The leaders of the nations, which represent more than 60% of global net worth, meet annually. Economics tops the agenda, although the meetings now always branch off to cover major global issues.
President Trump said he regretted the meeting had shrunk in size, putting him at odds with most other G7 members on yet another issue.
He said: “You know, whether you like it or – and it may not be politically correct – but we have a world to run and in the G7, which used to be the G8, they threw Russia out. They should let Russia come back in.”
President Trump found support in the shape of the newly installed Italian PM Giuseppe Conte, who tweeted that it was “in the interests of everyone” for Russia to be readmitted.
Canada, France and the UK though immediately signaled they remain opposed to Russian re-entry. A Kremlin spokesperson said they were interested in “other formats”, apart from the G7.
Russia’s President Vladimir Putin is currently in Beijing, where he was presented with a friendship medal by Chinese counterpart Xi Jinping.
Russia’s military build-up in Ukraine has been condemned by its G8 partners amid fresh diplomatic efforts to avert a dangerous escalation of the crisis.
The world’s seven major industrialized powers also suspended preparations for the G8 summit in Sochi in June.
Meanwhile, the EU foreign ministers are due to meet in emergency session in Brussels.
The moves come as Russian military forces continue to strengthen their grip on the Crimean peninsula.
Ukraine’s interim government has accused Russia of having declared war, and has ordered the mobilization of its armed forces.
Russian President Vladimir Putin has so far defied calls from the West to pull back his troops.
He insists Russia has a right to protect its interests and those of Russian-speakers in Crimea and elsewhere in Ukraine.
The UN said on Sunday that Deputy Secretary-General Jan Eliasson was travelling to Ukraine to be “personally apprised of the facts on the ground”.
Russia’s military build-up in Ukraine has been condemned by its G8 partners
A statement said he would brief UN Secretary General Ban Ki-moon “on the next steps the United Nations could take to support the de-escalation of the situation”.
On Monday morning, the MICEX index of stocks in Moscow suffered an initial fall of about 5% and the rouble fell 2.5% to an all-time low against the US dollar.
Russia’s central bank also raised its main interest rate to 7% from 5.5%.
The G7 of Canada, France, Germany, Italy, Japan, the UK and the US urged Russia to hold talks with Ukraine to address any human rights or security concerns it had.
In a statement released from the White House, the grouping said it condemned “the Russian Federation’s clear violation of the sovereignty and territorial integrity of Ukraine”.
It added: “We have decided for the time being to suspend our participation in activities associated with the preparation of the scheduled G8 Summit in Sochi in June.”
G7 finance ministers said they were ready “to provide strong financial backing to Ukraine”.
“The International Monetary Fund [IMF] remains the institution best prepared to help Ukraine address its immediate economic challenges through policy advice and financing,” a statement said.
Ukraine needs $35 billion over the next two years, according to the finance ministry.
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