MOSCOW, July 27. /TASS/. Russia is not seeking to revive the G8 format because it is fully satisfied by the G20’s effectiveness, Kremlin Spokesman Dmitry Peskov said on Monday.

"Russia is not seeking to join the G7. Moreover, Russia has stated many times that we are rather satisfied by the effectiveness of work of such formats as the G20, which better meets modern economic realities from the viewpoint of centers of global economic development," Peskov said.

The Kremlin spokesman recalled that Russian President Vladimir Putin had neither put forward any initiatives, nor made any requests or any actions so that Russia could again join the G7 work. When the G8 existed, there were plans to hold another summit in Sochi, but the participants refused to come to Russia.

"Since then President Putin has not initiated any restoration and that’s why it’s barely relevant to pose this question," Peskov noted, commenting on a statement by German Foreign Minister Heiko Maas, who said that he saw no opportunity of restoring the G8 with Russia’s participation amid the situation in eastern Ukraine and Crimea’s reunification with Russia.

Peskov emphasized that any group, which does not include key centers of economic development and potential, is unlikely to be effective. "How is it possible, for example, to discuss some world destinies in the field of economics or social development, or something else, or politics, without the participation of India, without the participation of China, without the participation of Brazil, without the participation of Turkey, or a number of other countries? Maybe, it is conceivable to deliberate over [this], but it is hardly possible at the same time to claim some kind of world leadership," he said.

However, commenting on Putin’s initiative to hold the P5 summit (five permanent members) of the UN Security Council, Peskov stressed that this meeting was not aimed at hashing over economic issues, but it was "a different dimension."

The Group of Seven (G7), an informal bloc of countries with the world’s largest economies, has been in existence since 1976 bringing together the United Kingdom, Germany, Italy, Canada, the United States, France and Japan. In 1997, it was renamed the Group of Eight (G8) after Russia joined the club. In 2014, the group’s Western members decided to return to the G7 format in the wake of the developments in Ukraine and the deterioration of relations with Russia.

US President Donald Trump earlier announced plans to put off the G7 summit from late June until September and suggested inviting Russia, Australia, India and South Korea to take part in the meeting.