"The G20 probably better meets modern economic realities from the point of view of economic development centres in the world," Kremlin spokesman Dmitry Peskov told reporters.

According to Peskov, the G7 lacks global significance because it excludes China, India, Brazil, Turkey and other countries, Xinhua reported.

Russia was part of the Group of Eight along with Britain, Canada, France, Germany, Italy, Japan and the US, but its membership was terminated over Crimea in 2014