A general view of the Bolshoi Ice Palace and Speed Skating Stadium construction site at the Olympic Park in the Russian Black Sea resort of Sochi, on December 9, 2012 (MIKHAIL MORDASOV/AFP/Getty Images)
MOSCOW (AP) - The Kremlin says next year's summit of the leading industrial nations will take place in Sochi, the city on the Black Sea where Russia is preparing to host the 2014 Winter Games.
Russia holds the rotating presidency of the Group of Eight in 2014 and thus has the right to choose where the leaders of the world's major industrialized countries will meet. The United States, Britain, Canada, France, Germany, Italy, Russia and Japan are members of the Group of Eight.
Russian President Vladimir Putin signed an order on Monday designating Sochi as the site of the summit and naming his chief of staff, Sergei Ivanov, to head the organizing committee.
The only other G-8 summit to be held in Russia was in St. Petersburg in 2006.