Russia has no plan to rejoin the Group of Seven given its satisfaction with the Group of 20, the Kremlin said Monday.

"The G20 probably better meets modern economic realities from the point of view of economic development centers in the world," Kremlin spokesman Dmitry Peskov told reporters.

According to Peskov, the G7 lacks global significance because it excludes China, India, Brazil, Turkey and other countries.

Russia was part of the Group of Eight along with Britain, Canada, France, Germany, Italy, Japan and the United States, but its membership was terminated over Crimea in 2014.