World leaders have descended upon St. Petersburg, the ‘northern capital of Russia,' for the eighth G20 summit which runs September 5-6. The meeting is chaired by Russian President Vladimir Putin.
The St. Petersburg conference marks the G20’s fifth anniversary.
Leaders will gather at Peterhof Palace to agree on coordinated
measures on banking reform, tax and trade regulations, and how to
spark sustainable economic growth.
18:00 MSK: Russian president Vladimir Putin will meet
Spanish premiere Mariano Rajoy on the concluding day of the G20
summit. This will be the first meeting between the two heads of
state since the present Spanish government came to power in
There will also be a bilateral meeting between Putin and President Park Guen-hye of South Korea. Talks will cover the upcoming visit by the Russian leader to the Republic of Korea in November as well as the tense situation on the Korean peninsula.
17:51 MSK: President Putin wraps up the Q&A
17:47 MSK: "China is Russia's strategic partner. Our
turnover with China is at $57bn - more with any other country.
Above trade, we also cooperate in high - tech, aircraft
manufacturing," says Putin.
17:37 MSK: Answering the question about the need not to
forget environmental issues while stimulating the economy, Putin
says enough attention is being paid to ecological issues, though
promising to try and do better in the future. "We do
not start any project without environment study," Putin
17:24 MSK: Unrest in the Middle East destabilizes the
global economy, as the region has lots of natural resources,
17:20 MSK: Russia's President says it's necessary to have one single reserve currency.
17:18 MSK: The IMF quotas should be reformed as soon as
possible - Putin.
17:17 MSK : Putin says BRICS club is one of Russia's priorities.
17:14 MSK: "Main subject of G20 was combating corruption. We have adopted an anti-corruption plan," Putin says.
17:13 MSK: Putin urges for better transparency in energy issues. 17:10 MSK: Putin says Russia managed to develop in all directions.
16:36 MSK: Waiting for Putin. Watch the press conference
16:34 MSK: The G20 Leaders Declaration has been published
following the G20 Summit in St.Petersburg.
16:30 MSK: "The G20 has proven its worth, in the face
of the major challenges the global economy has experienced over
the last 5 years, as the world's premier forum for economic
cooperation: all G20 members remain determined to implement our
ambitious commitments and take further steps on the way to strong
and sustainable growth," European Council President Herman
Van Rompuy and European Commission President José Manuel Barroso
said in a joint official statement.
16:24 MSK: The final G20 communique is 24 pages, touching
upon jobs, growth, and tax reform. No mention of Syria.
16:02 MSK: Putin will expand on his previous theme that
the global economy needs 'new sources of growth' in order to
ensure long-term stability.
15:51 MSK: So far tax reform has been a unifying issue at
this year's G20, with promises to strengthen regulatory tools to
curb tax evasion.
15:48 MSK: Putin's press conference has been delayed until
16:30, when he will present the outcomes from the G20 conference.
15:24 MSK: Russian Foreign Minister Sergey Lavrov met with
his Canadian counterpart on the sidelines of G20 to discuss Syria
and other international issues.
15:17 MSK: Obama is still scheduled to meet with human
rights activists after Friday's G20 meetings.
14:57 MSK: Leaders have taken their places at the trade
and growth working lunch.
14:40 MSK: Next up, growth and trade talks.
14:35 MSK: Leaders gather to take the 2013 official family
portrait. Watch here.
14:10 MSK: The G20 has unveiled the official St. Petersburg Development Strategy, a four page document outlining key initiatives on global economic development. Financial stability, regulation, and tax reform coordination were emphasized.
13:50 MSK: G20 leaders are assembling for the official
13:20 MSK: "We support institutional and regulatory reforms for creating appropriate conditions for developing markets," Vladimir Putin said in his opening remarks at the round table.
13:11 MSK: The G20 summit “is very successful and will
be a landmark event in the history of relations,” Wang Yi,
China's foreign minister, said.
