Russia is not offended by the lack of an...

Pankin said the G8 meeting of finance ministers without Russia"s attendance in Ottawa should not be viewed as a reduced role in the organization that also includes the world"s seven most industrialized nations.

"This is not a gauntlet flung down to Russia, not a political action linked with the reduction of Russia"s role. This is due to the change of the G8 format. Whereas previously, finance ministers discussed serious issues and adopted some communiques, this time it will only involve chatting," Pankin said.

G8 comprises Britain, Canada, France, Germany, Italy, Japan, the United States and Russia. The global economic crisis has prompted the leaders of the world"s most advanced countries to expand the G8 format and turn it into the group of G20 industrialized and major developing economies to fight effectively the effects of the global financial meltdown.

Russia has repeatedly said that emerging economies should play a bigger role in international finances to

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