MOSCOW, October 14. /TASS/. Taking meetings of the G20 format to the supreme level gave the group an opportunity to replace G7 in solving global economic problems, Russian Foreign Minister Sergey Lavrov said on Tuesday.

"The Group of Twenty is practically an open recognition of mutipolarity and of the fact that the West in its broader sense - including, of course, Japan - is not capable of solving global economical and financial problems alone," Lavrov said during an on-line presentation of the report entitled ‘History, to be Continued. The Utopia of a Diverse World,’ authored by experts of the international discussion club Valdai.

"G20 made all the way from fairly informal contacts at the level of financial ministers to the supreme-level events," the Russian top diplomat said. "The fact that this group has risen to the supreme level of contacts underscores the fact that the Group of Seven can no longer handle global economic problems on its own."

"Economic and financial issues were suggested as the focus of new G20 summits," Lavrov continued, adding that the group includes G7, together with the BRICS group of nations (Brazil, Russia, India, China and South Africa) and countries that share its vision - Indonesia, Saudi Arabia, Mexico and Argentina.

"The Group of Twnty is a network structure, which is now undergoing the process of institutionalization, but retains its flexibility. It has no written and institutionalized rules. It reflects the understanding that the process of creating a multipolar world is an objective process," he added.