlighted the importance of his country's relationship with Russia as he shared the stage with President Vladimir Putin at a key economic summit in St. Petersburg Friday. While recriminations flew between Greece and its international creditors over much-needed rescue funds, Tsipras declared at a session at the St. Petersburg International Economic Forum that "Russia is one of the most important partners for us," adding that the indebted country could no longer "carry the burdens of the past". Read MoreGreece's Tsipras heads to Russia for some love

Greek Prime Minister Alexis Tsipras meets Russian President Vladimir Putin on April 8 2015 Sasha Mordovets | Getty Images

"The so-called problem of Greece, is a whole problem of the European Union," Tsipras said as he hinted that the traditional economic centers "of the planet" were shifting. "We are at the moment at the center of a storm, a whirlpool. But we live near the sea, so we are not afraid of storm," he said, alluding to the economic debt crisis Greece faced and the unresolved bailout talks taking place with European lenders. Tsipras also suggested that Greece must look for "seas that offer a safer port in a storm" as he urged Europe to side with solidarity rather than "dead-end" austerity. With Greece's relations with its European counterparts at a low ebb as a default on its debt repayment looms, Tsipras headed to Russia on Thursday to meet Putin. The visit comes at a , with reforms-for-rescue talks between the country and its international lenders in deadlock. The European Central Bank (ECB) raised Friday the funding cap on its Emergency Liquidity Assistance (ELA) for Greece's banks, as a specter of a run on Greek banks is looming. Tsipras' government has already warned it will not have the money to pay a debt of 1.5 billion euros to the International Monetary Fund (IMF) without an agreement, prompting increasing concern that Greece will default and eventually leave the euro zone. Rumors have swirled this week that Greece, in the absence of a deal with its Western creditors, may have looked to Russia for financial aid. However on Thursday, Russian Deputy Finance Minister, Sergei Storchak, said Greece had not asked the Russian Finance Ministry for financial assistance, Dow Jones reported. The ministry would not comment on the remarks when contacted by CNBC. Read MoreCalm before storm? Stocks rally as Greece in crisis