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Germany sees no chance for full Russian G8 membership

December 27, 2006
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Berlin (dpa) - There are currently no chances for Russia to clinch full membership in the G8 club of industrial nations, German Finance Minister Peer Steinbrueck said Wednesday in an interview with Deutsche Presse-Agentur dpa.

"The question of full membership is not on the agenda," said Steinbrueck.

Germany holds the Group of Eight (G8) presidency in 2007 and will host the group's annual summit at the Baltic Sea resort Heiligendamm in June.

Russia joined the G8 in 1998 but has been kept out of meetings with finance ministers and central bankers which still take place in the old G7 format.

Russia's use of energy as a political tool aimed at former parts of the Soviet Union such as Ukraine has stiffened opposition to making Moscow a full G8 member in countries such as the United States.

G8 member states are: Britain, Canada, France, Germany, Italy, Japan, Russia and the US.

Steinbrueck also repeated Germany's plan to put hedge funds on the G8 summit agenda. Berlin wants hedge funds - investment funds for the wealthy which often use unconventional and high-risk strategies - to be subject to greater transparency.

Steinbrueck expressed concern over possible damage to the global economy which large, speculative hedge funds could cause if they go bust.

But he underlined that any bid for greater transparency should not hinder "the important financial function of hedge funds in the world economy." // © 2006 DPA

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