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Russian President Vladimir Putin also criticized the US move during the summit in Qingdao, China, saying the decision could "destabilize" the Middle East.

The Kremlin leader did not miss an opportunity to thumb his nose at the club of leading industrialized democracies, saying that the combined purchasing power of the Shanghai Cooperation Organization - which includes Russian Federation and China - outstripped the G7.

Putin also attended the Shanghai Cooperation Organization (SCO) summit, which took place in the Chinese coastal city of Qingdao over the weekend. Putin's official statement, released after the SCO summit came to an end, said that the SCO members were increasingly taking such steps to facilitate simplification of trade and economic cooperation.

"I have been Russia's worst nightmare", Trump claimed, "but with that being said, Russian Federation should be in this meeting". Putin added that a thorough discussion is needed to address the issue.

Trump and Putin have spoken by phone eight times, according to readouts distributed by the White House.

The American leader has repeatedly said he wants to improve relationships with Moscow. "And anyone who leaves and turns their back on them shows their inconsistency", the palace said.

"We will be ready to greet them all in Moscow", he added. The group used to be called G8 before Russia's membership was suspended in 2014 after the outbreak of the Ukrainian crisis.

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Trump, however, suggested that the G-7 offer a seat at the table to Russian Federation.

Canadian Prime Minister Justin Trudeau said he told Trump that readmitting Russian Federation "is not something that we are even remotely looking at at this time".

"I believe it's necessary to stop this creative babbling and shift to concrete issues related to real cooperation", Putin told reporters on a visit to China, when asked to comment on a G7 joint statement.

President Donald Trump's top economic adviser says Canadian Prime Minister Justin Trudeau "really kind of stabbed us in the back" when Trudeau said at the end of the Group of Seven summit that Canada wouldn't be pushed around by the USA and its trade tariffs.

Putin says Washington's decision to exit the agreement could "destabilize the situation" in the region. "We are committed to permanently ensuring that Iran's nuclear program remains peaceful, in line with its global obligations and commitments to never seek, develop or acquire a nuclear weapon" the leaders said at the end of a two-day summit in Canada."We condemn all financial support of terrorism including terrorist groups sponsored by Iran".

However, US President Donald Trump announced on May 8 that Washington was walking away from the nuclear agreement, vowing to reinstate nuclear sanctions on Iran and impose "the highest level" of economic bans on the Islamic Republic.