UofT G8 Research Centre
Help | Search | Search by Year | Search by Country | Search by Issue (Subject) | G8 Centre

~ Country Performance Assesments ~

Russia: Evaluation of Summit Performance
(1997 Denver Summit)

Objective 1: Achieving Permanence of the Denver formula for Russian Participation
As Russia has been given an advanced role in what was formerly referred to as the G7, Russia will wish to cement their role in the Summit of the Eight, seeking language in the communiqué that will confirm the permanence of the higher degree of participation seen at Denver.

Grade: A

As the full integration of Russia into the global economic community is a priority for US President Bill Clinton, this year's Summit host, Russia participation was given top-billing and every effort was made to increase Russia's relevance to the Summit process. An affirmation of Russia's continuing participation at the level of the Eight formula was reiterated in the communiqué: We are committed to continue the trend of increased Russian participation in the work of our officials between Summits and reiterate our shared commitment to the promotion of a fuller involvement of Russia in the Summit process.” More notably, Russia's greatest opponent for advanced participation, Japan, has given their assent to a continuation of the Summit of the Eight format. Some say that Japan's support for the Denver formula has been exchanged for Russia's support for Japanese permanent membership on the UN Security Council.

Objective 2: Advanced Participation in the Economic Segment of the Summit
Russia will seek to advance their participation further into the economic segment of the Summit and Summit processes, as is consistent with their long-term goal of attaining full and equal status in all areas of the G7/G8.

Grade: A

Events at the Denver Summit have strongly indicated a push on behalf of Summit members for an even greater level of Russian participation in Economic discussions. One of the more important indicators of this phenomenon was the unscheduled working lunch between Russian Finance Minister Anatoly Chubais and the Seven Finance Ministers. Chubais commented in a briefing that this luncheon and the unofficial discussions following were very important to the advancement of Russian participation in the G7 economic agenda. In addition, President Bill Clinton in his final press conference at Denver alluded to the intent of the Seven to gradually increase Russia's role in the traditional economic discussions.

Objective 3: Paris Club Membership
Russia will look for the Summit's approval of their membership bid to the Paris Club as a creditor nation. Viewing the Paris Club as an essential step towards their recovery of debts owed to the former- Soviet Union, Russia places a high priority on membership and will wish the support of their fellow Summit members towards this end.

Grade: A

Russia achieved membership to the Paris Club while at the Denver Summit. This occurrence was noted in the communiqué with appreciation: “We welcome the understanding reached between Russia and the Chairman of the Paris Club on the basis of Russia's participation and look forward to the Paris Club and Russia finalizing an agreement in the near future.”

Objective 4: OECD Membership and Fast-track Membership to the WTO
Along with membership to the Paris Club, Russia is currently seeking membership to the OECD as well as fast-track membership to the WTO. It is important to Russia that the communiqué language support these endeavours.

Grade: A

Russia fully achieved their objective in this area and their efforts toward these two goals were acclaimed by the Denver communiqué: “We support the goal of early Russian accession to the WTO on the basis of conditions generally applicable to newly acceding members. We also look forward to continued Russian progress towards accession to the OECD using the potential of the recently created Liaison Committee between Russia and the OECD.”

Contributors:Gina Stephens and Viktoria Wosk

G8 Centre
This Information System is provided by the University of Toronto Library and the G8 Research Group at the University of Toronto.
Please send comments to: g8@utoronto.ca
This page was last updated .

All contents copyright © 1995-99. University of Toronto unless otherwise stated. All rights reserved.