Russian Finance Minister Alexei Kudrin said on Tuesday that G8 finance ministers will not discuss currencies and exchange rates at a St Petersburg meeting this week because central bankers will not be present.
"We do not plan to discuss foreign exchange because central bankers will not be present," Kudrin told a news conference in Moscow. Kudrin also said Russia was well placed to absorb the impact of rising world interest rates.
"We expect interest rates to rise on the world market. Some funds may be diverted from emerging markets to developed countries, but we don't see this as a risk. It might cool the temperature on rather overheated emerging markets," Kudrin said.
Kudrin said he was optimistic about Russia's chances to agree a $12 billion debt redemption deal during negotiations with the Paris Club of sovereign lenders in mid-June.
Russia had earlier said it was ready to pay its entire $22 billion debt to the group.
However, Germany, Russia's largest creditor, has expressed reluctance to accept pre-payment of the debts backing its $6 billion in 'Aries' credit-linked notes made in 2004 - a move that would leave Berlin out of pocket. "We are ready to redeem everything. But we know that part of will not be needed by some countries. I expect about $12 billion," Kudrin said.