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We have investigated the thermodynamic and local magnetic properties of theMott insulating system Ag$_{3}$LiRu$_{2}$O$_{6}$ containing Ru$^{4+}$(4$d$$^{4}$) for novel magnetism. The material crystallizes in a monoclinic$C2/m$ structure with RuO$_{6}$ octahedra forming an edge-sharedtwo-dimensional honeycomb lattice with limited stacking order along the$c$-direction. The large negative Curie-Weiss temperature ($\theta_{CW}$ = -57K) suggests antiferromagnetic interactions among Ru$^{4+}$ ions though magneticsusceptibility and heat capacity show no indication of magnetic long-rangeorder down to 1.8 K and 0.4 K, respectively. $^{7}$Li nuclear magneticresonance (NMR) shift follows the bulk susceptibility between 120-300 K andlevels off below 120 K. Together with a power-law behavior in the temperaturedependent spin-lattice relaxation rate between 0.2 and 2 K, it suggest dynamicspin correlations with gapless excitations. Electronic structure calculationssuggest an $S = 1$ description of the Ru-moments and the possible importance offurther neighbour interactions as also bi-quadratic and ring-exchange terms indetermining the magnetic properties. Analysis of our $\mu$SR data indicatesspin freezing below 5 K but the spins remain on the borderline between staticand dynamic magnetism even at 20 mK.

Unconventional magnetism in the 4d$^{4}$ based ($S=1$) honeycomb system Ag$_{3}$LiRu$_{2}$O$_{6}$