12:55 MSK: Leaders taking their seats at the round table
discussion. Watch here.
12:28 MSK: David Cameron will chair a meeting on Syrian
12:29 MSK: RT correspondent Katie Pilbeam gives a wrap-up
of the leaders' meeting with business community and labor unions.
Hot issues included youth unemployment, the lack of global
investment, and better international financial regulation.
12:23 MSK: "Overall, we see a number of problems-
divided banking in the EU, the reduction of fiscal space, the
decrease in lending capacity, and the tightening of fiscal
regulation," Putin said. Putin stressed encouraging investors
to boost long-term growth in insurance companies and pension
funds, which he estimated to be about $90 trillion in 2012.
12:22 MSK: "We can only be efficient working together
with representatives of the business community and trade unions,
only by joint efforts we can achieve our goals," President
12:20 MSK: "This is a pro-business agenda, you
shouldn't be frightened of it. Please grab it," Prime
Minister David Cameron said."The honest have nothing to
12:19 MSK: "We've created 1.3 million net private sector jobs, the most in Britain's history, and I attribute this to our flexible labor market." - UK Prime Minister David Cameron.
12:08 MSK: "All our financial commitments should be regulated internationally." - German Chancellor Angela Merkel.
12:05 MSK: "Our common goal is economic recovery and
growth." - French President Francois Hollande.
12:00 MSK: Leaders have agreed on regulating 28
'too-big-to-fail' banks and nine insurance companies, Russian
Finance Minister Anton Siluanov told reporters. The minister also
stressed the need for additional rating systems.
"A lot was said about shadow banking, because this sector
needs to be regulated. Operations that are carried out by banks
come under prudential oversight, operations of the shadow banking
sector are not subject to regulation, which leads to questionable
transactions, and tax evasion. This sector needs to be
reformed," Siluanov said. The measure to regulate shadow
banking was led by Germany and Indonesia.
11:55 MSK: "Europe is in a bad position because we have a high unemployment level, especially for young people. That is why we badly need short-term measures. We can’t let our society wait and become unstable," said Herman Van Rompuy, President of European Council.
11:30 MSK: Vladimir Putin meets with representatives of
the business community. Watch here.
11:35 MSK: The global economy loses about $1 trillion a year because of inefficient infrastructure investments, and the world faces $60 trillion in infrastructure needs through 2030, according to Kirill Dmitriev, CEO of the Russian Direct Investment fund. Economic growth will grow by 3 percent if the G20 reduces restrictions on capital flow, encourages private capital in infrastructure, and makes infrastructure investment more efficient.
11:18 MSK: European nations - Britain, France, Italy, and EU institutions - held a separate meeting on Syria this morning, which was inconclusive.
11:09 MSK: Sochi medals on display at G20.
10:55 MSK: Russia's Minister of Labor Maksim Topilin
announced draft laws on pension reform will be submitted to the
State Duma in September.
10:45 MSK: Russian representatives oppose the creation of a G20 secretariat, stating it would be inefficient and further distance them from people. This opinion differs from ex-finance minister Aleksey Kudrin's push for the secretariat.
10:42 MSK: Though every at G20 is talking about Syria, Putin's spokesperson has already said there would be no joint #G20 statement on Syria.
10:40 MSK: China, Russia, and UN Secretary-General Ban
Ki-moon are united against a Syria strike, Obama is for, and
Europe remains divided on the issue. France has thrown support to
the US, while Germany and Italy have said they won't support the
10:38 MSK: UN Secretary-General Ban Ki-moon insists the
Geneva-2 meeting must be held ASAP and the only way to resolve
Syria is through diplomacy.
10:33 MSK: The third meeting of G20 leaders will focus on
finance investment, Deputy Finance Minister Sergey Storchak
informed at Thursday morning's briefing.
10:23 MSK: RT's correspondent Alexey Yaroshevsky kicks off
day two in St. Petersburg.
