G20 LIVE UPDATES
Aerial photo taken on August 29, 2013 shows Constantine Palace which will host on September 5 and 6, 2013 the G20 heads of state and government, heads of invited states and international organisation as part of the G20 Summit in Saint Petersburg. (AFP Photo/Guneev Sergey)
World leaders have descended upon St. Petersburg, the ‘northern capital of Russia’, for the 8th G20 summit which runs September 5-6, chaired by President Vladimir Putin.
This year marks the G20’s fifth anniversary, and 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.
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 rumored to have already touched down.
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 Development (OECD).
11:37 MSK: The Arab League’s 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, according to a UN representative.
11:34 MSK: G20 summit final documents 99.9% finalised, 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 Siluanov.
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 doesn't know anything about pension schemes.
11:15 MSK: Siluanov presented a G20 report on financial awareness. Siluanov said developing financial literacy is crucial for financial stability for the countries all over the world. The scale of the problem is tremendous.
11:06 MSK: No seperate meeting between Obama and Putin planned, but they will certainly see each other, according to Putin's spokesman Dmitry Peskov and also confirmed by sherpa Ksenia Yudaeva.
10:58 MSK: Russian Finance Minister Anton Siluanov set to take stage at 11:00 and 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," Sergey Storchak.
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," Ksenia Yudaeva, Russia's sherpa for the Saint Petersburg G20 summit said.
10:16 MSK: Russian Deputy Finance Minister Sergey Storchak and Russian sherpa Ksenia Yudaeva give opening remarks at the Leader's Summit.
10:02 MSK: Russia and China expected to discuss their $270 billion oil deal at 12:00pm, which they signed in June at St. Petersburg International Economic Forum.
9:51 MSK: This will be the first meeting between Obama and Putin since their ongoing stand-off over Syria began after the chemical weapon attack in Damascus on August 21.
9:48 MSK: As leaders prepare for economic talks, the Syria question still casts a shadow over the summit.
9:34 MSK: China optimistic about future of trade with Russia.
9:28 MSK: Peterhof, the summer residence designed by Peter the Great, is famous for its spectacular fountains and is the site of G20 talks.
9:15 MSK: Thursday's meeting will address tax avoidance, and 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 summit policy should include "some intervention to smooth current market volatility."
8:41 MSK: RT's correspondent Alexey Yaroshevsky is reporting live from St. Petersburg.