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Vladimir Putin, the Russian President signed the decree to hold the G8 meeting of leading industrialised nations in the Black Sea resort of Sochi.
In 2014 Russia will hold the rotating chairmanship of the group.
“In connection with the upcoming presidency of the Group of Eight in 2014 by the Russian Federation, Sochi has been chosen as the location for events within the meeting of the Heads of States and Governments of the Group of Eight in 2014,” says the decree published on the Kremlin website.
Sochi is hosting the Winter Olympics in February 2014, and as a result boasts new infrastructure worth over $50 billion.
Dmitry Peskov, the president’s spokesman explained that the G8 summit needs adequate infrastructure and security, and Sochi appears to meet this criteria.
“The infrastructure being created in Sochi for the Olympic Games is practically ready and meets those requirements,” said Peskov.
It will be the second time Russia has hosted the G8 summit, in 2006 the summit was held in Saint Petersburg.
Russia joined the group of nations in 1997.
This year the country will host another important event – the summit of the Group of Twenty (G20) finance ministers and central bank governors will be held in Saint Petersburg in September.