However, the Kremlin acknowledged Saturday that President Vladimir Putin discussed during a visit to Austria earlier this week the possibility of Vienna playing host to a summit with his U.S. counterpart Donald Trump.
"The very fact that we confirm the high level of our interaction and talk about the need for its development, in my opinion, is of great importance, for contemporary worldwide relations, for Russian-Chinese relations", he said.
Maria Repnikova, director of the Center for Global Information Studies at Georgia State University in the USA, said China makes Russian Federation look "stronger and more relevant" on the global stage.
While the suggestion is likely to draw the ire of the Western political establishment, the recently installed Italian prime minister was quick to endorse Trump's suggestion.
Vladimir Putin said he was ready for a meeting while on a visit to China.
Thanks to President Putin, bilateral ties have withstood the test of ever-changing global situation, Xi said, noting the deepened political and strategic mutual trust, great progress in pragmatic cooperation in various fields, and the enhanced friendship between the two peoples.
"I think it would be an asset to have Russian Federation back in", Trump said Saturday before he left the gathering to travel to Singapore.
"I can confirm that President Trump voiced concern about a new round of arms race in our latest call", Putin said.
"This medal of friendship represents the Chinese people's lofty respect for President Putin, and symbolises the profound friendship between China and Russia", Xi said.
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Putin said that he believes Trump is a "thoughtful person" who can listen and respond to meaningful arguments.
Russian Federation was booted from the conference of the world's leading economies after it invaded Ukraine and annexed Crimea in 2014.
White House economic adviser Larry Kudlow said that while he's not an expert on the matter and agreed with critics that Russian Federation has been a bad actor, it's worth considering bringing the country back in the G8. "It's time to stop that chatter and deal with real issues".
India and Pakistan are also members.
Now in the wake of the US withdrawal from the pact, "SCO members may use granting full membership to Iran as a way to demonstrate support for (Tehran) and the nuclear agreement", said Dawn Murphy, professor of worldwide security studies at the US Air War College.
In a Saturday meeting with Russian President Vladimir Putin on the sidelines of the SCO summit, the Iranian president said Russia plays a key role in maintaining the nuclear deal.
Founded in 2001, the Beijing-based SCO has largely served as a vehicle for resolving border issues, fighting terrorism and - more implicitly - to counter American influence in Central Asia following its invasion of Afghanistan.
While never mentioning the United States by name, he added: "We should reject the Cold War mentality and confrontation between blocs, and oppose the practice of seeking absolute security of oneself at the expense of others, so as to obtain security of all".
Alexander Gabuev, a senior fellow at the Carnegie Moscow Centre, said the nuclear cooperation deals were "pure pragmatism and a rare example of a genuine win-win" between the two countries.
The two-day SCO summit comes after US President Donald Trump controversially pulled Washington out of the 2015 worldwide pact with Iran that placed limits on its nuclear programme in return for easing economic sanctions.