Russian President Vladimir Putin will miss the upcoming G8 summit in the United States as he is busy forming a government after just starting his third term as head of state.

Russian President Vladimir Putin will miss the upcoming G8 summit in the United States as he is busy forming a government after just starting his third term as head of state, the Kremlin said Thursday.

Putin will however meet US President Barack Obama at the G20 summit in June in Mexico, the Kremlin added, confirming an earlier statement by the White House.

The trip for the May 18-19 G8 summit at the US presidential retreat at Camp David was to have been Putin's first foreign visit since his inauguration Monday as president after his four-year stint as prime minister.

Putin told Obama in a telephone call he "unfortunately cannot take part in the May 18-19 G8 summit as on those days the formation of the Russian government will -- evidently -- still not be completed," the Kremlin.

"The American side received this information with understanding," it added. It also confirmed that Putin would be represented by Prime Minister Dmitry Medvedev, who until Monday served as president for the last four years.

The Kremlin said that the two presidents agreed to hold a bilateral meeting at the G20 summit in mid-June that is to be hosted by Mexico in the resort of Los Cabos.

Putin's inauguration on Monday was followed by the confirmation of Medvedev as his prime minister a day later, sealing a job swap scheme first announced in September that stoked anti-government protests.