Reminding Russia About Its Lost Seat at the G7 Table

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Russian President Vladimir Putin recently talked about how Russia has to carefully consider its participation in the development of cryptocurrency.

Commenting on the G-7's statement, Putin said: "It's time to stop that chatter and deal with real issues".

Relations with Russian Federation also became an issue at the summit after Trump on Friday said the country should be allowed to again attend meetings with the G7, an idea that did not gain much traction at the meeting and was not formally raised.

This is unedited, unformatted feed from the Press Trust of India wire.

In 2014 Russian Federation was booted from the G7 for annexing Crimea and invading Ukraine.

The president appears to enjoy spending quality time with Vladimir Putin more so than Canadian Prime Minister Justin Trudeau, Prime Minister Angela Merkel of Germany, Prime Minister Theresa May of the U.K., French President Emmanuel Macron, Italy's new Prime Minister Giuseppe Conti and even his favorite golfing buddy, Japanese Prime Minister Shinzo Abe. Earlier this week, Merkel said the group is defined by its members' respect of global law, and Russia's 2014 annexation of Crimea was a "flagrant breach" of that.

Putin also attended the Shanghai Cooperation Organization (SCO) summit, which took place in the Chinese coastal city of Qingdao over the weekend.

U.S. President Donald Trump told Group of Seven leaders that the United States wanted a quick end to trade practices that he says have led to an exodus of American companies and jobs to other countries.

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But the G-7 is intentionally small - a cozy group of relatively wealthy and democratic nations that discuss hot-button political and social issues such as climate change and trade. And while his critics say Trump is suspiciously soft on Putin, the president told reporters Friday: "I have been Russia's worst nightmare".

His remarks follow a report that White House officials were working towards setting up a meeting. At this point it's hard to justify adding Russian Federation to the G-7 when we aren't adding an ally like South Korea, not to mention China, India or Brazil, since they all have larger and more globally significant economies than Russian Federation does. I think it would be good for the United States.

The bloc has its own tensions lurking below the surface, as China seeks to use the group as a vehicle to promote its Belt and Road Initiative, a vast infrastructure-building program that runs through Russia's strategic backyard.

"We are simplifying the mutual availability of goods and services, improving customs regulations, eliminating unnecessary administrative barriers, and implementing joint projects in energy, transport and agriculture", Putin said.

Putin said it was not Russia's decision to quit the G7, saying he would be happy to see G7 leaders in Russian Federation.

He referred to a meeting of President Donald Trump and North Korean leader Kim Jong Un in Singapore on Tuesday, saying "we positively view the intentions of Pyongyang, Seoul and Washington to reach a comprehensive settlement of the crisis through talks".

He mentioned the recent withdrawal of the United States from the Joint Comprehensive Nuclear Plan of Action (JCPOA) or the Iranian nuclear deal as he said, "this could de-stablise the situation".

He also blamed former US President Barack Obama for Russia's move into that nation.

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