10:20 MSK: Both China and India have urged the US to
carefully plan their stimulus tapering, but both have said there
is no need for an emerging market rescue plan.
10:07 MSK: Putin will hold bilateral talks with Spanish
Prime Minister Mariano Rajoy and South Korean President Park
9:58 MSK: UN Staff doesn't intend to leave Syria despite
dangerous situation, UN chief Ban Ki-moon said, but still
contends there is 'no military solution' to Syria.
9:50 MSK: At 10:00 Ministers of Labor will discuss
employment and job creation.
9:40 MSK: British PM David Cameron, whose plan to launch a
missile strike on Syria was shot down by MPs, has pledged an
extra $81 million to humanitarian aid efforts in Syria.
9:34 MSK: President Obama will hold his press conference
9:15 MSK: World Bank President Jim Yong Kim told CNBC that
G20 leaders share a 'unanimous outrage' of what happened in
9:00 MSK: President Vladimir Putin and British Prime
Minister David Cameron after the working dinner at 2:00am and
discussed Syria, according to Putin's press spokesperson and
Cameron's Twitter account.
Last night's #G20 dinner lasted twice longer than scheduled - for more than 5 hours - and looked more like a political battlefield— Alexey Yaroshevsky (@Yaro_RT) September 6, 2013
After dinner leaders enjoyed a water show at the Constantine Palace.
19:30 MSK: We are wrapping up our economic
coverage of G20, click here for Syria live
19:25 MSK: Russia spent around US$60 million to put on the
St. Petersburg summit, and about $180 million during its full
year as G20 chair.
19:20 MSK: Former UN Secretary-General Kofi Annan
wants leaders to focus on tax evasion at tomorrow's
19:16 MSK: Russia's foreign minister is to meet his Syrian
counterpart in Moscow on Monday.
19:15 MSK: Russia isn't convinced by US proof that Assad
or the Syrian army used chemical weapons on the Syrian people,
presidential spokesman Dmitry Peskov said.
19:13 MSK: Growth in emerging markets - which were strong
until recently and a major force for global recovery - has slowed
down, Indian PM Manmohan Singh said.
19:01 MSK: Journalists at the G20 summit have so far eaten
26 tons of food.
18:17 MSK: Peskov is addressing the press.
18:12 MSK: American Ambassador Michael McFaul shares a
photo from the summit's picturesque palace setting.
17:52 MSK: Putin's spokesperson, Dmitry Peskov, will give
a summit briefing in 45 minutes.
17:35 MSK: Syria talk can wait until dinner. Putin asks
leaders to "not mix up and bundle" economic and political
17:33 MSK: “We must prevent processes that lead to
outflow of capital,” Putin said.
17:32 MSK: “We require compromised solutions among the
world’s leading economies," Putin said.
17:32 MSK: "We need to increase the vote quota for
emerging markets within the IMF framework," Putin said.
17:28 MSK: “We must not become complicit with tax
evasion,” Putin said.
17:26 MSK: "We would be premature to sit back and
relax. We need to return to re-establishing world economic
growth," Putin said.
17:25 MSK: "Cash handouts cannot go on forever,"
17:24 MSK: Full coverage of day one of the summit can be
found here: Video:
17:22 MSK: Putin delivers opening ceremony remarks:
17:20 MSK: World leaders take their seats at the grand
round-table. Watch here: http://special-events.rt.com/summit-g20/
17:10 MSK: A highly-anticipated handshake between Putin
16:53 MSK: Putin will officially greet Obama. Watch here: http://special-events.rt.com/summit-g20/
16:45 MSK: Putin formally welcomes world leaders to the
16:37 MSK: A round-table forum is currently discussing
ways to combat unemployment and create jobs.
16:29 MSK: One of the most pressing issues of global
management is reforming the International Monetary Fund, Putin
16:27 MSK: "It is important that our countries seek to
take common positions on global development," Putin said at
the BRICS group meeting, stressing the bloc's growing authority
in global economics.
