Russia, which is leading the G-8 for the first time, is keen to flex financial muscles that have been buffed by billions of dollars in oil money flowing into its coffers at a time of record world prices. It is the world's second largest oil exporter after Saudi Arabia.
Separately, a spokesman for the German finance minister told Dow Jones Newswires that Germany was willing to accept early payment of US$1.6 billion in Russia's Soviet-era debt, but warned that Moscow would have to pay a premium to retire the remaining US$8.1 billion of its debt owed to Germany ahead of schedule.
Russia has offered to quickly pay down all of the US$22 billion it owes to the Paris Club of creditor nations, but Germany has resisted Russia's offer of a full redemption of the debt it is owed, reluctant to lose the future income stream of relatively high interest payments over the next few years.
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