MOSCOW - Russia will host the summit of the Group of Eight in the Russian city of Sochi in 2014, Kremlin announced Monday.

It will be the second time for Russia to host such a high-level meeting. It also played the host to the summit of the G8 in another Russian city of St. Petersburg in 2006.

Russian President Vladimir Putin has signed a decree which sets Sochi, a renowned resort on the Black Sea, as a venue of the G8 events after Russia regained presidency in the group, said a document posted the website of the Kremlin.

Sochi will also be the venue of the Winter Olympics which is to take place in February 2014.