Ukrainian President Viktor Yanukovych has declared that the Ukrainian leadership will do its utmost to implement the modernization programs of both Ukraine's Navy and Russia's Black Sea Fleet.

"The modernization of the army and navy, the construction of new vessels and the adoption of new types of armaments are the tasks that both our countries are now tackling. I am convinced that there is an enormous potential for expanding cooperation here," he said at Navy Day festivities in Sevastopol on Sunday.

President Vladimir Putin also attended the ceremony.

"The tasks of advancing the Navy are connected with the need to upgrade and rearm the fleet. The Ukrainian leadership will do its utmost for relevant programs to be implemented," Yanukovych said.

Both Ukraine and Russia celebrate Navy Day on Sunday.