16:24 MSK: "Russia-US relations need another 'reset,'"
16:00 MSK: "Putin will be happy to see Obama in St.
Petersburg," Putin's spokesman, Dmitry Peskov, said in an
interview to RT. He again stressed that a separate bilateral
meeting between the two leaders has not been planned.
15:51 MSK: The White House has not yet ruled out a
Putin-Obama meeting on the sidelines.
15:34 MSK: BRICS will create a $100 billion dollar foreign exchange reserve fund, Putin said at the opening of the meeting between Brazil, Russia, India, China, and South Africa.
15:26 MSK: Putin sits down with BRICS leaders at a
15:06 MSK: "Italy has always been a privileged work
partner, despite whatever temporary difficulties," Putin
said. "Italy is Russia's fourth-largest trade partner," he
15:00 MSK: "The Syrian conflict must have a political
solution," Barroso continued.
14:40 MSK: "This G20 summit will deliver a paradigm
shift in taxation," said Jose Manuel Barroso, President of
the European Commission.
14:43 MSK: Team RT at the G20 summit.
14:42 MSK: Russian Foreign Minister Sergey Lavrov and
Defense Minister Sergey Shoigu will visit Tokyo on November 1-2
to develop relations.
14:24 MSK: Obama's first stop will be a meeting with
Japan's Shinzo Abe.
14:19 MSK: Obama has arrived at St. Petersburg Pulkovo Airport.
14:12 MSK: Obama will hold bilateral talks with Hollande,
but not with Cameron.
14:10 MSK: CEO of the Russian Direct Investment fund,
Kirill Dmitriev, is giving a talk. A live interview with RT will
14:02 MSK: China supports Russia's position on Syria.
"Military action would have a negative impact on the
global economy, especially on the oil price - it will cause a
hike in the oil price," Chinese Vice Finance Minister Zhu
Guangyao told reporters in a briefing.
13:55 MSK: Putin and Japanese Prime Minister Abe wrap up their meeting on trade cooperation and investment opportunities. Putin noted the "deepening cooperation" between the two nations' trade relationship.
13:53 MSK: British Prime Minsiter David Cameron has
touched down in St. Petersburg, with French President Francois
Hollande arriving shortly after.
13:52 MSK: Obama postpones his meeting with human right
activists in Russia.
13:40 MSK: UK delegation to arrive shortly.
13:16 MSK: "BRICS countries will play a key role in
global growth development," said Vadim Lukov, Russia's
Ambassador at Large.
13:13 MSK: India's Prime Minister, Manmohan Singh, will push President Obama for a less severe exit from US Federal Reserve tapering.
12:58 MSK: Several bilateral China-Russia agreements were
signed after the trade meeting. Novatek, a Russian gas producer,
and China National Petroleum Corporation (CNPC) signed a
purchase-sale contract for 20 percent of Yamal liquid natural gas
(LNG) shares. The companies are still in talks over how much
liquid natural gas CNPC will buy from Novatek.
12:54 MSK: Follow RT's live stream at
12:47 MSK: "Relations between our countries are developing consistently," Putin said at trade meeting with China.
Bilateral meeting between Vladimir Putin and Xi Jinping pic.twitter.com/04R01JaojT— Russia G20 (@G20rus) September 5, 2013
12:37 MSK: Chinese President Xi Jinping offered
condolences to President Vladimir Putin over the devastation of
the Amur flooding in the Far East, and promised
future joint flood control efforts with Russia "to overcome
12:32 MSK: Leaders and finance ministers have gathered for
a round-table on international monetary and financial regulation
12:23 MSK: China’s vice finance minister, Zhu Guangyao,
warns about future US Federal Reserve tapering happening too
12:15 MSK: Russian and Chinese delegations sit down to
discuss trade relations, including oil.
11:50 MSK: Both Japanese Prime Minister Shinzo Abe and
Turkish PM Recep Tayyip Erdogan have arrived in St. Petersburg.
11:47 MSK: US Ambassador Micheal McFaul is driving to the
St. Petersburg Airport to meet President Obama, who is scheduled
to arrive at 13:50 Moscow Time.
11:40 MSK: "Financial unawareness was one of the key
reasons behind the ongoing world economic crisis. These were
ordinary people who bought risky credit products, without proper
assessment of the possible results. This finally made the
so-called credit bubble burst," said Angel Gurria, secretary
general of the Organization for Economic Cooperation and
11:37 MSK: The Arab League is sending its peace envoy,
Lakhdar Brahimi, to the G20 summit in St. Petersburg to assist UN
Secretary General Ban Ki-moon's efforts in organizing a peace
conference, a UN representative said.
11:34 MSK: G20 summit documents are 99.9% finalized,
according to Russian sherpa Ksenia Yudaeva.
11:28 MSK: "High consumer debt among young people is
dangerous as they usually don't have any stable source of
income," said Russian Finance Minister Anton
11:25 MSK: Russia is set to launch its national strategy
for financial awareness in 2014, in cooperation with the OECD.
11:17 MSK: "People today make bad investment
decisions because of lack of awareness, which can result in
serious problems for the whole global economy," said
Siluanov. For example, in the Netherlands, about 72 percent of
the population don't know anything about pension schemes.
11:15 MSK: Siluanov presented a G20 report on financial
awareness. Siluanov said that developing financial literacy is
crucial for the financial stability of countries all over the
world. The scale of the problem is tremendous.
11:06 MSK: No separate meeting between Obama and Putin is
planned, but the leaders will certainly see each other, Putin's
spokesman, Dmitry Peskov, said. This has also been confirmed by
sherpa Ksenia Yudaeva.
10:58 MSK: Russian Finance Minister Anton Siluanov is set to take to the stage at 11:00am to discuss financial education.
10:45 MSK: Syria is not on the G20 agenda, according to Putin's
spokesperson Dmitry Peskov.
10:37 MSK: BRICS nations will meet Thursday at 13:00 to
discuss an IMF bank alternative.
10:30 MSK: "Russia's position on deoffshorization
coincides with those of other G20 states," said Sergey
10:21 MSK: “The biggest concern is going to be the
slow growth. There has been some slowdown in almost all
developing countries and we need to discuss sources of long term
growth," Russia's sherpa for the Saint Petersburg G20
summit, Ksenia Yudaeva, said.
10:16 MSK: Russian Deputy Finance Minister Sergey Storchak
and Russian sherpa Ksenia Yudaeva give opening remarks at the G20
10:02 MSK: Russia and China are expected to discuss their
$270 billion oil deal at 12:00pm, which they
signed at the St. Petersburg International Economic Forum in
9:51 MSK: This will be the first meeting between Obama and
Putin since their ongoing stand-off over Syria began after a chemical
weapons attack took place in Damascus on August 21.
The biggest political intrigue is whether Putin and Obama will actually talk with each other during #G20 summit. They've hit a rough patch— Alexey Yaroshevsky (@Yaro_RT) September 5, 2013
9:48 MSK: As leaders prepare for economic talks, the
Syria question casts a shadow over the summit.
The serenity of the Konstantinovsky palace may be a bit misleading - it may actually become the stage of heated political battles at #G20— Alexey Yaroshevsky (@Yaro_RT) September 5, 2013
9:34 MSK: China is optimistic about the future of trade with
9:28 MSK: Peterhof, the summer residence designed by
Peter the Great, is famous for its spectacular fountains. The
palace is the site of G20 talks.
9:15 MSK: Thursday's meeting will address tax avoidance.
Leaders are expected to sign an agreement building off of the
declaration signed at the G8 meeting in
Northern Ireland in June.
9:05 MSK: An International Monetary Fund report prepared
for the G20 summit in St. Petersburg says the growth of the
global economy is dependent on emerging economies, and that
summit policy should include "some intervention to smooth
current market volatility."